We use cookies to improve your experience and optimize user-friendliness. Read our privacy policy for more information on the cookies we use and how to delete or block them. To continue browsing our site, please click accept.
VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
2023 Tax Calendar
On August 22, 2019, the Federal Reserve announced the Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council updated the Interagency Consumer Examination Procedures for the Flood Disaster Protection Act (FDPA). The Biggert-Water Flood Insurance Reform Act of 2012 changed the flood insurance rules for private flood insurance. There is now mandatory acceptance of a private insurance policy to satisfy the flood insurance purchase requirements if the policy meets the statutory and regulatory definition of private flood insurance. In addition, even if the policy does not meet the statutory and regulatory definition of private flood insurance, there can be a discretionary acceptance of a flood insurance policy issued by a private insurer. Finally, if certain criteria are met, there can be discretionary acceptance of a plan issued by a mutual aid society satisfying the flood insurance purchase requirement.
John Zasada, JD, CAMS – Compliance Consulting Director, Financial Institutions Group. John can be reached at zasada@doeren.com.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
A quick registration is required to view our resources.
You will only be asked to do this one time (unless you don't save your browser cookies).