MCUA Seeks Comments on Flood Insurance Proposal
The Missouri Credit Union Association (MCUA) encourages credit unions to reply to CUNA, who is seeking comments on the recently issued flood insurance proposed rule. The National Credit Union Administration (NCUA) and the four federal banking regulatory agencies jointly issued a proposal to amend regulations requiring the purchase of flood insurance for property located in special flood hazard areas.
The proposed rule would implement rules for financial institutions to accept private flood insurance and would modify escrow and forced-placement of flood insurance requirements. The proposal also includes new and revised sample notice forms and clauses concerning the availability of private flood insurance coverage and the escrow requirement. Comments are due to the agencies by December 10; please submit comments to CUNA by December 2.