Comments due on Private Flood Insurance proposed FAQs
The Fed, Farm Credit Administration, FDIC, NCUA, and OCC are requesting public comment on 24 proposed Interagency questions and answers regarding private flood insurance. The proposal is intended to help lenders comply with the agencies' 2019 joint rule to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012. The proposal incorporates new questions and answers in a number of areas including mandatory acceptance, discretionary acceptance and private flood insurance general compliance.
The proposed Q&As would supplement the 118 Interagency Questions and Answers Regarding Flood Insurance that the agencies proposed on July 6, 2020. Comments will be accepted for 60 days following publication in the Federal Register.
Publication and comment period update: Published at 86 FR 14696 on 3/18/2021. The comment period will end on 5/17/2021.