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The NCUA Board on Thursday issued a joint agency proposal on flood insurance and finalized rules adjusting civil money penalties and a name change for the Office of Consumer Protection during its open meeting.

The joint agency proposal on flood insurance would require lenders to accept private flood insurance that does not meet the statutory definition on a discretionary basis and subject to certain restrictions. The proposal would fulfill the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012. It is being released jointly by the NCUA, the Office of the Comptroller of the Currency, the Federal Reserve, the FDIC and the Farm Credit Administration.

In a 2-0 vote, the board Thursday also finalized a rule adjusting civil money penalties. The board issued an interim final rule in June on the statutory inflation adjustment of civil money penalties ordered by the agency. The interim rule went into effect July 21. NCUA received no comments on the interim final rule, and Thursday's rule was adopted as proposed.

In another final rule issued by the board Thursday, the Office of Consumer Protection changed its name to the Office of Consumer Financial Protection and Access in order to better reflect its functions and role in facilitating consumer access to credit unions.

The NCUA Board Thursday also issued its final rule and a proposal on field of membership, and heard a briefing on supplemental capital.