American Bankers Issues Statement on National Flood Insurance Program

WASHINGTON, July 24 -- The American Bankers Association issued the following statement by President and CEO Rob Nichols on the House extension of the National Flood Insurance Program:

"The House took an important step today to prevent the National Flood Insurance Program from expiring at the end of the month. Now it's the Senate's turn to approve this measure.

"If there is a lapse, many loan closings in high-risk areas will be delayed or otherwise complicated, resulting in additional costs and borrower frustrations.

"ABA strongly supports both a long-term reauthorization of the program and necessary reforms that will make the NFIP more sustainable, while also balancing concerns over availability and affordability.

"We look forward to working with Congress as it addresses this critically important issue."