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A proposed interagency rule from NCUA, CFPB and federal banking regulators on flood insurance is slated for action during the NCUA Board's Oct. 23 open meeting, which will also include review of a corporate proposed rule.

The proposed flood insurance rule, released last October, would implement the 2012 Biggert-Waters Flood Insurance Act. The act includes a requirement that lenders must accept private flood insurance.

The agencies, in their October 2013 proposal, solicited comments on whether they should adopt additional regulations on the acceptance of flood insurance policies issued by private insurers. The proposal would also require regulated lending institutions to escrow payments and fees for flood insurance for any new or outstanding loans secured by residential improved real estate or a mobile home – not including business, agricultural or commercial loans – unless the institutions qualify for a statutory exception.

NAFCU commented on the proposal in December. It said credit unions in rural and underserved areas have concerns with maintaining escrow accounts as it is an added cost that could ultimately limit consumer options.

The board on Thursday will also hear a National Credit Union Share Insurance Fund quarterly report and review a proposed rule on corporate credit unions.

The open meeting will be held at 10 a.m. at the agency's headquarters in Alexandria, Va. It will be followed by a closed session that will examine administrative enforcement action under the Federal Credit Union Act.