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The Flood Insurance Reform and Modernization Act of 2007
Question: What does the bank need to know about the Flood Insurance Reform and Modernization Act of 2007?
Answer: The purpose of this Act is to protect the integrity of the National Flood Insurance Program (NFIP) by fully funding existing legal obligations to existing policyholders who have paid policy premiums, and to pay debt service on funds borrowed by the NFIP. When enacted, information on the Flood Insurance Reform and Modernization Act of 2007 should be included in all Compliance training.
Banks must educate their employees on the new rules of the Act:
- The cost of coverage will increase to reflect inflation and the increased cost of housing.
- The Act will extend the need for additional coverage to be renewed annually on both non-residential properties and non-primary residences.
- The penalties for non-compliance will increase from $350 to $2,000 for each violation; the total possible fines in one year will increase from $100,000 to $1 million.
The Edcomm Group
The Edcomm Group is a 19-year old multimedia training company specializing in the banking industry. The Edcomm Group offers programs such as Compliance, Teller, BSA, AML, EEO, Sexual Harassment, Elder Financial Abuse, Bank Risk, Credit Risk Management, Fraud Prevention, Security, Ethics, OSHA, Lending, Sales & Service, System Simulations, Retail Systems, System Conversions, Leadership & Operations Management. To learn more, please contact Dr. Linda Eagle, President of The Edcomm Group, at 888-433-2666 or linda.eagle@edcomm.com, and visit us on the web at www.bankersacademy.com.
First published on BankersOnline.com 2/25/08
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