I've looked and 'searched' but can't find anything re: final rulemaking on the proposed interagency flood insurance Q&A's proposed in March 2008 with comments due by May 2008. I am updating annual training material and want to eliminate the "80% of RCV" for condos if it is going to happen "soon". Any clue as to when we will get the final rule?

not final yet. I have heard NOTHING!

I haven't heard anything either. I was kind of "in the loop" when the proposal came out as I some of the regulators on the committee asked my opinion on some of the questions. I haven't heard anything which makes me wonder if they have tabled this and are focusing on all of the other issues.

Thank you for confirming that I haven't missed it. I'll hunt around and if I come up with anything, I'll advise. Regards.

At the ABA Compliance Conference June 7-10, the FDIC said the Flood Q&A's were close to being finalized but did not give an anticipated completion timeframe.

Yes....I just received the following from an FDIC senior policy analyst:

"We’re actually very close to issuing the Q&As in final form. Please be on the lookout for a press release and/or a Financial Institution Letter announcing their publication in the Federal Register. It should be in the next week or so."

Looks like by the end of the month. Thanks for all the advice.

Finally arrived

http://www.federalreserve.gov/newsevents/press/bcreg/20090721a.htm

Under Q & A's #9 and #10, the answer is "reserved". In this document, it states that the numerous comments received on the insurable value part of the proposed Q & A have led them to propose new Q & A's in this regard for public comment. Question #9 is "What is insurable value?" Question # 10 is "Are there any alternatives to the definition of insurable value?" While it's good to have many of our questions answered, these 2 questions are a huge issue when trying to determine the insurable value.

So is the guidence in these now official- with the exception of the 5 new questions?
I just can't take anymore because my brain is just too full.

That's how I read the release.

That's how I read it too. It says they supersede the 1997 Q&As.

On September 9th, Jerod Moyer and I will be conducting a webinar for BOL on these new FAQ's. The sign up is not out yet, but will be shortly. Mark your calendars!

I for one am very, very disappointed at how they handled "insurable value." After all the comment letters and 17 months later, we've taken 10 steps backward!

MarkB