ALEXANDRIA, Va. - NCUA is among five regulatory agencies seeking comment on new and revised interagency questions and answers regarding flood insurance. The Interagency Questions and Answers Regarding Flood Insurance were first published in 1997 under the auspices of the Federal Financial Institutions Examination Council. The proposed changes include substantive modifications to questions and answers pertaining to construction loans and condominiums, second lien mortgages, the imposition of civil money penalties, and loan syndications/participations. Finally, the agencies are proposing to revise and reorganize certain existing questions and answers to clarify areas of potential misunderstanding and to provide clearer guidance to users.
For info: www.federalreserve.gov.
