Comment deadline on proposed update to flood insurance Q&As

The federal regulators on Friday requested public comment on new and revised Interagency Questions and Answers Regarding Flood Insurance. The Q&As, which provide information addressing technical flood insurance-related compliance issues, were last updated in 2011. The proposed revision of the Q&As incorporates new questions and answers in several areas, including:

• The escrow of flood insurance premiums;
• The detached structure exemption to the mandatory purchase of flood insurance requirement; and
• Force-placement procedures.

The proposal also revises existing questions and answers to improve clarity and reorganizes questions and answers by topic to make it easier for users to find and review information related to technical flood insurance topics. The proposal is intended to help reduce the compliance burden for lenders related to the federal flood insurance laws. Comments will be accepted for 60 days after publication in the Federal Register.

• Press releases:
  • Federal Reserve Board
  • OCC
  • FDIC
  • NCUA

PUBLICATION UPDATE: Published at 85 FR 40442 on July 6, 2020, with a comment period ending September 4, 2020.
EXTENSION: On 9/1/2020, the agencies announced an extension of the comment period, which will now end of 11/3/2020.