CUNA Thanks NCUA and Other Agencies for Private Flood Insurance Guidance

 by CUNA Advocacy

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. NCUA proposed the rule in conjunction with the OCC, Federal Reserve System, the FDIC, and the Farm Credit Administration. These Proposed Q&As supplement previous Q&As proposed by NCUA last summer. CUNA’s feedback is concentrated on how to make the guidance most useful for credit union staff and to ensure that it is updated in the future as more credit unions gain experience related to private flood insurance.