Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CUNA backs NFIP amendment ahead of markup
WASHINGTON (5/12/11)--The Credit Union National Association (CUNA) has backed a National Flood Insurance Plan (NFIP) amendment that would preserve the rights of credit unions to protect their collateral from flood hazards. The amendment is expected to be proposed by Rep. Frank Lucas (R-Okla.) during a House Financial Services Committee markup session scheduled for today. H.R. 1309, the Flood Insurance Reform Act of 2011, is set to be marked up. Several bills that would reform portions of the planned Consumer Financial Protection Bureau are also set to be discussed by the committee. The flood insurance-related amendment would clarify that flood insurance purchased by credit unions “would date back to the date the existing policy lapsed or became insufficient in coverage amount, including any premiums or fees incurred during the 45-day notification period.” Credit unions are currently required to force place flood insurance when a borrower fails to maintain the required coverage during the term of the loan. If the credit union determines that the borrower allowed the flood insurance coverage to lapse, the credit union must notify the borrower that he must obtain the insurance. If the borrower does not provide evidence of insurance coverage within 45 days of the notification, the credit union is required to force place the insurance on the borrower’s behalf and may charge the borrower for the cost of the premiums and fees. For the full letter, use the resource link.


RSS





print
News Now LiveWire
Final field-of-membership rule tops April 30 NCUA agenda http://t.co/gFIhRhUCts
4 hours ago
.@CUNA's @Nussle speaks to @VonnieQuinn about #StoptheDataBreaches and reg. relief. http://t.co/TMTubG9Afk
6 hours ago
RT @NCUFoundation: .The Foundation's @hylandhighway with @NatlJumpStart President/CEO Laura Levine at #FLHillDay2015 today: http://t.co/ep5…
9 hours ago
Seriously underwater homes rise, new-home sales tumble News Now: http://t.co/2LzWTkqnES
9 hours ago
#NewsNow Cornerstone Foundation awards $71K in grants http://t.co/Y6D8K9rwWv
10 hours ago