Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Flood insurance Qs-and-As okay with tweaks says CUNA
WASHINGTON (9/23/09)--In a comment letter responding to recent changes to federal regulators’ questions and answers regarding flood insurance policies, the Credit Union National Association (CUNA) said that some proposed changes to loan participations may “represent an inappropriate shifting of risk” from the original lender to entities that have assumed some control of a property. CUNA said that it has “no objections” to Q&As addressing replacement cost valuations “for property that will not be restored to its original purpose.” CUNA also found no issues with Q&As addressing force-placed insurance. However, Q&As addressing loan participation set unreasonable standards by forcing lenders that buy a participation interest in a loan on flood zone-based property to be responsible for ensuring that flood insurance requirements are met. CUNA also opposed shifting risk and responsibility surrounding the validity of flood insurance from loan originators to those who purchase participations in exiting loans. Use the resource link below to read CUNA's complete remarks.


RSS





print
News Now LiveWire
Fed. FI regulators' statmnts on compromised credentials/destructive malware #cybersecurity http://t.co/f4uTBDm1PU http://t.co/zP5Iw6VxZc
48 minutes ago
Home prices rising faster than wages: @RealtyTrac #NewsNow #Market http://t.co/wa74mnw3Cu
2 hours ago
.@Nussle dropped by the @ACUMuseum recently. Read about his visit http://t.co/bYe8RRgYLP
3 hours ago
.@PCISSC issues new pen test guidelines for businesses to identify network vulnerabilities @CUinfosecurity http://t.co/ENeGTPSMjf
4 hours ago
#Georgia credit union parity bill awaits signature from @NathanDeal http://t.co/zbS4IZsOp6
4 hours ago