Regulatory Alerts2022-05-31 | 2022-10414Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Flood Insurance
The OCC, Board, FDIC, FCA, and NCUA issued revised guidance to assist lenders in meeting federal flood insurance requirements and to increase public understanding of agency regulations. This document consolidates and reorganizes previous proposals into a single set of 142 questions and answers addressing major statutory amendments, including escrow requirements, detached structure exemptions, force placement procedures, and private flood insurance acceptance. The updated guidance supersedes the 2009 Interagency Questions and Answers and responds to industry requests for clarity on compliance issues identified during recent regulatory reviews.
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