NCUA Issues Regulatory Alerts on New Flood and Military Lending Rules
New flood insurance rules that address force-placed insurance and an exemption for detached structures took effect on October 1, 2015, while provisions that require certain credit unions to escrow flood insurance premiums take effect 1/01/2016. Under the DOD’s revised Military Lending Rule, federal credit unions will be able to exclude one application fee in a rolling 12-month period from the military annual percentage rate (MAPR). Compliance with the new rule is voluntary beginning on Oct. 3, 2015 and is mandatory by Oct. 3 2016. [10/5/15]
