Flood insurance, supervisory committee audits taken up Feb. 14 at NCUA

A briefing on financial regulators’ recent, joint final rule on flood insurance and a proposed rule on supervisory committee audits are the two items slated for discussion during the National Credit Union Administration (NCUA) Board next Thursday.

The joint flood insurance rule approved Jan. 31 by the NCUA Board (by notation vote) and earlier by banking regulators implements the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012. The rule requires financial institutions to accept flood insurance policies that meet the statutory definition of “private flood insurance.” It also allows institutions to exercise their own discretion in accepting other plans, including those by mutual aid societies.

The supervisory committee audit proposal is expected to offer added flexibility consistent with recommendations of the agency’s 2017 Regulatory Reform Task Force. The task force issued a final report in December that presented an agenda for regulatory reform, including modifications in supervisory committee audit rules.

The NCUA’s Feb. 14 open board meeting, slated for 10 a.m. ET at the agency’s headquarters in Alexandria, Va., will be followed by a closed session addressing creditor claim appeals.

NCUA Board Feb. 14 open meeting agenda

RR: Credit union regulator gives thumbs up to final rule providing more flexibility in flood insurance (Feb. 1, 2019)

Implementation of NCUA’s Regulatory Reform Agenda