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ABA: The American Bankers Association
Compliance News

Agencies to Host Joint Webinar on Private Flood Insurance Rule

The financial regulatory agencies will host a webinar on May 14 on the flood insurance rule issued in February. The rule, which will be effective on July 1, 2019, is the long-awaited implementation of the 2012 Biggert-Waters Act provision that requires federally regulated lending institutions to accept private flood insurance policies that meet certain statutory criteria. The webinar will cover mandatory acceptance of private flood insurance; the mandatory acceptance compliance aid; discretionary acceptance of private flood insurance; flood coverage provided by mutual aid societies; and preparations to comply with the rule.