Regulatory Alerts2014-05-30
Added · Updated
Interagency Statement on Increased Maximum Flood Insurance Coverage for Other Residential Buildings
The Federal Reserve Board, Farm Credit Administration, FDIC, NCUA, and OCC issued joint guidance establishing supervisory expectations for regulated institutions regarding loans secured by other residential buildings in Special Flood Hazard Areas. This statement aligns with the Biggert-Waters Flood Insurance Reform Act of 2012 and the June 2014 implementation of increased maximum coverage limits under the Standard Flood Insurance Policy. Supervised banks must update their loan servicing and underwriting practices to accommodate the higher insurance thresholds for non-condominium residential properties designed for five or more families.
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