- Notice of inadequate flood insurance coverage must be given 45 days before charges are assessed.
- Charges for premiums and fees can be retroactively applied to the date of lapse.
- Lender-placed coverage must be terminated within 30 days of receipt of adequate coverage, which includes a flood insurance policy declarations page with the policy number and insurance company or agent contact information.
These requirements are separate from the CFPB's lender-placed insurance rules, which specifically exclude flood insurance required under the Flood Disaster Protection Act of 1973.
Private flood insurance and escrow requirements are also addressed in the Interagency Statement, but those provisions will not become effective until regulations are issued.
Read the Interagency Statement.