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#2014782 - 05/18/15 08:17 PM Flood Insurance - Responsibilty to monitor
Terri Beck Offline
New Poster
Joined: Dec 2014
Posts: 1
Is monitoring flood insurance deductibles a bank's responsibility? Is it also the banks compliance area to monitor this or to monitor to ensure there is coverage when the property is in a flood zone and the proper amount of flood insurance is on the property?

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Flood Compliance
#2014788 - 05/18/15 08:23 PM Re: Flood Insurance - Responsibilty to monitor Terri Beck
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 78,584
Galveston, TX
Deductibles are a safety and soundness issue and not one of compliance.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2014830 - 05/18/15 09:43 PM Re: Flood Insurance - Responsibilty to monitor Terri Beck
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
Proper deductibles are a credit risk decision. Who tracks after that initial decision is made is up to the bank.

Regarding determining adequate coverage and monitoring, that is a bank process decision.
_________________________
Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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#2015012 - 05/19/15 06:38 PM Re: Flood Insurance - Responsibilty to monitor Terri Beck
John Burnett Online
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John Burnett
Joined: Oct 2000
Posts: 39,544
Cape Cod
Welcome, Terri, as a poster on Bankers' Threads!
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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