FED – Agencies release proposed new interagency questions & answers regarding private flood insurance


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March 11, 2021

Agencies release proposed new interagency questions & answers regarding private flood insurance

Board of Governors of the Federal Reserve System

Farm Credit Administration

Federal Deposit Insurance Corporation

National Credit Union Administration

Office of the Comptroller of the Currency

For release at 2:00 p.m. EST

WASHINGTON — Five federal regulatory agencies today requested public comment on 24 proposed Interagency Questions & Answers Regarding Private Flood Insurance.

The proposal is intended to help lenders comply with the agencies’ joint rule promulgated in 2019 to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012.

The proposal incorporates new questions & answers in a number of areas including:

  • Mandatory Acceptance,
  • Discretionary Acceptance, &
  • Private Flood Insurance General Compliance.

These Questions & Answers would supplement the 118 Interagency Questions & Answers Regarding Flood Insurance that the agencies proposed on July 6, 2020.

Comments will be accepted for 60 days after publication in the Federal Register.

Last Update:

March 11, 2021

Source: Federal Reserves

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