BOARD OF GOVERNORS
DIVISION OF CONSUMER
July 29, 2009
TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS:
SUBJECT: Interagency Questions and Answers Regarding Flood Insurance
The Federal Reserve, along with the other Federal financial institution regulatory agencies and the Farm Credit Administration (the agencies) published the attached Interagency Questions and Answers Regarding Flood Insurance in the Federal Register (74 Fed. Reg. 35,914) on July 21, 2009. The document contains informal staff guidance for agency personnel, financial institutions, and the public.
This version of the Interagency Questions and Answers Regarding Flood Insurance supersedes the 1997 version and supplements other guidance and interpretations issued by the agencies and the Federal Emergency Management Agency (FEMA).
The agencies are also proposing for public comment five new questions and answers: two on the insurable value of a building and three on the force placement of required flood insurance by lenders. Comments are due by September 21, 2009. After receiving and considering public comment on the proposed questions and answers, the agencies intend to incorporate them into the Interagency Questions and Answers Regarding Flood Insurance.
Please distribute copies of this final guidance to your examination staff for their immediate use. If you have any questions, please contact Lanette Meister, Senior Supervisory Consumer Financial Services Analyst (202-452-2705) or Paul Robin, Manager, Oversight and Policy (202-452-3140).
Supersedes: CA 97-5CA letters | 2009 Letters