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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The agencies are also proposing to revise and reorganize certain existing questions and answers to clarify areas of potential misunderstanding and to provide clearer guidance to users.
Comments on proposed changes and other issues regarding compliance with the federal flood insurance statues and regulations are due on May 20. After public comments are received and the Interagency Question and Answers are final they will supersede the 1997 Interagency Questions and Answers and supplement other guidance and interpretations issued by the agencies and the Federal Emergency Management Agency.
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