ALEXANDRIA, Va.—In addition to announcing no NCUSIF premium will be assessed, the NCUA board this morning approved an interagency proposed rule that covers part 760 of the NCUA's rules and regulations. The agency is amending regulations regarding loans in areas having special flood hazards, with the proposal addressing new escrow requirements relating to flood insurance and fees. The interagency effort has already been approved by the OCC, the Federal Reserve, FDIC, and the Farm Credit Administration.
The NCUA board also approved a proposed rule addressing part 704 of the NCUA's rules and regulations, regarding corporate credit unions. The agency stated the proposal addresses minor changes to the corporate rule. Among proposed changes are allowing corporates to borrow on a secured basis for up to 120 days, up from 30.