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Tuesday, October 21, 2014

FDIC Board Approves Proposed Provisions of the Homeowner's Flood Insurance Affordability Act

At today’s FDIC Board meeting, the Board approved the proposed joint notice of proposed rulemaking to implement certain provisions of the Homeowner’s Flood Insurance Affordability Act. With regard to the scope of the proposal, the notice states,

"[T]he proposal would establish requirements with respect to the escrow of flood insurance payments, consistent with the changes set forth in HFIAA. The proposal also would incorporate an exemption in HFIAA for certain detached structures from the mandatory flood insurance purchase requirement. The Agencies plan to address in a separate rulemaking other provisions of Biggert-Waters over which the Agencies have jurisdiction that have not been affected by HFIAA."

Comments are due 60 days after the notice is published in the Federal Register.

Read the FDIC Board Bulletin.