Archive

FLOOD INSURANCE CONCERN

The quarterly newsletter for the Chicago Region of FDIC’s Division of Depositor and Consumer Protection published on March 31, 2019 contain a good reminder of a subtle item that is missed by some lenders. The subtle item is contents coverage. You generally don’t take contents as collateral, or do you?   Section 329.3(a) of the FDIC’s flood insurance regulation states, in part, that a bank shall not make, increase, extend, or renew any designated loan […]

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PRIVATE FLOOD INSURANCE FINAL RULE ANNOUNCED

The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Farm Credit Administration, National Credit Union Administration have issued a final rule amending their regulations regarding loans in areas having special flood hazards to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act). Prior to implementing this final rule, the agencies issued two proposed rules addressing private flood […]

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FLOOD ISSUES RESOLVED – FOR NOW

Fortunately the Federal Emergency Management Agency (FEMA), with some arm-twisting from the mortgage lending industry and Congress, has backed off on its position of not allowing the operations of the National Flood Insurance Program (NFIP) to resume during the government shut down. The change is retroactive to December 21, 2018, the date Congress provided last minute funding for the NFIP. With the NFIP funding crisis resolved until May 31, 2019, hopefully Congress can shift their […]

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FLOOD INSURANCE ON HOLD

We reported on December 23rd that the President had signed legislation extending the National Flood Insurance Program (NFIP) until May 31, 2019. The Congress and the President did their part,  but then the Federal Emergency Management Agency (FEMA) ruled on December 27th that the NFIP cannot be renewed during the ongoing government shutdown. Now the industry is protesting FEMA’s ruling, saying that it conflicts with the will of Congress expressed in the bill signed into […]

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FLOOD INSURANCE – THE LATEST

Just before the National Flood Insurance Program (NFIP) expired on December 21, 2018 Congress passed and the President signed a resolution continuing the NFIP until May 31, 2019. Prior articles on this topic: Flood Insurance – congress Continues to Play Games https://www.jackscomplianceresource.com/flood-insurance-congress-continues-to-play-games/ National Flood Insurance Program Still Hanging on a Thread https://www.jackscomplianceresource.com/flood-insurance-update/ Flood Insurance Update https://www.jackscomplianceresource.com/flood-insurance-update/ […]

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