February 08, 2019

Flood insurance, supervisory committee rules on NCUA's agenda

NCUAThe NCUA Board next week will consider a final interagency rule related to flood insurance that was originally proposed in fall 2016, as well as a proposed rule that would amend supervisory committee responsibilities.

The meeting is scheduled for 10 a.m. Eastern Thursday; a livestream will be available through the NCUA's website.

The board will receive a briefing on the interagency rule that would require mortgage lenders to accept both private and government-backed flood insurance policies. The FDIC and Office of the Comptroller of the Currency have already approved the rule, which would take effect in July.

NAFCU has pushed for a number of improvements to the National Flood Insurance Program (NFIP), including allowing private policies to fulfill the federal flood insurance mandate, increases in coverage limits, capping premiums and rates, and updating federal flood mapping procedures.

Also on the board's agenda is a proposed rule related to supervisory committee audits. The proposal was included on the agency's fall rulemaking agenda and is expected to amend regulations regarding supervisory committees' responsibilities in obtaining an annual audit of its credit union as part of the Regulatory Reform Task Force's recommendations.

NAFCU will update credit unions following the meeting.