NAFCU Hails Senate Adoption of S. 1926, the Homeowner Flood Insurance Affordability Act

Washington (January 30, 2014) – The National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger hailed the Senate adoption today of S.1926, the “Homeowner Flood Insurance Affordability Act.”

“The Senate’s adoption of S. 1926, introduced by Senator Robert Menendez, D-N.J., is a welcome development for homeowners who without this legislation would potentially face huge jumps in flood insurance premiums. NAFCU supports a delay in implementing rate increases until such time that further study can be done to address how a reasonable flood insurance program can be sustained. We hope that this legislation can be advanced in a timely manner.”

Its ultimate adoption would provide a delay in some premium hikes when flood maps are redrawn under the 2012 Biggert-Waters Flood Insurance Reform Act. The bill is also cosponsored by Sens. Johnny Isakson, R-Ga., Mary Landrieu, D-La., and David Vitter, R-La.

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The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public. 

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