Banking Agencies Request Public Comment on Private Flood Insurance Guidance

The banking agencies today requested public comment on 24 proposed interagency questions and answers about private flood insurance. The new Q&As cover both mandatory and discretionary acceptance of private flood insurance for loans subject to the mandatory purchase requirement, as well as general flood compliance guidance. The agencies noted that the proposed Q&As are intended to help lenders comply with the private flood insurance provision of the Biggert-Waters Flood Insurance Reform Act of 2012.

Comments on the proposed additions to the interagency Q&As are due 60 days after they are published in the Federal Register.