Recent Comment Calls & Final Rule Analyses

CUNA
October 31, 2008 | COMMENTS

NCUA Proposed Rule on Share Insurance Signs for Shared Branching

The NCUA Board approved a proposed rule for a thirty-day comment period to amend the share insurance sign requirements for federally insured credit unions participating in shared branching networks. Currently, for tellers accepting share deposits for both federally insured and nonfederally insured credit unions, there must be a second sign adjacent to the official NCUA insurance sign. The second sign must list each federally insured credit union served by the teller, along with a statement that only these credit unions are federally insured.   The proposed rule will replace the required list of credit unions with a general statement that not all of the credit unions served by the teller are federally insured and members should contact their credit union for further information.  Click here for the CUNA's full Regulatory Comment Call, which provides additional information. The due date is November 21, 2008.

NCUA Proposed Rule on Share Insurance Signs to Reflect Increased Insurance Limits

The National Credit Union Administration has issued an interim final rule to amend its share insurance rules so it is consistent with recent actions by Congress that temporarily increases the maximum share insurance amount from $100,000 to $250,000 and increases the coverage for custodial loan accounts, which will now be referred to as mortgage servicing accounts. Click here for CUNA's full Regulatory Comment Call, which provides additional information. The due date is December 22, 2008.

FEMA Flood Map Changes

The Federal Emergency Management Agency (FEMA) has issued the Compendium of Flood Map Changes, which provides a listing of changes made to the National Flood Insurance Program maps that went into effect from January 1 – June 30, 2008. Click here for CUNA's Final Rule Analysis, which provides additional information. This is effective immediately.

Availability of FEMA Maps and Other Information in Digital Form

The Federal Emergency Management Agency (FEMA) is completing the process of converting to digital form the National Flood Insurance Program flood hazard map inventory. FEMA will then discontinue the pubic distribution of paper Flood Insurance Rate Maps, Flood Insurance Study reports, and related flood hazard map products. Click here for CUNA's Final Rule Analysis, which provides additional information. The effective date is "October 1, 2009."