The FRB, FDIC, OCC, NCUA and Farm Credit Administration (collectively, the “Federal Agencies”), published proposed guidance that updates the Interagency Questions and Answers Regarding Flood Insurance (the “Updated Q&As”). The Q&As were most recently published and updated in 2009. The updated Q&As finalizes those Q&As that had been previously proposed; one concerning insurable values and another regarding force placement of flood insurance. The Federal Agencies also requested comments in the Updated Q&As on three additional proposed revisions concerning force placement of flood insurance. Comments to the Federal Agencies concerning the three proposed Updated Q&As and, more generally, on other issues and concerns regarding compliance with the federal flood insurance statutes and regulations, are due by December 1, 2011.
Alert October 25, 2011