NFIP REAUTHORIZATION UPDATE
Recently, Proctor brought to your attention that the National Flood Insurance Program (NFIP) will expire on March 8, 2024.
On March 1, 2024, the Extension of Continuing Appropriations and Other Matters Act, 2024 extended the National Flood Insurance Program (NFIP) through March 22, 2024.
If the reauthorization is not issued by 11:59 p.m. on March 22nd, Proctor Loan Protector would like to draw attention to guidance previously issued by agencies that address lapses in FEMA’s authority under the NFIP. This guidance provides answers to frequently asked questions and entities’ responsibilities. For complete details, please review the guidance below:
- FEMA: W-23012 Guidance on Potential Lapse in National Flood Insurance Program (NFIP) Authority (floodsmart.gov)
- Federal Agencies: Agencies Issue Statement on Financial Institutions Issuing Loans When National Flood Insurance Program is Unavailable
- Interagency Q&As Regarding Flood Insurance: Agencies Release Revised Interagency Questions and Answers Regarding Flood Insurance (occ.gov) – See Applicability 12
Proctor Loan Protector will continue to monitor this topic and provide updates as they develop.