News Release 2021-31 | March 11, 2021

Agencies Release Proposed New Interagency Questions and Answers Regarding Private Flood Insurance

Joint Release

Board of Governors of the Federal Reserve System
Farm Credit Administration
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency

WASHINGTON — Five federal regulatory agencies today requested public comment on 24 proposed Interagency Questions and Answers Regarding Private Flood Insurance.

The proposal is intended to help lenders comply with the agencies’ joint rule promulgated in 2019 to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012.

The proposal incorporates new questions and answers in a number of areas including:

  • Mandatory Acceptance,
  • Discretionary Acceptance, and
  • Private Flood Insurance General Compliance.

These Questions and Answers would supplement the 118 Interagency Questions and Answers Regarding Flood Insurance that the agencies proposed on July 6, 2020.

Comments will be accepted for 60 days after publication in the Federal Register.

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Media Contacts

Federal Reserve Board
Susan Stawick
(202) 452-2955

FCA
Emily Yaghmour
(703) 883-4056

FDIC
Brian Sullivan
(202) 412-1436

NCUA
Ben Hardaway
(703) 518-6330

OCC
Bryan Hubbard
(202) 649-6870