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TO:
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CHIEF EXECUTIVE OFFICER AND COMPLIANCE
OFFICER
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SUBJECT:
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Interagency Questions and Answers on
Flood Insurance
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Commonly asked questions on flood insurance regulations and the answers to those
questions have been issued by the FDIC, the Federal Reserve Board, the Office of
the Comptroller of the Currency, the Office of Thrift Supervision, the National
Credit Union Administration and the Farm Credit Administration. Attached is a
copy of the Q & A document published in the Federal Register under the auspices
of the Federal Financial Institutions Examination Council.
To implement the National Flood Insurance Reform Act of 1994, the
agencies adopted a final rule, which took effect October 1, 1996. At
that time, the agencies stated that further guidance on more technical
issues not addressed in the preamble to the final rule would be made
available through a question and answer format.
This new document does not anticipate all the circumstances or
contingencies that may affect specific financial institutions in
complying with the requirements of the act and the regulations.
Therefore, the agencies invite further comments that may be used
to develop additional guidance in the future.
For more information, please contact Mark Mellon, Senior
Attorney in the Regulations and Legislation Section of
the Legal Division (202-898-3854) (e-mail:
MMellon@FDIC.gov), or Ken Baebel, Senior Review Examiner
in the Division of Compliance and Consumer Affairs
(202-942-3086) (e-mail: JBaebel@FDIC.gov).
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Carmen J. Sullivan
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Director
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Attachment
Distribution: FDIC-Supervised
Institutions (Commercial and
Savings)
NOTE: Paper copies of FDIC
financial institution
letters may be obtained
through the FDIC's Public
Information Center, 801 17th
Street, N.W., Room 100,
Washington, D.C. 20434
((703) 562-2200 or
800-276-6003).
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