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The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Farm Credit Administration, and the National Credit Union Administration have approved a final rule amending their regulations regarding loans in areas having special flood hazards. The final rule implements the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act). Specifically, the final rule requires regulated lending institutions to accept policies that meet the statutory definition of private flood insurance in the Biggert-Waters Act and permits regulated lending institutions to accept policies issued by private insurers that do not meet the statutory definition of "private flood insurance” on a discretionary basis, subject to certain restrictions.