3133-AE40 201410 The Regulatory Plan and the Unified Agenda of Federal Regulatory and Deregulatory Actions 3133 National Credit Union Administration NCUA Loans in Areas Having Special Flood Hazards (Escrow and Mandatory Purchase)

The Office of 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) previously issued a proposed rule addressing a number of flood insurance issues discussed more fully in RIN 3133-AE18.  However, due to the recent enactment of new legislation, the HFIAA, the Agencies are proposing this second rulemaking to amend their regulations regarding loans in areas having special flood hazards to implement HFIAA, which amended the Flood Disaster Protection Act of 1973 and the Biggert-Waters Flood Insurance Reform Act of 2012.  This proposal establishes regulatory requirements with respect to the escrow of flood insurance payments, consistent with the changes set forth in HFIAA.  The proposal also implements a provision in HFIAA that excludes certain detached structures from the mandatory flood insurance purchase requirement.

]]> Substantive, Nonsignificant First Time Published in The Unified Agenda Proposed Rule Stage No No 12 CFR 760 12 USC 1757 12 USC 1789 42 USC 4012a 42 USC 4104a to 4104b 42 USC 4106 42 USC 4128 Statutory NPRM 01/01/2016 The Homeowner Flood Insurance Affordability Act of 2014 (HFIAA) requires the escrow provisions apply by January 1, 2016. HFIAA amended the escrow provisions for flood insurance payments. These amendments apply to any loan that is originated, refinanced, increased, extended, or renewed on or after January 1, 2016. No NPRM 11/00/2014 No No None No No www.ncua.gov/Legal/Regs/Pages/PropRegs.aspx No No 3133-AE18 Related to 1557 Comptroller of the Currency OCC Joint 7100 Federal Reserve System FRS Joint 3064 Federal Deposit Insurance Corporation FDIC Joint 3052 Farm Credit Administration FCA Joint Sarah Chung Senior Staff Attorney 3133 National Credit Union Administration NCUA 703 518-1178 703 518-6569 schung@ncua.gov 1775 Duke Street, Alexandria VA 22314