NCUA board approves flood insurance rule

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The NCUA board unanimously approved a final rule allowing federally insured credit unions, under certain conditions, to accept private flood insurance policies in addition to the National Flood Insurance Program policies.

The agency’s board approved the rule by a notation vote on Thursday, Jan. 31. The rule will take effect on July 1.

NCUA is one of five federal regulatory agencies issuing the flood insurance rule.

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