Links in “Flood Insurance”
- Escrow for Flood Insurance Premiums Rule Finalized
The newly finalized rule fixes some of the unintended consequences of a 2012 law, which saw premium hikes that shocked some consumers. [6/23/15]
- Flood Insurance Rates in High-Risk Areas Skyrocket
Homeowners in high-risk areas will see their premiums rise by as much as 25% under new rates that took effect April 1 under the National Flood Insurance Program. [4/3/15]
- FEMA’s Future Federal Funding in Floodplains Unfurled
FEMA looks to stakeholders for comments on new standards related to future federal funding (investments) in floodplains. These include using the best counteracting data and methods and ensuring minimum levels are above floodplains depending on risk factors. Comment period ends April 6, 2015. [2/6/15]
- GAO Rains Down on FEMA
This insightful study by GAO into the world of subsidized flood insurance properties and related foregone premiums notes that FEMA has yet to implement required actions to determine the actual level of such premium loss, but that the level is as much as $1 billion annually. [12/12/14]
- FDIC Offers Free Flood Insurance Teleconference
The next FDIC teleconference is scheduled for December 9, 2014, and will focus on changes to flood insurance purchase requirements. This session will be free, but registration is required by December 5. [11/26/14]
- 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 Board Adopts Proposed Rules for Flood Insurance and Corporate Credit Unions
The NCUA Board adopted a proposed rule that addresses changes to escrow account payments for flood insurance premiums and establishes a new exception for non-residential structures that are part of residential property, but not attached to the primary residence. A second proposed rule addresses technical corrections and changes to the Corporate Credit Union Rule. [10/24/14]
- Light Month for NCUA Open Meeting
Only two actions approved for the October 2014 Open Meeting of the NCUA. The first is the technical amendments to the Corporate Rule regarding acquisitions, and the second involves the proposed joint agency revision to flood insurance regarding escrow rules and handling of certain detached structures. Meeting further announced no premium requirement for 2014. [10/24/14]
- 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]
