Interagency webinar covers latest flood insurance Q&As

July 12, 2022

Staff from NCUA and other federal financial regulators will conduct an interagency webinar focusing on recently issued 2022 Interagency Questions and Answers Regarding Flood Insurance.

Registration is open for the free webinar, which is scheduled for July 27 from 2 to 3 p.m. ET. 

The questions and answers were issued in May, and contain several CUNA-requested clarifications, including:

  • 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.