Flood insurance changes noted in Reg Alert summarized
Nov. 30, 2015 -- Changes to section 760 of NCUA’s rules addressing force-placement of flood insurance, exemptions for detached structures, and escrow requirements for flood insurance payments, and which are contained in a Regulatory Alert recently issued by the agency, has been summarized by NASCUS.
The NASCUS summary (of NCUA Regulatory Alert 15-RA-05, issued in October) notes the Escrow Requirements for credit unions with at least $1 billion in assets, and outlines the exemptions from the requirements for CUs with less than $1 billion.
The summary also details changes to the statutory force-placement provisions that apply to all federally insured credit unions.
The NASCUS summary also notes that the Regulatory Alert features Frequently Asked Questions (FAQs) to help credit unions understand the new requirements.
The summary is available only to NASCUS members.