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Amendments Proposed to Federal Flood Insurance Regulations

October 23, 2013
Joseph D. Simon
Garden City, NY

Federal banking agencies have issued a joint notice of proposed rulemaking to implement certain provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (the “Act”). The proposed rule will amend each agency’s flood insurance regulations to clarify the rules regarding force-placed flood insurance and to require regulated lending institutions to accept private flood insurance and escrow flood insurance payments.

The proposal was issued jointly by the Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, National Credit Union Administration and Farm Credit Administration. Comments on the proposal must be submitted to the agencies by December 10, 2013.

The proposed rule: 

The complete proposed rule can be found online at http://www.fdic.gov/news/board/2013/2013-10-08_notice_dis_a_fr.pdf.

As noted above, comments on the proposed rule must be submitted to the agencies on or before December 10, 2013. If you have any questions regarding the proposed rule, please feel free to contact Joseph D. Simon at (516) 357-3710 or via email at jsimon@cullenanddykman.com, or Elizabeth A. Murphy at (516) 296-9154 or via email at emurphy@cullenanddykman.com.