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Compliance What to do about expired flood form
WASHINGTON (11/12/08)—The Federal Emergency Management Agency (FEMA) flood hazard determination form carried an Oct. 31 expiration date, but FEMA has not yet issued a new form. What’s a credit union to do? The Credit Union National Association (CUNA) November Compliance Challenge advises credit unions that they are to continue using the old Form 81-93 Standard Flood Hazard Determination until FEMA issues its new one. What’s more, CUNA’s compliance team points out, FEMA is providing time for credit unions and other users of the form to update their systems to the new version. The effective date for mandatory use of the new document will be six months from the date of its approval by the agency. And which credit unions use this form? CUNA explains that a credit union must perform a flood hazard determination whenever it makes, increases, extends, or renews a loan secured by a “building,” defined as a home on a permanent foundation or a mobile home that is located in a special flood hazard area (SFHA). The credit union or service provider acting on the credit union’s behalf must document the determination on the FEMA’s Standard Flood Hazard Determination Form. This form must be retained, either in hard copy or electronic form, for the period of time that the credit union owns the loan. To read this month’s Compliance Challenge, or for access to more information on flood insurance and the FEMA flood form, use the resource links below.
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