On July 6, 2012 Congress passed the Biggert-Waters Flood Insurance Reform Act (Biggert-Waters). On March 23, 2014 Congress passed the Homeowner Flood Insurance Affordability Act (Affordability Act). Since Biggert-Waters became law in 2012 FEMA and the financial institution regulatory agencies (OCC, Federal Reserve Board, FDIC, Farm Credit Administration and NCUA) have been working on regulations to implement the numerous changes. Interagency final rules were published in June 2015 and are generally effective as of October 1, 2015, but escrow requirements for flood insurance premiums and revisions to the Flood Hazard Notice are effective January 1, 2016.
The Force-Placed Flood Insurance Checklist will help ensure your financial institution follows the requirements for force-placing flood insurance including notification, purchasing, and termination and refunds. The checklist also includes space for specific borrower information, critical dates and signature lines for those preparing and reviewing the checklist. The Force-Placement checklist is also a convenient way to document your files for compliance with the flood insurance rules.
Products covering the flood insurance revisions effective January 1, 2016 are also available. We offer individual tools or a comprehensive package titled, January 1, 2016 Revisions to Flood Insurance Rules Compliance Management System. You can find all these additional tools here in our Compliance Resource Marketplace.