House Passes Funding Bill that Keeps Flood Insurance Program Running

The House Tuesday passed an FY21 Continuing Resolution that would keep much of the federal government funded through Dec. 11 and the National Flood Insurance reauthorized until Sept. 30, 2021.

The legislation now goes to the Senate, where it is expected to easily pass. If President Trump signs the measure, the House is likely to go home through the election, with the Senate possibly returning to consider a Supreme Court nomination.

The CR funds much of the federal government at the same funding levels it received this fiscal year. It has little impact on the National Credit Union Administration or the Consumer Financial Protection Bureau since those agencies are funded outside the appropriations process.

However, it would mean that Congress left town without enacting any additional federal stimulus legislation. Credit union trade groups have been asking for a variety of measures, including automatic loan forgiveness for loans made under the Paycheck Protection Program.

The CR includes language keeping the flood insurance program operating for the entire 2021 fiscal year. If the program had been permitted to expire on Sept. 30, the federal government would have been unable to write new flood insurance policies.

Related:

National Flood Insurance Program Set to Expire—Again

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