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Washington
Comment on flood insurance guidance changes sought CUNA
WASHINGTON (8/6/09)--The Credit Union National Association (CUNA) has issued a regulatory comment call on recently proposed additions to a series of flood insurance-related questions and answers that are provided by the National Credit Union Administration (NCUA) and other financial regulators. The new content, which addresses, among other items, second lien mortgages, civil money penalties, loan participation, construction loans, insurable value calculations, are a response to public comments to the agencies, and will both address new areas and clarify some existing guidance. The U.S. House also recently agreed to extend the National Flood Insurance Program, which was set to expire on Sept. 30 of this year, through March 31, 2010. The Senate has not yet voted on the proposed extension. CUNA is asking credit unions to list their concerns regarding proposed changes to the guidance on replacement cost valuations and provisions for implementing force placement insurance when a previous insurance policy has lapsed. The Q&A revisions will become effective on Sept. 21. The NCUA will also accept comments regarding the new Q&A additions until this date. Comments are due to CUNA by September 10. For more information, use the link.


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