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Financial Institution Letter

Private Flood Insurance: Proposed New Interagency Questions and Answers

Summary:

The FDIC, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, and the Farm Credit Administration (Agencies) are issuing proposed new private flood insurance questions and answers to supplement the proposed July 2020 Interagency Questions and Answers Regarding Flood Insurance (Interagency Questions and Answers) . The proposal seeks to incorporate amendments to federal flood insurance laws regarding private flood insurance into the Interagency Questions and Answers . The document is intended to help lenders meet their responsibilities pursuant to the federal flood insurance laws.

Statement of Applicability: This Financial Institution Letter applies to all FDIC-supervised financial institutions.

Highlights:

  • The Interagency Questions and Answers provide information to assist financial institutions in meeting their federal flood insurance compliance responsibilities, and to increase public understanding of flood insurance requirements.
  • The Agencies are proposing 24 new Interagency Questions and Answers regarding private flood insurance, including provisions related to mandatory acceptance, discretionary acceptance and other general compliance topics.
  • This new set of proposed private flood insurance questions and answers supplements the Interagency Questions and Answers that the Agencies issued on July 6, 2020.
  • Comments on the supplemental Interagency Questions and Answers regarding private flood insurance are due to the FDIC on or before 60 days after publication in the Federal Register .

Distribution:

FDIC-Supervised Institutions

Suggested Routing:

Chief Executive Officer
Chief Credit Officer
Chief Risk Officer
Chief Compliance Officer


Additional Related Topics:

  • Homeowner Flood Insurance Affordability Act of 2014
  • Biggert-Waters Flood Insurance Reform Act of 2012
  • Flood Disaster Protection Act of 1973
FIL-16-2021
Attachments
Last Updated: March 11, 2021