March 11, 2021

Agencies release proposed new interagency questions and answers regarding private flood insurance

Board of Governors of the Federal Reserve System

Farm Credit Administration

Federal Deposit Insurance Corporation

National Credit Union Administration

Office of the Comptroller of the Currency

For release at 2:00 p.m. EST

WASHINGTON — Five federal regulatory agencies today requested public comment on 24 proposed Interagency Questions and Answers Regarding Private Flood Insurance.

The proposal is intended to help lenders comply with the agencies' joint rule promulgated in 2019 to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012.

The proposal incorporates new questions and answers in a number of areas including:

  • Mandatory Acceptance,
  • Discretionary Acceptance, and
  • Private Flood Insurance General Compliance.

These Questions and Answers would supplement the 118 Interagency Questions and Answers Regarding Flood Insurance that the agencies proposed on July 6, 2020.

Comments will be accepted for 60 days after publication in the Federal Register.

Media Contacts:
Federal Reserve Board
Susan Stawick
Emily Yaghmour
Brian Sullivan
Ben Hardaway
Bryan Hubbard
Last Update: March 11, 2021