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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.

Overall Description of Deadline: 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.