Archive

INTERAGENCY FLOOD FAQS

On June 26, 2020 the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively the Agencies) released proposed new and revised Interagency Questions and Answers Regarding Flood Insurance (FAQs). The FAQs have not been updated since 2011, which is gross incompetence on the part of the Agencies. Since the last revisions Congress has passed the Biggert-Waters Act and the Affordability Act, […]

Read More…

FLOOD INSURANCE COMPLIANCE IN RESPONSE TO THE CORONAVIRUS

On May 6, 2020 the Federal Reserve Board issued Consumer Affairs letter CA 20-7 on the topic of Flood Insurance Compliance in Response to the Coronavirus. On March 9, the Federal Reserve Board and the other federal financial institution regulatory agencies and state bank regulators issued a statement to encourage financial institutions to meet the financial services needs of their customers and members in areas affected by the coronavirus.Since that time, the Federal Reserve Board […]

Read More…

FEMA EXTENDS GRACE PERIOD FOR FLOOD INSURANCE RENEWALS

On March 29, 2020 the Federal Emergency Management Agency (FEMA) announced that due to COVID-19 pandemic it is extending the grace period to renew flood insurance policies from 30 to 120 days. This extension applies to NFIP flood insurance policies with an expiration date between February 13, 2020 to June 15, 2020. To avoid a lapse in coverage, there is typically a 30-day grace period to renew policies. However, due to the widespread economic disruption […]

Read More…