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The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration (FCA), and the National Credit Union Administration (NCUA) (collectively the Agencies), proposed to amend their regulations regarding loans in areas having special flood hazards to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act) in October 2013. Specifically, the proposal would establish requirements with respect to the escrow of flood insurance payments, the acceptance of private flood insurance coverage, and the force-placement of flood insurance consistent with the Biggert-Waters Act.

Since the issuance of the proposal, the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA) was enacted which amended some of the provisions in the Biggert-Waters Act. The Agencies issued a new proposal (AE22, 79 FR 64518) to implement the amendments made by HFIAA in October 2014. The agencies expect to issue a final rule to finalize the  provisions proposed in October 2014, to implement HFIAA and some of the provisions proposed in October 2013, to implement the Biggert-Waters Act.