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
Flood insurance Qs-and-As okay with tweaks says CUNA
WASHINGTON (9/23/09)--In a comment letter responding to recent changes to federal regulators’ questions and answers regarding flood insurance policies, the Credit Union National Association (CUNA) said that some proposed changes to loan participations may “represent an inappropriate shifting of risk” from the original lender to entities that have assumed some control of a property. CUNA said that it has “no objections” to Q&As addressing replacement cost valuations “for property that will not be restored to its original purpose.” CUNA also found no issues with Q&As addressing force-placed insurance. However, Q&As addressing loan participation set unreasonable standards by forcing lenders that buy a participation interest in a loan on flood zone-based property to be responsible for ensuring that flood insurance requirements are met. CUNA also opposed shifting risk and responsibility surrounding the validity of flood insurance from loan originators to those who purchase participations in exiting loans. Use the resource link below to read CUNA's complete remarks.


RSS





print
News Now LiveWire
What will a viking raid? Town or your wallet? http://t.co/JJYXXAGk7g @OhioCreditUnion @GCUAGov #StoptheDataBreaches http://t.co/7jc7rECKSF
26 minutes ago
#creditunions face 'perfect storm' of tech changes in 2015 #NewsNow http://t.co/K2a6GZX8k5
42 minutes ago
Middle-class families walking a tightrope with little savings @pewresearch HT @CNNMoney http://t.co/Pfu2KHASZa
17 hours ago
.@CUNA's @SchenkMike on @federalreserve meeting: http://t.co/Ry39vjWdA1
17 hours ago
#creditunion cites prize-linked savings success in @WSJ http://t.co/3CXupUMx5d
20 hours ago