Flood Insurance
Impact
Many credit unions offer mortgages across the country, including in areas covered by flood insurance requirements. The National Flood Insurance Program (NFIP) is a Federal program providing flood insurance, floodplain management, and the development of flood hazard zones. Credit unions members are often required to purchase flood insurance based on their location and the NFIP's current floodplain map. While the protection offered by flood insurance can be vital, it is important that these programs accurately assess risk and provide clear, workable requirements. Further, the cost of flood insurance must not price low- and moderate-income borrowers out of the dream of homeownership.
Where We Stand
Flood insurance premiums must remain affordable so that families in flood-prone regions are not shut out of the opportunity to own a home. A strong, sustainable, and affordable NFIP alongside a robust private flood insurance market will serve the best interests of our nation's housing market for years to come, and CUNA will continue to support reauthorization of this vital program.
What we've told lawmakers & regulators
Removing Barriers Blog
CUNA Thanks NCUA and Other Agencies for Private Flood Insurance Guidance
CUNA filed comments with NCUA in support of its proposed Interagency Questions and Answers Regarding Private Flood Insurance in which provides guidance on the implementation of the private flood insurance requirements of NCUA’s Part 760 and the Biggert-Waters Flood Insurance Reform Act of 2012.
Letter
Acceptance of Private Flood Insurance for FHA- Insured Mortgages
Comments were submitted regarding the U.S. Department of Housing and Urban Development’s (HUD) proposed rule on “Acceptance of Private Flood Insurance for FHA-Insured Mortgages.”
Letter
CUNA submits comments to NCUA for Flood Insurance Q & A
CUNA filed a comment letter with the NCUA in response to proposed changes and additions to interagency Q&As on flood insurance. We are largely supportive of the Q&As but provide some suggestions for additional clarity.