Agencies Propose Flood Insurance Rules on Escrowing, Detached Structures (10/21/14) The proposal — issued jointly with the OCC, Federal Reserve, Farm Credit Administration and National Credit Union Administration — would exempt detached structures that are not used as a residence from a requirement to be insured, protecting homeowners from steep insurance bills for storage sheds or garages. While this provision was effective on enactment, the proposal would formally include it in the agencies’ rules, and the agencies solicit comment on necessary clarifications. Contact ABA's Virginia O'Neill for questions.
CFPB Finalizes Conditions for Easing Privacy Notice Requirement (10/20/14) CFPB finalized a rule to ease the annual privacy notice requirement under the Gramm-Leach-Bliley Act. Effective upon publication in the Federal Register, financial institutions may post their privacy notices online rather than delivering them individually in certain circumstances.