One of the things PolicyWorks continues to assist our credit union clients with is wading through the deep waters of mortgage regulation. As CFPB Director Richard Cordray has acknowledged, many of the business practices implemented by the January 2014 mortgage rules have long been standards credit unions have adhered to. However, a tidal wave of entirely new requirements have flooded credit unions and left many compliance professionals searching for higher ground.
Passage of the Biggert-Waters Flood Insurance Reform Act of 2012 started the slow trickle of flood insurance reform. However, many soon realized that this piece of legislation was not enough to plug all the holes in the dam. Inconsistent implementation and unaffordable insurance premiums opened the flood gates to further transformation by way of the recently enacted Homeowner Flood Insurance Affordability Act.
Because navigating the present state of flood insurance compliance is proving to be a bit muddy, PolicyWorks has created a white paper which addresses the policies and procedures your credit union should already have in place as well as how to prepare for additional requirements as they come ashore. Click here to download your complimentary copy today. Puns included at no extra charge; enjoy the remainder of your Tuesday.