Interagency Questions and Answers Regarding Private Flood Insurance

Interagency Questions and Answers Regarding Private Flood Insurance

The NCUA, along with the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Farm Credit Administration (FCA) (collectively, the Agencies), has issued proposed Interagency Questions and Answers regarding the implementation of the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (the Biggert-Waters Act). These proposed Interagency Questions and Answers will serve as formal guidance for credit unions in interpreting the requirements of Part 760 of NCUA's rules and regulations with regard to private flood insurance. This proposal is a supplement to another proposed Interagency Questions and Answers which the Agencies issued on July 6, 2020.

The proposal includes 24 drafted questions and answers broken into three categories: “Mandatory Acceptance,” “Discretionary Acceptance,” and “General Compliance.” The Agencies are soliciting comments on all aspects of the proposed Interagency Questions and Answers. This would include whether they are helpful, easy to understand, could have unintended consequences, and how to make them most accessible for credit unions.

 CUNA submitted comments on May 17 - Read the letter