Category Archives: Flood Insurance Regulation

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Federal Agencies to Update Q&As Regarding Flood Insurance

It has been nine years since the Interagency Questions and Answers Regarding Flood Insurance (Flood Insurance Q&As) have seen any revisions. But that’s all about to change. Under the National Flood Insurance Reform Act of 1994 (Reform Act), the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, … Continue Reading

Flood Insurance: Busy Hurricane Season Ahead and COVID-19 Extension

June 1 marked the start of hurricane season, and according to the National Oceanic and Atmospheric Administration (NOAA), the Atlantic hurricane season will be a busy one. NOAA predicts a 60% chance of an above-normal season, a 30% chance of a near-normal season and only a 10% chance of a below-normal season. Since June 1, … Continue Reading

Regulators Release Updated Examination Procedures for Acceptance of Private Flood Insurance

The final rule promulgated by the Board of Governors of the Federal Reserve (Federal Reserve), the Farm Credit Administration, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration, and the Office of the Comptroller of the Currency (OCC) went into effect on July 1, 2019, to implement the portion of the Biggert-Waters Flood … Continue Reading

Private Flood Insurance Mandatory Acceptance Begins July 1, 2019

In February 2019, the Board of Governors of the Federal Reserve System, the Farm Credit Administration, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (the interagency regulators) issued a final rule implementing the portion of the Biggert-Waters Flood Insurance Reform Act mandating acceptance of … Continue Reading

Flood Insurance Regulation Update: Joint Final Rule Issued

The often challenging area of flood insurance requirements, including lender-placed insurance, has become a bit clearer for lenders and loan servicers. Five of the federal banking regulatory agencies (Federal Deposit Insurance Corporation, Federal Reserve Board, Office of the Comptroller of the Currency, Farm Credit Administration, and National Credit Union Administration) recently issued a joint final … Continue Reading
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