ABA recommends reauthorizing NFIP on a five-year basis
NFIP is “essential” so borrowers in flood-prone areas can access mortgage collateral and insurance to protect their properties, ABA said.
Browsing: Flood insurance
Banking agencies issue updated flood insurance guidance
The banking agencies issued a set of reorganized, revised and expanded interagency questions and answers on flood insurance compliance.
Incoming: Flood Insurance Premium Changes from Risk Rating 2.0
Flood insurance providers may begin communicating often substantial rate increases to borrowers this month. Here’s how to prepare for customer questions.
The Increasingly Hot Topic of Climate Change: What Compliance Officers Need to Know
Climate change is a big issue, but compliance officers are adept at issue management. Start with root cause analysis.
Are Mobile Homes ‘Permanent’ Under Federal Flood Regulations?
Questions and answers from the July/August 2021 ABA Regulatory Policy and Compliance Inbox.
ABA: Flood Insurance Guidance Should Not Serve as Basis for Supervisory Action
The American Bankers Association and 10 other trade groups commented today on the banking agencies’ proposed flood insurance guidance and stressed that question and answers are supervisory guidance and should not serve as the basis for supervisory action.
FEMA Unveils Changes to NFIP Pricing Methodology
The Federal Emergency Management Agency today announced sweeping changes to the National Flood Insurance Program that will fundamentally alter the way it prices insurance and determines an individual property’s flood risk.
FEMA: NFIP Overhaul Could Have Uneven Consequences for States
Ahead of an expected announcement on changes to the National Flood Insurance Program, the Federal Emergency Management Agency has begun posting information suggesting that the changes will have an uneven effect on states.
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.
ABA, Trade Groups Support HUD Private Flood Insurance Proposal
The American Bankers Association today joined a coalition of finance, housing and insurance trade groups in a letter urging the Department of Housing and Urban Development to quickly advance a proposed rule that would allow mortgagors the option to purchase private flood insurance on Federal Housing Administration-insured mortgages for properties located in Special Flood Hazard Areas.