CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » Final flood Q&As reflect CUNA-sought clarifications
Policy & Issues

Final flood Q&As reflect CUNA-sought clarifications

May 12, 2022
Flood

NCUA and other federal financial regulators issued a joint rule finalizing significant changes to Flood Insurance Questions and Answers made by the Biggert-Waters Flood Insurance Reform Act of 2012 and the Homeowner Flood Insurance Affordability Act of 2014. The final rule—effective immediately—contains several CUNA-requested clarifications.

The update revises and reorganizes questions and answers originally published in 2009 and 2011, and includes several new questions and answers responsive to the changes in federal law. The final rule consolidates two proposed rules issued in 2020 and 2021.

CUNA-sought clarifications include:

  • Clear preamble language specifying that while flood insurance discrepancies can be addressed at any time, they are only required to be addressed at the time of a potential loss.
  • Additional  language clarifying what constitutes a “reasonable time” for providing the Notice of Special Flood Hazards, including a specification that 10 calendar days before closing is reasonable.
  • Additional language regarding the application of the small lender exceptions to better aid credit unions in understanding its application and intent.

Additional details can be found on CUNA’s CompBlog and Removing Barriers Blog.

Credit Union Magazine: Spring 2022

Spring 2022

Credit Union Magazine’s Spring 2022 edition profiles four Credit Union Heroes and examines CUNA's advocacy priorities, the advocacy army, and financial well-being for all.
Digital Edition •  Subscribe

Trending

  • FOM modernization bill passes House Financial Services Committee

  • CISA issues emergency directive on VMWare vulnerabilities

  • Central bank digital currency creation needs ‘serious, exacting’ consideration

Tweets by CUNA_News

Polls

Are you ready for CECL?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2022 Credit Union National Association | ADA Compliance Notice & Legal
Email Us