WASHINGTON — The federal bank, thrift, credit union and Farm Credit System regulatory agencies are requesting public comments on new and revised interagency questions and answers regarding flood insurance for the Interagency Questions and Answers Regarding Flood Insurance that was first published in 1997.
The agencies are proposing new questions and answers as well as substantive and technical revisions to the existing guidance. The goal of the revisions is to help financial institutions meet their responsibilities under federal flood insurance legislation and to increase public understanding of the flood insurance regulations.
The new questions and answers are being proposed involving construction loans and condominiums, second-lien mortgages, the imposition of civil money penalties and loan syndications/participations.
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