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FDIC Extends Comment Period Related to the Proposed Updated Interagency Questions and Answers Regarding Flood Insurance

Consumer Compliance/Protection
September 1, 2020

Summary:

The FDIC, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, and the Farm Credit Administration (Agencies) are extending the public comment period for the proposed Interagency Questions and Answers Regarding Flood Insurance ( Interagency Questions and Answers ) by 60 days to provide bankers and other interested parties additional time to provide feedback on the proposal. The Agencies are extending the end of the comment period to November 3, 2020.

A copy of the Notice and Request for Comment can be found on the FDIC’s website.

Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter (FIL) applies to all FDIC-supervised financial institutions.

Highlights:

  • The Interagency Questions and Answers provides information to assist financial institutions in meeting their federal flood insurance compliance responsibilities, and to increase public understanding of flood insurance requirements.
  • The proposed Interagency Questions and Answers was published in the Federal Register (85 FR 40442) on July 6, 2020. The proposal stated that the comment period would close on September 4, 2020.
  • The Agencies are proposing new questions and answers in a number of areas, including the escrow of flood insurance premiums, the detached structures exemption, and force placement of flood insurance. Other proposed questions and answers would provide additional flood insurance compliance information to supervised institutions.
  • The Agencies have received requests to extend the comment period to allow interested parties additional time to analyze the issues and to prepare comments to address the proposal by the Agencies.

Distribution:

FDIC-Supervised Institutions

Suggested Routing:

Chief Executive Officer
Chief Credit Officer
Chief Risk Officer
Chief Compliance Officer

Additional Related Topics:

  • Homeowner Flood Insurance Affordability Act of 2014
  • Biggert-Waters Flood Insurance Reform Act of 2012
  • Flood Disaster Protection Act of 1973
Attachment(s)

Last Updated: September 1, 2020