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Flood exam procedures revised
The Federal Reserve Board has issued Consumer Affairs Letter CA-19-10 announcing the update of Interagency Exam Procedures for the Flood Disaster Procedures Act (FDPA), with the addition of these new sections:
- mandatory acceptance of a private insurance policy to satisfy the flood insurance purchase requirement if the policy meets the statutory and regulatory definition of “private flood insurance;”
- discretionary acceptance of a flood insurance policy issued by a private insurer, even if the policy does not meet the statutory and regulatory definition of “private flood insurance;” and
- discretionary acceptance of a plan issued by a mutual aid society in satisfaction of the flood insurance purchase requirement, if certain criteria are met.