Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Flood Insurance

Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Flood Insurance

To help lenders meet their responsibilities under Federal flood insurance law and to increase public understanding of their flood insurance regulations, the OCC, Board, FDIC, FCA, and NCUA have prepared proposed new and revised guidance addressing the most frequently asked questions and answers about flood insurance. Significant topics addressed by the proposed revisions include the effect of major amendments to flood insurance laws with regard to the escrow of flood insurance premiums, the detached structure exemption, and force-placement procedures.

Read the letter submitted on 11/3/2020.