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Flood Insurance
This video series on flood insurance was developed by FDIC staff for use by community bank compliance officers, lenders, and any other administrative staff with responsibilities for flood insurance compliance.
- Overview and Key Requirements
- Building an Effective Compliance Management System
- Common Violations and Consequences of Noncompliance
- Frequently Asked Questions
- Review and Additional Resources
NOTICE TO VIEWERS
- The video indicates that the Biggert-Waters Act revised the escrow requirements, however, the law has changed since the video was produced. The Homeowner Flood Insurance Affordability Act, enacted in March 2014, amended changes made by the Biggert-Waters Act to the escrow provisions of federal flood insurance law (i.e., banks and servicers will be required under the new law to escrow flood insurance premiums and fees for any loans made, increased, extended, renewed, or refinanced on or after January 1, 2016) and also provided a new exclusion for detached structures on residential property, and
- The video indicates that the increase in the maximum insurance coverage for residential multi-family properties mandated by the Biggert-Waters Act is not yet effective. However, since the video was produced, FEMA implemented the increase to the maximum flood insurance coverage for non-condominium residential multi-family buildings from $250,000 to $500,000, and FEMA indicated that the coverage is effective on June 1, 2014 (see FIL-28-2014).
The videos will be updated to incorporate these and any future legal or program changes
I. Overview and Key Requirements
The first video in this series provides a general overview and key requirements of the flood insurance regulations.
Approximate run time: 11:00
Link to YouTube Video
Presentation Materials - PDF
II. Building an Effective Compliance Management System
The second video in this series discusses building an effective Compliance Management System to enhance a bank’s record of compliance with the flood insurance regulations.
Approximate run time: 8:29
Link to YouTube Video
Presentation Materials - PDF
III. Common Violations and Consequences of Noncompliance
The third video in this series discusses the most commonly cited violations of the flood insurance regulations and the consequences for pattern or practice violations.
Approximate run time: 13:21
Link to YouTube Video
Presentation Materials - PDF
IV. Frequently Asked Questions
The fourth video in this series provides answers to, and illustrative examples of, 13 frequently asked questions on various flood insurance topics.
Approximate run time: 25:19
Link to YouTube Video
Presentation Materials - PDF
V. Review and Additional Resources
The final video in this series reviews the main points discussed in the preceding videos. Additionally, a listing of resources used in the development of this series is provided.
Approximate run time: 4:31
Link to YouTube Video
Presentation Materials - PDF
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