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 Homeowners Flood Insurance Affordability Act of 2014 (HFIAA) was enacted which amended some of the provisions in the Biggert-Waters Act and extended the implementation date for the escrow requirements to January 1 2016. The Agencies are expected to issue a new proposal to implement the amendments made by the HFIAA.