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Subject: Flood Disaster Protection Act
Date: October 17, 2011
To: Chief Executive Officers and Compliance Officers of All National Banks and Federal Savings Associations, Department and Division Heads, and All Examining Personnel
Description: Interagency Questions and Answers Regarding Flood Insurance
On October 17, 2011, the Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Farm Credit Administration (the agencies), published in the Federal Register updates to the “Interagency Questions and Answers Regarding Flood Insurance.”
The agencies have adopted as final two of the questions and answers previously proposed in 2009—one relating to insurable value and another relating to force placement of flood insurance. One other question and answer proposed in 2009 relating to insurable value was withdrawn.
The agencies are also proposing again for comment two questions and answers relating to force placement of flood insurance, because the answers have been significantly and substantively changed. In addition, a previously finalized question and answer, which also relates to force placement of flood insurance, is being revised for consistency with the proposed changes and is proposed again here.
The agencies invite comment on the proposed revised 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 on force placement of required flood insurance are requested by December 2, 2011.
For more information, please contact Pamela Lea Mount, National Bank Examiner, Compliance Policy Division, at (202) 649-5470; or Margaret Hesse, Special Counsel, Community and Consumer Law Division, at (202) 649-6350.
Grovetta N. Gardineer