Links in “Flood Insurance”
- In a Flood Without a Compliance Paddle
The federal agencies respond to ABA request for guidance on timelines and implementation plans for new flood insurance rules by saying that was outside their authority. [8/1/14]
- Florida Bank Fined for Flood
First Southern Bank in Florida was fined for not ensuring that its borrowers with properties in flood hazard areas obtained adequate flood insurance. [6/18/14]
- 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]
- ABA Lobbies for Alternatives to NFIP
Claims alternatives to the National Flood Insurance Program would drive down flood insurance premiums and help restore the NFIP's health. [6/3]
- Update on Maximum Flood Insurance for “Other Residential Buildings”
The agencies are issuing an interagency statement regarding the new National Flood Insurance Program (NFIP) maximum limit of flood insurance coverage for non-condominium residential buildings designed for use for five or more families (classified by the NFIP as "Other Residential Buildings"). [6/2]
- 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]
- Potential Relief for Looming Flood Escrow Requirements
With a scheduled effective date of 7/6/14, causing no shortage of anxiety in the compliance community, the looming deadline for escrow requirements for flood insurance may be pushed back to 1/1/16. [3/21]
- Congress Sends Flood Insurance Bill to President
The measure would scale back many of the big flood insurance premium increases resulting from major legislation passed two years ago to reform flood insurance. [3/14]
- Force-Placed Insurance: The Domino Effect
The 2012 law to stabilize flood insurance could have the unintended consequence of dramatically increasing the price of coverage for borrowers in flood insurance, which could result in more borrowers failing to have insurance, requiring lenders to force-place coverage, resulting in more regulatory heat on lenders. [3/7]
