NASCUS Seeks Members' Thoughs on Changes to the Flood Disaster Protection Act
October 21The National Credit Union Administration (NCUA), in conjunction with the Office of the Comptroller of the Currency, the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Farm Credit Administration, has issued a notice of proposed rulemaking to implement changes to the Flood Disaster Protection Act (FDPA) required by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). These changes are amendments to 12 CFR Part 760. Federally insured state-chartered credit unions (FISCUs) are required to comply with NCUA's Flood Insurance rules pursuant to Part 741.216.
NASCUS is reviewing the rule and will be working with the NASCUS Legislative & Regulatory Affairs Committee to determine if NASCUS will file comments and develop the response if warranted. If you have thoughts on this proposed rule you would like to share with NASCUS, please contact Sabrina Cotter (firstname.lastname@example.org) or Brian Knight (email@example.com).
Comments are due to NCUA on December 10, 2013. So that we can incorporate NASCUS Credit Union and Regulator members' thoughts into our letter, please let us know your thoughts by November 22, 2013.
The proposed rule may be read at this link. Text of the NCUA rule begins on pg. 141. To view NASCUS' Summary, click here.