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The interagency rule that requires mortgage lenders to accept both private and government-backed flood insurance policies takes effect Monday. NAFCU is offering a webinar today to help credit unions prepare for the new requirements.

Participants in today's webinar – set to begin at 2 p.m. Eastern – will:

• learn more about the role of private flood insurers in the market;
• gain insight on the difference between mandatory and discretionary acceptance; and
• analyze the differences between private flood insurance and National Flood Insurance Program (NFIP) policies.

Learn more about the webinar and register for it here; NAFCU webinars are available on-demand for one year after the airdate. NAFCU has additional resources on the private flood insurance rule available, including a Compliance Blog post and a Final Regulation.

A webinar from financial regulators – including the NCUA – on the flood rule is available here. The NCUA also issued a Regulatory Alert to credit unions explaining the alternatives to NFIP policies and conditions for their acceptance.