FDIC: Banker Teleconference Series – Private Flood Insurance Rule

WASHINGTON, May 20 -- The Federal Deposit Insurance Corporation issued the following financial institution letter (No. FIL-27-2019):

Summary:

The FDIC's Division of Depositor and Consumer Protection (DCP) will conduct an interagency webinar scheduled for Tuesday, June 18, 2019, that will focus on the recently issued interagency final rule on private flood insurance. The session is free, but registration is required. This is a continuing series of events for bankers, including teleconferences and webinars, to update bank management and staff on important bank regulatory and emerging issues in the consumer compliance and protection area.

The final rule becomes effective on July 1, 2019.

Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter applies to all FDIC-supervised financial institutions.

Highlights:

* Staff from the FDIC, Office of the Comptroller of the Currency, Federal Reserve System, National Credit Union Administration, and Farm Credit Administration will discuss the private flood insurance rule issued in February 2019. Topics that will be discussed include:

* Mandatory acceptance of private flood insurance;

* Compliance aid for mandatory acceptance;

* Discretionary acceptance of private flood insurance;

* Flood coverage provided by mutual aid societies; and

* Preparations to comply with the Rule.

* The webinar is scheduled for Tuesday, June 18, 2019, from 2:00 p.m. to 3:00 p.m. Eastern Time. Registration is available online.

* We encourage institutions to submit questions prior to the webinar by sending an email to [email protected].

* The FDIC also is soliciting suggestions from institutions on topics for future banker events. Please submit suggestions to [email protected].

For additional information on the upcoming webinar, see the attached announcement.

Continuation of FIL-27-2019

Distribution:

FDIC-Supervised Institutions

Suggested Routing:

Chief Executive Officer

Chief Credit Officer

Chief Risk Officer

Chief Compliance Officer

Related Topics:

Biggert-Waters Flood Insurance Reform Act of 2012

Flood Disaster Protection Act of 1973

Attachment:

Registration link (https://www.webcaster4.com/Webcast/Page/577/30085)

Joint Final Rule on Private Flood Insurance (https://www.federalregister.gov/documents/2019/02/20/2019-02650/loans-in-areas-having-special-flood-hazards)

Contact:

Simin Ho, Senior Policy Analyst, at (202) 898-6907 or [email protected]

Navid Choudhury, Counsel, at (202) 898-6526 or [email protected]

FDIC Office of the Ombudsman, at (877) 275-3342 or [email protected]

Note:

FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's website at www.fdic.gov/news/news/financial/index.html.

To receive FILs electronically, please visit www.fdic.gov/about/subscriptions/fil.html.

Paper copies may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).

* * *

Financial Institution Letters

FIL-27-2019

May 20, 2019

FDIC Banker Teleconference Series: Private Flood Insurance

Timely and Comprehensive Information from the FDIC

Loans in Areas with Special Flood Hazards

Tuesday, June 18, 2019

2:00 p.m. - 3:00 p.m. Eastern Time

Staff from the FDIC's Division of Depositor and Consumer Protection (DCP) offers a series of banker events, including teleconferences and webinars. The purpose of these events is to update you and your staff on important banking regulatory and emerging issues in the consumer compliance and protection area and to maintain open lines of communication.

The next event is an interagency webinar scheduled for June 18, 2019. The webinar will focus on the joint final rule on private flood insurance published in the Federal Register on February 20, 2019. Topics to be discussed will include

* Mandatory acceptance of private flood insurance;

* Compliance aid for mandatory acceptance;

* Discretionary acceptance of private flood insurance;

* Flood coverage provided by mutual aid societies; and

* Preparations to comply with the Rule.

The webinar will feature presentations by staff from the FDIC, Office of the Comptroller of the Currency, Federal Reserve System, National Credit Union Administration, and Farm Credit Administration.

Registration is required for the webinar.

Additional Details

* The webinar is free, but advanced registration is required.

* Please register for the webinar at: https://www.webcaster4.com/Webcast/Page/577/30085

* The presentation will be followed by a Q&A segment. Please consider sending in questions via email in advance to: [email protected].

Resources

* Joint Final Rule (https://www.federalregister.gov/documents/2019/02/20/2019-02650/loans-in-areas-having-special-flood-hazards)