The National Association of Federal Credit Unions (NAFCU) voiced strong support Tuesday night for legislation introduced in both the House and Senate that would effectively delay for perhaps four years most flood insurance rate increases mandated by a 2012 law reauthorizing the National Flood Insurance Program (NFIP).
NAFCU President and CEO Dan Berger said the current law imposes an unacceptable financial burden on some credit union members.
However, an official of the trade group that represents the U.S. reinsurance industry said blanket subsidies for people who need flood insurance is not a good idea.
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