News Release 2021-31 | March 11, 2021
Agencies Release Proposed New Interagency Questions and Answers Regarding Private Flood Insurance
Board of Governors of the Federal Reserve System
Farm Credit Administration
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency
WASHINGTON — Five federal regulatory agencies today requested public comment on 24 proposed Interagency Questions and Answers Regarding Private Flood Insurance.
The proposal is intended to help lenders comply with the agencies’ joint rule promulgated in 2019 to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012.
The proposal incorporates new questions and answers in a number of areas including:
- Mandatory Acceptance,
- Discretionary Acceptance, and
- Private Flood Insurance General Compliance.
These Questions and Answers would supplement the 118 Interagency Questions and Answers Regarding Flood Insurance that the agencies proposed on July 6, 2020.
Comments will be accepted for 60 days after publication in the Federal Register.
Federal Reserve Board