NFIP SET TO EXPIRE DECEMBER 20, 2024
The National Flood Insurance Program (NFIP) is set to expire on December 20, 2024.
Congress must reauthorize the NFIP by no later than 11:59 p.m. on December 20, 2024 to avoid a lapse in FEMA’s authority under the NFIP.
Proctor Loan Protector would like to draw attention to guidance previously issued by agencies that provides answers to frequently asked questions and entities’ responsibilities during a lapse in the NFIP. For complete details, please review the guidance below:
- FEMA: W-23012 Guidance on Potential Lapse in 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: Interagency Questions and Answers Regarding Flood Insurance (occ.gov) – See Applicability 12
Proctor Loan Protector will continue to monitor the reauthorization by Congress and provide updates as they are received.