ABA Seeks Additional Flood Insurance Guidance

ABA and members of its Flood Working Group last week submitted a list of questions and proposed answers to the Federal Reserve, OCC, and FDIC seeking clarity on a number of flood insurance related issues. The Q&A was submitted after regulators, in response to ABA’s request for additional guidance, indicated that they would consider questions from the group. The document notes that significant confusion exists on flood insurance given a paucity of guidance and conflicting interpretations of the existing statute, regulations, and guidance by examiners. Read the Q&A.