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About
About
Created by the U.S. Congress in 1970, the National Credit Union Administration is an independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions.
Regulation & Supervision
Regulation & Supervision
The NCUA protects the safety and soundness of the credit union system by identifying, monitoring and reducing risks to the National Credit Union Share Insurance Fund. Backed by the full faith and credit of the United States, the Share Insurance Fund provides up to $250,000 of federal share insurance to millions of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
Analysis
Analysis
The NCUA’s economists and analysts compile data on the credit union system’s financial performance, merger activity, changes in credit union chartering and fields of membership, as well as broader economic trends affecting credit unions. Users can find information on a single credit union or analyze broader nation-wide trends.
Support Services
Support Services
The NCUA provides a number of support services to the credit union system, such as providing training, grants and loans, chartering, and field-of-membership services; maintaining the health and stability of Share Insurance Fund; managing the assets of failed credit unions; and providing emergency liquidity.
Consumers
Consumers
The NCUA works to protect credit union members and consumers, raise awareness of potential frauds, facilitate access to affordable financial services, and educate consumers on the importance of savings and how they can improve their financial well-being.
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Guidance for National Flood Insurance Program Authority Lapses

10-CU-08 / June 2010

Guidance for National Flood Insurance Program Authority Lapses

To

Federally Insured Credit Unions

Subject

Flood Insurance

Status

Active

To

Federally Insured Credit Unions

Subj

Guidance for National Flood Insurance Program Authority Lapses

Encl

Guidance on the Lapse of FEMA’s Authority to Issue Flood Insurance Contracts

Dear Board of Directors:

The purpose of this letter is to remind credit unions of their continuing responsibilities during a lapse in the National Flood Insurance Program (NFIP) authority. The attached guidance provides information for credit unions about issues that may arise during lapse periods when the NFIP is not available.

The authority of the Federal Emergency Management Agency (FEMA) to issue flood insurance contracts under the NFIP lapsed on June 1, 2010 at 12:01 a.m. This guidance applies to the current lapse period and will also apply to any future lapses in the NFIP. Current separate FEMA guidance to companies and agents who handle NFIP policies is available online at: http://www.fema.gov/pdf/nfip/w_10063.pdf.

If you have questions concerning the guidance, please contact your regional office, state supervisory authority, or examiner.

Sincerely,
/s/
Debbie Matz
Chairman

Enclosures

Guidance on the Lapse of FEMA’s Authority to Issue Flood Insurance Contracts

Last modified on

03/04/20