Flood Disaster Protection | OCC
2024年6月17日 · Flood Disaster Protection. The National Flood Insurance Act, several reforms, and a host of regulations guide administration of the National Flood Insurance Program. This legislation applies to property located in special flood hazard areas. It. Prohibits lenders from making or changing loans on property not covered by flood insurance. Learn more.
Flood Disaster Protection Act: 2022 Interagency Questions and …
Summary. On May 11, 2022, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Farm Credit Administration, and the National Credit Union Administration (collectively, agencies) issued “Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers …
The limits of coverage for flood policies are: $250,000 for residential property structures and $100,000 for personal contents. $500,000 for non-residential structures and $500,000 for contents. $500,000 for non-condominium residential buildings of five units or greater and $100,000 for personal contents.5.
Flood Disaster Protection Act (FDPA) - American Bankers Association
2022年12月6日 · The National Flood Insurance Act of 1968 (amended to the Flood Disaster Protection Act of 1973) and related legislation created the National Flood Insurance Program, which makes federally backed flood insurance available to owners of improved real estate. In 2012, Congress encouraged the development of a private market for flood insurance in ...
Flood Disaster Protection Act: Revised Interagency Examination ...
2019年8月27日 · 2 Refer to 84 Fed. Reg. 4953. The OCC adopted revised interagency examination procedures for the Flood Disaster Protection Act. The revised procedures reflect amendments to the regulations regarding loans in areas having special flood hazards to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance …
Flood Disaster Protection Act: Guidance Regarding Lapse and …
2010年6月9日 · Background: The Flood Disaster Protection Act of 1973 (FDPA), as amended, prohibits lenders from making, increasing, extending, or renewing loans secured by improved real property or a mobile home located in a special flood hazard area where federal flood insurance is available unless the building or mobile home is covered by flood insurance.
OCC Fines Citibank More Than $17 Million for Violating the Flood ...
2020年1月21日 · WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a $17,998,510 civil money penalty against Citibank, N.A, of Sioux Falls, South Dakota, for violating the Flood Disaster Protection Act of 1973 (FDPA) and its implementing regulations. The OCC found the bank engaged in a pattern or practice of violating 42 U.S.C ...
Flood Disaster Protection Act - American Bankers Association
Flood Disaster Protection Act. An ABA Frontline Compliance Training Course — Free to Participating ABA Member Banks. This course provides an overview of federal laws that mandate flood insurance requirements for federally-backed mortgages, and mortgages and loans obtained through federally insured financial institutions.
Summary of the Final Rule. The final rule requires regulated lending institutions to accept “private flood insurance,”. as defined in the Biggert-Waters Act.18 As suggested by commenters, the final rule also includes. a streamlined compliance aid provision to help regulated lending institutions evaluate whether a.
Flood Disaster Protection Act: Flood Hazard Determination Practices
2008年2月25日 · Flood Disaster Protection Act. Through its examination and other supervisory activities, the Office of the Comptroller of the Currency (OCC) has identified two concerns regarding certain practices relating to flood hazard determinations that may expose national banks to compliance and operational risks. The OCC is issuing this bulletin to ...