NCUA and four other federal regulatory agencies Tuesday announced an extension of the comment deadline on interagency questions on flood insurance to Nov. 3. CUNA was the first group to request an extension from the original Sept. 4 due date, filing a letter in July asking the NCUA to allow sufficient time for credit unions and other stakeholders to thoroughly analyze and digest the proposed Q&As.

The proposed new questions and answers for inclusion in the Interagency Questions and Answers come after changes to flood insurance requirements under the agencies’ joint rule regarding loans in special flood hazard areas.

This rule was promulgated in 2015 to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 and the Homeowner Flood Insurance Affordability Act of 2014.

The proposal incorporates new questions and answers in several areas, including:

• The escrow of flood insurance premiums;
• The detached structure exemption to the mandatory purchase of flood insurance requirement; and
• Force-placement procedures.