FDIC Law, Regulations, Related Acts
8000 - Miscellaneous Statutes and Regulations
TITLE VNATIONAL FLOOD INSURANCE REFORM
SEC. 501. SHORT TITLE
This title may be cited as the "National Flood Insurance Reform Act of 1994".
[Codified to 42 U.S.C. 4001 note]
[Source: Section 501 of title V of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2255), effective September 23, 1994]
Subtitle ETask Forces
SEC. 561. FLOOD INSURANCE INTERAGENCY TASK FORCE.
(a) ESTABLISHMENT.--There is hereby established an interagency task force to be known as the Flood Insurance Task Force (in this section referred to as the "Task Force").
(1) IN GENERAL.--The Task Force shall be composed of 10 members, who shall be the designees of--
(A) the Federal Insurance Administrator;
(B) the Federal Housing Commissioner;
(C) the Secretary of Veterans Affairs;
(D) the Administrator of the Farmers Home Administration;
(E) the Administrator of the Small Business Administration;
(F) the Chairman of the Board of Directors of the Farm Credit Administration;
(G) a designee of the Financial Institutions Examination Council;
(H) the Director of the Office of Federal Housing Enterprise Oversight;
(I) the chairman of the Board of Directors of the Federal Home Loan Mortgage Corporation; and
(J) the chairman of the Board of Directors of the Federal National Mortgage Association.
(2) QUALIFICATIONS.--Members of the Task Force shall be designated for membership on the Task Force by reason of demonstrated knowledge and competence regarding the national flood insurance program.
(c) DUTIES.--The Task Force shall carry out the following duties:
(1) RECOMMENDATIONS OF STANDARDIZED ENFORCEMENT PROCEDURES.--Make recommendations to the head of each Federal agency and enterprise referred to under subsection (b)(1) regarding establishment or adoption of standardized enforcement procedures among such agencies and corporations responsible for enforcing compliance with the requirements under the national flood insurance program to ensure fullest possible compliance with such requirements.
(2) STUDY OF COMPLIANCE ASSISTANCE.--Conduct a study of the extent to which Federal agencies and the secondary mortgage market can provide assistance in ensuring compliance with the requirements under the national flood insurance program and submit to the Congress a report describing the study and any conclusions.
(3) STUDY OF COMPLIANCE MODEL.--Conduct a study of the extent to which existing programs of Federal agencies and corporations for compliance with the requirements under the national flood insurance program can serve as a model for other Federal agencies responsible for enforcing compliance, and submit to the Congress a report describing the study and any conclusions.
(4) RECOMMENDATIONS FOR ENFORCEMENT AND COMPLIANCE PROCEDURES.--Develop recommendations regarding enforcement and compliance procedures, based on the studies and findings of the Task Force, and publish such recommendations.
(5) STUDY OF DETERMINATION FEES.--Conduct a study of--
(A) the reasonableness of fees charged pursuant to 102(h) of the Flood Disaster Protection Act of 1973 for costs of determining whether the property securing a loan is located in an area having special flood hazards; and
(B) whether the fees charged pursuant to such section by lenders and servicers are greater than the amounts paid by such lenders and servicers to persons actually conducting such determinations and the extent to which the fees exceed such amounts.
(d) NONCOMPENSATION.--Members of the Task Force shall receive no additional pay by reason for their service on the Task Force.
(e) CHAIRPERSON.--The members of the Task Force shall elect one member as chairperson of the Task Force.
(f) MEETINGS AND ACTION.--The Task Force shall meet at the call of the chairman or a majority of the members of the Task Force and may take action by a vote of the majority of the members. The Federal Insurance Administrator shall coordinate and call the initial meeting of the Task Force.
(g) OFFICERS.--The chairperson of the Task Force may appoint any officers to carry out the duties of the Task Force under subsection (c).
(h) STAFF OF FEDERAL AGENCIES.--Upon request of the chairperson of the Task Force, the head of any of the Federal agencies and entities referred to under subsection (b)(1) may detail, on a nonreimbursable basis, any of the personnel of such agency to the Task Force to assist the Task Force in carrying out its duties under this section.
(i) POWERS.--In carrying out this section, the Task Force may hold hearings, sit and act at times and places, take testimony, receive evidence and assistance, provide information, and conduct research as the Task Force considers appropriate.
(j) TERMINATION.--The Task Force shall terminate upon the expiration of the 24-month period beginning upon the designation of the last member to be designated under subsection (b)(1).
[Codified to 42 U.S.C. 4011 note]
[Source: Section 561 of title V of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2275), effective September 23, 1994]