Links in “Biggert-Waters (Flood Insurance)”
- Implementing the Deluge of Flood Insurance Regulations
Five agencies (the OCC, FRB, FDIC, FCA, and NCUA) are proposing to amend their regulations regarding loans in areas with special flood hazards to implement certain provisions of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA). In particular, the agencies proposed six additional exemptions from the escrow requirement and the incorporation of the detached structures provision of the HFIAA. [10/30/14]
- The Biggert-Waters Act Is Getting Bigger
A proposal to amend flood insurance rules was made by five federal agencies. The proposed amendments focus on escrow requirements. A 60-day comment period will be allowed once the rule is published in the Federal Register. [10/27/14]
- NCUA to Consider Changes to Flood Insurance Rule
The NCUA Board has proposed changes to its Flood Insurance Rule at is October 23rd Board meeting. The proposed rule, which reflects legislative changes resulting from the 2012 Biggert-Waters Flood Insurance Act, requires that credit unions and other lenders accept private flood insurance. [10/17/14]
- TMAC Makes Its Debut
The first meeting of the Technical Mapping Advisory Council (TMAC) will be held September 30 and October 1, 2014. The council was established under the Biggert-Waters Flood Insurance Reform Act and the Homeowners Flood Insurance Affordability Act. Within the agenda for the meeting, a council chair will be elected, subcommittees will be organized, and subject matter experts will be identified. [9/17/14]
- Flood Insurance Change for “Other Residential Buildings”
A look at the changes in Biggert Waters pertaining to loans secured by "other residential buildings" (non-condominium residential buildings containing five or more family dwelling units). [6/5]
- Flood of Records Consolidated by DHS and FEMA
The Department of Homeland Security/Federal Emergency Management Agency has consolidated categories of individuals, categories of records, authority for maintenance, routine uses, retrievability, retention and disposal, and record sources to accurately reflect the entirety of the National Flood Insurance Program, and to reflect the Biggert-Waters Act. [5/20]
- ABA to Agencies: What’s Going On With Flood?
ABA writes letter to the regulatory agencies expressing support for the revisions to flood insurance reform, but asking for more communication on implementation plans, expectations and timetables about Biggert-Waters, which became law 19 months ago. [4/17]
- Bankers Groups Deem Passage of New Flood Insurance Bill Critical
Unless Congress addresses the flood insurance rate increases under Biggert-Waters, premiums will be unaffordable for many policyholders, jeopardizing home values and destabilizing the housing market in affected areas, according to the Independent Community Bankers of America. The American Bankers Association likewise lent its support in this letter. [1/7]
- ABA Lends Support to Flood Insurance Affordability Bill
While ABA supported Biggert-Waters, in the wake of recent storms, including Katrina and Sandy, many homeowners have found their properties to be located in heightened high-risk flood zones due to remapping done by FEMA and are acing severe affordability issues if rate increases are to take effect as scheduled. The industry group lends its support to efforts to reform Biggert-Waters. [11/5]
- Escrow Rules of Biggert-Waters May Surprise Some Small Lenders
Starting next July, lenders will have to comply with the new escrow requirement not only for new flood loans originated after the effective date of the rule, but also for any active flood loans already on the books. [7/24]
