Short-term funding extension averts government shutdown

Congress on Saturday passed a short-term government funding extension, which President Joe Biden signed into law, averting a government shutdown. The agreement keeps the government funded at current levels until Nov. 17.

Flood Insurance: The continuing resolution includes a reauthorization of the National Flood Insurance Program, preserving lenders’ ability to issue new policies for residential and commercial properties. ICBA has repeatedly called on Congress to extend the NFIP authorization, including in a letter to Congress last month and in a written statement for a Senate Banking Committee hearing earlier this year.

Outlook: With the short-term extension indicating government funding negotiations will continue, ICBA continues working to ensure funding packages extend programs that serve community banks and their customers and exclude harmful policies, such as new credit card routing restrictions.