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Friday, October 11, 2013

Federal Agencies Release Joint Flood Rule Proposal

A joint agency rule has been drafted that would amend regulations regarding loans in areas having special flood hazards. This rule would implement provisions in Biggert-Waters by establishing requirements with respect to the escrow of flood insurance payments, the acceptance of private flood insurance coverage, and the force-placement of flood insurance. The rule would also integrate the flood insurance regulations for national banks and Federal savings associations and for State non-member banks and State savings associations Comments are due by December 9, 2013.

Read the proposed rule.