Agencies release proposed revisions to interagency questions and answers regarding flood insurance

WASHINGTON, DC (STL.News) Five federal regulatory agencies today requested public comment on new and revised Interagency Questions and Answers Regarding Flood Insurance.  The Interagency Questions and Answers, which provide information addressing technical flood insurance-related compliance issues, were last updated in 2011.

The agencies are proposing new questions and answers for inclusion in the Interagency Questions and Answers in light of changes to flood insurance requirements under the agencies’ joint rule regarding loans in special flood hazard areas.  This rule was promulgated in 2015 to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 and the Homeowner Flood Insurance Affordability Act of 2014.

The proposal incorporates new questions and answers in several areas, including:

  • The escrow of flood insurance premiums;
  • The detached structure exemption to the mandatory purchase of flood insurance requirement; and
  • Force-placement procedures.

The proposal also revises existing questions and answers to improve clarity and reorganizes questions and answers by topic to make it easier for users to find and review information related to technical flood insurance topics. The proposal is intended to help reduce the compliance burden for lenders related to the federal flood insurance laws.

Separately, the agencies plan to propose new questions and answers at a later date on the private flood insurance requirements implemented by their February 2019 final rule.

The agencies invite comment on this proposal.  Comments will be accepted for 60 days after publication in the Federal Register.

PDF

Share

Recent Posts

Border Patrol Seizes Liquid Methamphetamine

SALTON CITY, CA (STL.News) El Centro Sector Border Patrol agents seized liquid methamphetamine at the…

5 mins ago

Princess Cruises Announces Deployment Changes in Alaska and Europe for Summer 2021

New Summer Homeport Sailings from Los Angeles SANTA CLARITA, CA (STL.News) Princess Cruises announced today…

12 mins ago

Boeing to Release Second-Quarter Results on July 29

CHICAGO, IL (STL.News) The Boeing Company [NYSE: BA] will release its financial results for the…

52 mins ago

CFTC Charges FL Man, James Frederick Walsh for Attempting to Fraudulently Profit From COVID-19

First CFTC Enforcement Action Targeting Misconduct Directly Tied to COVID-19 Washington, DC (STL.News) The Commodity…

2 hours ago

Equity Residential Announces Second Quarter 2020 Earnings Release Date

CHICAGO, IL (STL.News) Equity Residential (NYSE: EQR) today announced that the company will release its…

2 hours ago

Phillips 66 Board Appoints New Director – Julie L. Bushman

HOUSTON, TX (STL.News) The board of directors of Phillips 66 (NYSE: PSX) has appointed Julie…

2 hours ago