In an article posted through Credit Union Times, it explains the importance of staying on top of the new changes to the National Flood Insurance Program (NFIP). Staying connected to the new changes can help out many people, especially those in the flood areas. Not only does it create a relief in the members when purchasing the insurance, but it helps the credit union stay connected to any new policies.
"A good forms provider will know how each change affects your forms looking forward and backward. In other words, if a final ruling for NFIP stacks onto previous regulations, your forms provider should know how that information will affect your CEHE and OEHE lending forms. In addition, they should be able to provide you with any necessary changes with regard to TILA so those disclosures are updated as well. The ultimate goal is to keep the consumer informed while maintaining compliance for your credit union."
Making sure that a member has a great forms provider will help out a lot. Knowing when the forms need to be updated, staying in touch with any provisions that can help when any unfortunate circumstances come into play.
Interested in reading and learning more? Click HERE to be taken to the full article post.