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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

Press Releases

Joint Release

For Immediate Release
February 12, 2019

New Rule Covers Private Flood Insurance

WASHINGTON—Five federal regulatory agencies issued a joint final rule to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 requiring regulated institutions to accept certain private flood insurance policies in addition to National Flood Insurance Program policies.

The rule, which takes effect July 1, 2019:

Regulations implementing the federal flood insurance statutes prohibit regulated lending institutions from making loans secured by improved real property located in special flood hazard areas unless the property has adequate flood insurance coverage.

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Attachment:
Media Contacts:
Federal Reserve Board Susan Stawick (202) 452-2955
FCA Toni DeLancey (703) 883-4056
FDIC David Barr (202) 898-6992
NCUA John Fairbanks (703) 518-6330
OCC Bryan Hubbard (202) 649-6870

FDIC: PR-6-2019

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