NAFCU is urging the House Financial Services Subcommittee on Housing and Insurance to delay National Flood Insurance Program premium increases.
In a letter yesterday to subcommittee chairman Randy Neugebauer, R-Texas, and Ranking Member Michael Capuano, D-Mass., NAFCU VP of legislative affairs Brad Thaler asked for a delay until the Federal Emergency Management Agency completes its affordability impact study outlined in the Biggert-Waters legislation and Congress is able to review the findings.
Thaler stated in the letter that "failure to act in this regard could mean that premiums will skyrocket for many Americans struggling in these uncertain times" and "local housing markets could face drastic negative impacts. New premiums could be unaffordable to many, dropping home values in a tenuous economy."
