Removing Barriers Blog

CUNA Seeks Input on Private Flood Insurance Proposal
Posted November 22, 2016 by CUNA Advocacy

As we begin to develop our comment letter, we seek your input on an interagency proposal regarding loans in areas having special flood hazards that would implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012. 

Specifically, the proposed rule would require lending institutions—including credit unions—to accept policies that meet the statutory definition of “private flood insurance” in the Biggert-Waters Act. The proposal would also permit institutions to accept flood insurance provided by private insurers that does not meet the statutory definition of “private flood insurance” but does meet certain established criteria. 

NCUA and the other agencies are accepting comments until January 6. Please review CUNA’s detailed summary of the proposed changes and share your input with us by December 16