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Board of Governors of the Federal Reserve System
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Federal Reserve Board of Governors

Joint Press Release

Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Office of Thrift Supervision
National Credit Union Administration
Farm Credit Administration

For immediate release
July 21, 2009

Agencies Release Revisions to Interagency Questions and Answers and Proposed New Questions Regarding Flood Insurance

The federal bank, thrift, credit union, and Farm Credit System regulatory agencies today released revised interagency questions and answers regarding flood insurance and requested public comment on several new ones. 

The Interagency Questions and Answers Regarding Flood Insurance (2009) supersedes the 1997 interagency questions and answers document and supplements other guidance or interpretations issued by the agencies and the Federal Emergency Management Agency (FEMA).  The Interagency Questions and Answers Regarding Flood Insurance (2009) consists of 77 questions and answers, which were revised based in part on comments received during the public comment period.    

The agencies are also proposing for public comment five new questions and answers on determining insurable value in calculating the maximum limit of coverage available for the particular type of property and the timing of force placement of required flood insurance by lenders.  After receiving and considering public comment on the five new proposed questions and answers, the agencies intend to incorporate them into the Interagency Questions and Answers Regarding Flood Insurance (2009).

The Federal Deposit Insurance Corporation, Federal Reserve Board, National Credit Union Administration, Office of the Comptroller of the Currency, Office of Thrift Supervision, and Farm Credit Administration invite comment on the five proposed questions and answers and, more generally, on other issues and concerns regarding compliance with the federal flood insurance statutes and regulations.  Comments specific to the proposed questions and answers regarding determination of insurable value and force placement of required flood insurance are requested by September 21, 2009.

The Federal Register notice is attached with instructions on how to submit comments. 

Federal Register notice: HTML | 222 KB PDF

Media Contacts:
Federal Reserve Board Susan Stawick 202-452-2955
FDIC David Barr 202-898-6992
OCC Dean DeBuck 202-874-5770
OTS William Ruberry 202-906-6677
NCUA John McKechnie 703-518-6331
FCA Christine Quinn 703-883-4056
 
Last update: July 21, 2009