Printer FriendlyFinancial Institution Letters
May 20, 2019
Banker Teleconference Series: Private Flood Insurance Rule
Timely and Comprehensive Information from the FDIC
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Summary:
The FDIC's Division of Depositor and Consumer Protection (DCP) will conduct an interagency webinar scheduled for Tuesday, June 18, 2019, that will focus on the recently issued interagency final rule on private flood insurance. The session is free, but registration is required. This is a continuing series of events for bankers, including teleconferences and webinars, to update bank management and staff on important bank regulatory and emerging issues in the consumer compliance and protection area.
The final rule becomes effective on July 1, 2019.
Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter applies to all FDIC-supervised financial institutions.
Highlights:
- Staff from the FDIC, Office of the Comptroller of the Currency, Federal Reserve System, National Credit Union Administration, and Farm Credit Administration will discuss the private flood insurance rule issued in February 2019. Topics that will be discussed include:
- Mandatory acceptance of private flood insurance;
- Compliance aid for mandatory acceptance;
- Discretionary acceptance of private flood insurance;
- Flood coverage provided by mutual aid societies; and
- Preparations to comply with the Rule.
- The webinar is scheduled for Tuesday, June 18, 2019, from 2:00 p.m. to 3:00 p.m. Eastern Time. Registration is available online.
- We encourage institutions to submit questions prior to the webinar by sending an email to fedwebinar@sf.frb.org.
- The FDIC also is soliciting suggestions from institutions on topics for future banker events. Please submit suggestions to BankerTeleconference@fdic.gov.
For additional information on the upcoming webinar, see the attached announcement.
Continuation of FIL-27-2019
Distribution:
- FDIC-Supervised Institutions
Suggested Routing:
- Chief Executive Officer
- Chief Credit Officer
- Chief Risk Officer
- Chief Compliance Officer
Related Topics:
- Biggert-Waters Flood Insurance Reform Act of 2012
- Flood Disaster Protection Act of 1973
Attachment:
Contact:
- Simin Ho, Senior Policy Analyst, at (202) 898-6907 or Sho@fdic.gov
- Navid Choudhury, Counsel, at (202) 898-6526 or NChoudhury@fdic.gov
- FDIC Office of the Ombudsman, at (877) 275-3342 or ombudsman@fdic.gov
Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's website at www.fdic.gov/news/news/financial/index.html.
To receive FILs electronically, please visit www.fdic.gov/about/subscriptions/fil.html.
Paper copies may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).
FIL-27-2019
May 20, 2019
FDIC Banker Teleconference Series: Private Flood Insurance
Timely and Comprehensive Information from the FDIC
Loans in Areas with Special Flood Hazards
Tuesday, June 18, 2019
2:00 p.m. – 3:00 p.m. Eastern Time
Staff from the FDIC's Division of Depositor and Consumer Protection (DCP) offers a series of banker events, including teleconferences and webinars. The purpose of these events is to update you and your staff on important banking regulatory and emerging issues in the consumer compliance and protection area and to maintain open lines of communication.
The next event is an interagency webinar scheduled for June 18, 2019. The webinar will focus on the joint final rule on private flood insurance published in the Federal Register on February 20, 2019. Topics to be discussed will include
- Mandatory acceptance of private flood insurance;
- Compliance aid for mandatory acceptance;
- Discretionary acceptance of private flood insurance;
- Flood coverage provided by mutual aid societies; and
- Preparations to comply with the Rule.
The webinar will feature presentations by staff from the FDIC, Office of the Comptroller of the Currency, Federal Reserve System, National Credit Union Administration, and Farm Credit Administration.
Registration is required for the webinar.
Additional Details
- The webinar is free, but advanced registration is required.
- Please register for the webinar at: https://www.webcaster4.com/Webcast/Page/577/30085
- The presentation will be followed by a Q&A segment. Please consider sending in questions via email in advance to: fedwebinar@sf.frb.org.
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