View Rule

The Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Farm Credit Administration, and National Credit Union Administration (Agencies) proposed to amend their regulations regarding loans in areas having special flood hazards in October 2013 to implement the provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (the Act). Among other statutorily mandated provisions, the proposal established requirements pursuant to section 100209 of the Act with respect to the escrow of flood insurance payments, section 100239 of the Act with respect to the acceptance of private flood insurance coverage, and section 100244 of the Act with respect to force-placed insurance. The proposal also clarified the Agencies' flood insurance regulations to make them consistent with other amendments made by the Act. In addition, the Agencies proposed several nonsubstantive technical corrections. Due to the enactment of the Homeowner Flood Insurance Affordability Act of 2014, the Agencies published another proposed rule in October 2014, as discussed more fully in RIN 3133-AE40, regarding escrows and mandatory purchase of flood insurance.  The Agencies will finalize portions of this October 2013 proposed rule in 2015, and the Agencies will re-propose for comment other aspects of the 2013 proposal.