View Rule

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) issued a proposed rule in October 2013 addressing a number of flood insurance issues discussed more fully in RIN 3133-AE18.  However, due to the enactment of new legislation, the HFIAA, the Agencies subsequently proposed this subject rulemaking in October 2014 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 2014 proposal established regulatory requirements with respect to the escrow of flood insurance payments, consistent with the changes set forth in HFIAA. The proposal also implemented a provision in HFIAA that excludes certain detached structures from the mandatory flood insurance purchase requirement. The Agencies finalized this proposed rule in July 2015.

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.