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FDIC Releases Technical Assistance Videos on Flood Insurance and Appraisals
The Federal Deposit Insurance Corporation (FDIC) today announced the release of two new videos in its third installment of technical assistance videos to provide useful information to bank directors, officers, and employees on regulatory issues and proposed regulatory changes. These videos pertain to flood insurance and appraisals and evaluations.
The flood insurance video addresses key regulatory requirements, strategies for building an effective compliance management system, and frequently asked questions. This video is intended for compliance officers, lenders, and other bank personnel with responsibilities for flood insurance compliance.
"Flood insurance is one of the more challenging areas of compliance for community banks to navigate, due to the complexity of the flood insurance requirements." said Mark Pearce, Director of the Division of Depositor and Consumer Protection. "We hope this video provides useful information to bankers on how to develop an effective system for managing compliance in this area, along with some tips to avoid the most common errors we identify in our examinations."
The video on appraisals and evaluations addresses regulatory requirements and supervisory guidance for appraisals and evaluations, highlights when an appraisal or an evaluation is needed, and discusses validating appraisals and evaluations. It also covers the application of the appraisal regulation to particular situations as well as the review process for appraisals and evaluations.
"The video on appraisals and evaluations provides a series of examples that address common questions raised by community banks," said Doreen R. Eberley, Director of the Division of Risk Management Supervision.
Four additional videos will be released as part of this third installment of videos. The additional videos will be released later this month and will cover fair lending, troubled debt restructurings, the allowance for loan and lease losses, and evaluation of municipal securities.
The first installment of six videos was released in early April and was aimed at new bank directors to help prepare them for their important fiduciary role. The second installment of six videos was released on June 30 and was a virtual version of the FDIC's Directors' College Program. The initial video under this third installment of videos addressed interest rate risk and was released in August. The FDIC's technical assistance videos and additional information can be accessed at http://www.fdic.gov/resourcecenter.
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 6,891 banks and savings associations, and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars — insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-110-2013
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