A release issued Wednesday by the federal regulator of credit unions affirms the agency’s planned participation in financial industry regulators’ June 18 webinar providing updates to the federal flood insurance rule.
The one-hour webinar, set for 2 p.m. ET, will focus on the final rule issued in February – and set to take effect this July 1 – by the National Credit Union Administration (NCUA) as well as the Federal Reserve Board, the Farm Credit Administration (FCA), the Federal Deposit Insurance Corp. (FDIC), and the Office of the Comptroller of the Currency (OCC).
Under the final rule, lenders must accept flood insurance policy coverage meeting the statutory definition of “private flood insurance,” including policies provided by private insurers that do not meet the statutory definition if the coverage meets certain conditions. It also permits institutions to accept certain flood coverage issued by mutual aid societies.
The rule implements provisions of the Biggert-Waters Flood Insurance Reform Act of 2012.
The June 18 webinar is slated to address:
- Mandatory acceptance of private flood insurance,
- Mandatory acceptance compliance aid,
- Discretionary acceptance of private flood insurance,
- Flood coverage provided by mutual aid societies, and
- Recommended preparations for compliance with the new rule.
Staff from the agencies will participate in the webinar; a Q&A session follows the presentation. Participants also may submit questions in advance at fedwebinar@sf.frb.org.
NCUA, in Wednesday’s release, included a link to its online flood insurance resources.
Online registration, June 18 webinar
Register Now for June 18 Flood Insurance Webinar (NCUA release)
RR: Regulators schedule webinar on new flood insurance coverage rule, which takes effect July 1 (May 20, 2019)