View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML

FDIC RIN: 3064-AE27 Publication ID: Fall 2015 
Title: Loans in Areas Having Special Flood Hazards 
Abstract:

The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, the Farm Credit Administration, and the National Credit Union Administration (collectively, the Agencies) are amending their regulations regarding loans in areas having special flood hazards to implement certain provisions of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA), which amends some of the changes to the Flood Disaster Protection Act of 1973 mandated by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). Specifically, the final rule requires the escrow of flood insurance payments on residential improved real estate securing a loan, consistent with the changes set forth in HFIAA. The final rule also incorporates an exemption in HFIAA for certain detached structures from the mandatory flood insurance purchase requirement.  Furthermore, the final rule implements the provisions of Biggert-Waters related to the force placement of flood insurance. Finally, the final rule integrates the OCC’s flood insurance regulations for national banks and Federal savings associations. The Agencies plan to address the private flood insurance provisions in Biggert-Waters in a separate rulemaking.

 

 

 

 

 
Agency: Federal Deposit Insurance Corporation(FDIC)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: No  Unfunded Mandates: No 
EO 13771 Designation: uncollected 
CFR Citation: 12 CFR 339   
Legal Authority: 12 U.S.C. 1462    12 U.S.C. 1462a    12 U.S.C. 1463    12 U.S.C. 1464    12 U.S.C. 1819(10)    ...   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  10/30/2014  79 FR 64518   
NPRM Comment Period End  12/29/2014 
Final Rule  07/21/2015  80 FR 43215   
Final Rule Effective10/01/15 and 01/01/16  07/21/2015 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Information URL: www.fdic.gov/regulations/laws/federal/   Public Comment URL: www.fdic.gov/regulations/laws/federal/  
RIN Data Printed in the FR: No 
Related Agencies: Joint: TREAS/OCC, FRS, FCA, NCUA; 
Agency Contact:
Navid Choudhury
Senior Attorney
Federal Deposit Insurance Corporation
550 17th Street NW, MB-3071,
Washington, DC 20429
Phone:202 898-6526
Email: nchoudhury@fdic.gov

John M. Jackwood
Acting Chief, Compliance Section
Federal Deposit Insurance Corporation
550 17th Street NW,
Washington, DC 20429
Phone:202 898-3991
Email: jjackwood@fdic.gov