View Rule
View EO 12866 Meetings | Printer-Friendly Version Download RIN Data in XML |
NCUA | RIN: 3133-AE40 | Publication ID: Fall 2014 |
Title: ●Loans in Areas Having Special Flood Hazards (Escrow and Mandatory Purchase) | |
Abstract:
The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Farm Credit Administration, and National Credit Union Administration (Agencies) previously issued a proposed rule addressing a number of flood insurance issues discussed more fully in RIN 3133-AE18. However, due to the recent enactment of new legislation, the HFIAA, the Agencies are proposing this second rulemaking to amend their regulations regarding loans in areas having special flood hazards to implement HFIAA, which amended the Flood Disaster Protection Act of 1973 and the Biggert-Waters Flood Insurance Reform Act of 2012. This proposal establishes regulatory requirements with respect to the escrow of flood insurance payments, consistent with the changes set forth in HFIAA. The proposal also implements a provision in HFIAA that excludes certain detached structures from the mandatory flood insurance purchase requirement. |
|
Agency: National Credit Union Administration(NCUA) | Priority: Substantive, Nonsignificant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 760 | |
Legal Authority: 12 USC 1757 12 USC 1789 42 USC 4012a 42 USC 4104a to 4104b 42 USC 4106 42 USC 4128 |
Legal Deadline:
|
||||||||
Overall Description of Deadline: HFIAA amended the escrow provisions for flood insurance payments. These amendments apply to any loan that is originated, refinanced, increased, extended, or renewed on or after January 1, 2016. |
||||||||
Timetable:
|
Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Information URL: www.ncua.gov/Legal/Regs/Pages/PropRegs.aspx | |
RIN Data Printed in the FR: No | |
Related RINs: Related to 3133-AE18 | Related Agencies: Joint: TREAS/OCC, FRS, FDIC, FCA; |
Agency Contact: Sarah Chung Senior Staff Attorney National Credit Union Administration 1775 Duke Street, Alexandria, VA 22314 Phone:703 518-1178 Fax:703 518-6569 Email: schung@ncua.gov |