Regulatory Alerts2022-05-31 | 2022-10414Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Flood Insurance
The OCC, Federal Reserve Board, FDIC, FCA, and NCUA have consolidated and reorganized their Interagency Questions and Answers Regarding Flood Insurance into a single guidance document containing 144 questions. This revision implements major statutory amendments by clarifying premium escrow requirements, the detached structure exemption, force placement procedures, and private flood insurance acceptance. By restructuring the guidance into logical categories and incorporating industry feedback, the Agencies provide lenders with clearer compliance pathways to fulfill mandatory federal flood insurance obligations for loans secured by real estate in special hazard areas.
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