Flood Insurance Proposed Revisions to Interagency Questions and Answers Regarding Flood Insurance
FIL- 23-2008 March 21, 2008
The FDIC, along with the other federal bank, thrift, credit union and Farm Credit System regulatory agencies, requests public comment on proposed revisions to the Interagency Questions and Answers regarding flood insurance, which were first published in 1997. Comments are due by May 20, 2008.
The proposed revised Interagency Questions and Answers contain guidance that addresses the most frequently asked questions and answers about flood insurance to help financial institutions meet their compliance responsibilities under the federal flood insurance laws and regulations, and to increase public understanding of the flood insurance regulations.
New questions and answers, as well as substantive and technical revisions to the existing guidance, touch on several topics, including construction loans, residential condominium loans, loan syndications and participations, gap insurance policies, and mandatory civil money penalties.
After public comment has been received and considered and the Interagency Questions and Answers have been adopted in final form, the revised Interagency Questions and Answers will supersede the 1997 Interagency Questions and Answers.
FDIC-Supervised Banks (Commercial and Savings)