Regulatory AlertsCA 13-2: Interagency Statement on the Impact of Biggert-Waters Act
The Board of Governors of the Federal Reserve System, along with four other federal financial institution supervisory agencies, issued this guidance to inform lenders about provisions of the Biggert-Waters Flood Insurance Reform Act of 2012. The document details immediate effective provisions regarding force placement and civil money penalties, which now allow for penalties up to $2,000 per violation for offenses occurring on or after July 6, 2012. Additionally, the guidance describes other statutory changes that will become effective once implementing regulations are published by the Agencies.
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