On
July 21, 2009 the federal bank, thrift, credit union, and Farm Credit
System regulatory agencies released the long awaited, revised
interagency questions and answers regarding flood insurance and
requested public comment on several new questions.
As with other Q&A's. the Interagency Questions and Answers
Regarding Flood Insurance (2009) supersedes the 1997 interagency
questions and answers document and supplements other guidance or
interpretations issued by the agencies and the Federal Emergency
Management Agency (FEMA). The Interagency Questions and Answers
Regarding Flood Insurance (2009) consists of 77 questions and answers,
which were revised based in part on comments received during the public
comment period.
Given the many diverse opinions shared, the agencies also proposed for
public comment five new questions and answers on determining insurable
value in calculating the maximum limit of coverage available for the
particular type of property and the timing of force placement of
required flood insurance by lenders. After receiving and considering
public comment on the five new proposed questions and answers, the
agencies intend to incorporate them into the Interagency Questions and
Answers Regarding Flood Insurance (2009).
The Federal Deposit Insurance Corporation, Federal Reserve Board,
National Credit Union Administration, Office of the Comptroller of the
Currency, Office of Thrift Supervision, and Farm Credit Administration
invited comment on the five proposed questions and answers and, more
generally, on other issues and concerns regarding compliance with the
federal flood insurance statutes and regulations. Comments specific to
the proposed questions and answers regarding determination of insurable
value and force placement of required flood insurance carry a September
21, 2009 submission deadline.
This
is a link to the above referenced Federal Register notice and
instructions on how to submit comments. You are encouraged to
share your thoughts.