Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Flood Insurance
Fed · guidance · Published 2022-05-31 · 87 FR 32826
Document
Document number
2022-10414
Federal Register citation
87 FR 32826
CFR reference
12 CFR 22
Type
Rule
Action
Guidance.
Category
guidance
Agency
US Federal Reserve System
Publication date
2022-05-31
Docket
Docket IDs OCC-2020-0033, OCC-2020-0008
Abstract
The OCC, Board, FDIC, FCA, and NCUA (collectively, the Agencies) are reorganizing, revising, and expanding the Interagency Questions and Answers Regarding Flood Insurance. This revised guidance will assist lenders in meeting their responsibilities under Federal flood insurance law and increase public understanding of the Agencies' respective flood insurance regulations. Significant topics addressed by the revisions include guidance related to major amendments to the flood insurance laws with regard to the escrow of flood insurance premiums, the detached structure exemption, force placement procedures, and the acceptance of flood insurance policies issued by private insurers. With this issuance, the Agencies are consolidating the Questions and Answers proposed by the Agencies in July 2020 and the Questions and Answers proposed by the Agencies in March 2021 into one set of Interagency Questions and Answers Regarding Flood Insurance.