Regulatory AlertsCA 19-10: Revised Interagency Examination Procedures for the Flood Disaster Protection Act
The Board of Governors of the Federal Reserve System issued Consumer Affairs Letter CA 19-10 to update interagency examination procedures for the Flood Disaster Protection Act for institutions with $10 billion or less in assets. These revised procedures incorporate the February 2019 final rule on private flood insurance, establishing requirements for the mandatory or discretionary acceptance of private policies and mutual aid society plans. The letter further clarifies that Federal Reserve staff will assist state member banks in evaluating mutual aid society plans based on specific state regulatory criteria.
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