The Fed, FCA, FDIC, NCUA and OCC today announced the approval of a joint rule for flood insurance. The rule implements provisions of the Homeowner Flood Insurance Affordability Act of 2014 relating to the escrowing of flood insurance payments and the exemption of certain structures from the mandatory flood insurance purchase requirement. The final rule also includes the Biggert-Waters Act provisions on force placement. Read more.
The Senate Banking Committee will hold two hearings on Flood Insurance this week: