Final Rule Issued on Flood Insurance
On June 22, 2015, the National Credit Union Administration, the Board of Governors of the Federal Reserve System, the Farm Credit Administration, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency approved ajoint final rule on flood insurance.
The 189 page joint final rule implements the Homeowner Flood Insurance Affordability Act of 2014 and Biggert-Waters Flood Insurance Reform Act of 2012 with respect to the following provisions:
- Escrowing of flood insurance payments
- Exemption of some detached structures from the mandatory purchase of flood insurance
- Force placement of flood insurance
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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