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May 20, 2022

New on the Compliance Blog: Revised flood insurance Q&As, CFPB Supervisory Highlights (cont.)

ComplianceAs credit unions work to meet the needs of more than 130 million Americans during the coronavirus pandemic, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog, published every Monday and Wednesday.

Here's a roundup of what's new this week:

Federal Regulators Issue Revised Interagency Flood Insurance Q&As: In Monday’s blog, Regulatory Compliance Counsel Rebecca Tetreau shares highlights from the revised interagency flood insurance questions and answers, issued by the office of the Comptroller of the Currency (OCC), the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration (FCA), and the NCUA. The updated Q&As, which were last revised in 2009 and 2011, cover an extensive range of topics including escrow of flood insurance premiums, exemptions for detached structures, and requirements to purchase flood insurance. 

Spring 2022 Supervisory Highlights Part II: Mortgage Origination, Prepaid Accounts, Remittances, and Student Loan Servicing: In last week’s Compliance Blog, NAFCU reviewed the CFPB’s recently released Supervisory Highlights, which covers issues that arose during examinations between July 2021 and December 2021. In the latest blog, Director of Regulatory Compliance Kaley Schafer covers the second installment reviewing the bureau’s Supervisory Highlights, focusing specifically on mortgage origination, prepaid accounts, remittances, and student loan servicing. 

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