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Friday, May 30, 2014

Interagency Statement Released on Maximum Flood Insurance Coverage for “Other Residential Buildings”

Released today, "The FDIC, OCC, Board of Governors of the FRB, National Credit Union Administration, and the Farm Credit Administration (collectively, the agencies) issued an interagency statement regarding the new National Flood Insurance Program (NFIP) maximum limit of flood insurance coverage for non-condominium residential buildings designed for use for five or more families (classified by the NFIP as "Other Residential Buildings"). The guidance discusses the agencies' expectations and a financial institution's responsibilities when, as a result of the increase in the maximum limit of building coverage for such properties, a financial institution determines that a building securing a designated loan is covered by flood insurance in an amount less than the amount required under federal flood insurance law.”

Learn more from the FDIC.