Welcome to the Compliance Cohort. We are a group of compliance professionals working to make compliance easier. Our goal is to take complex compliance concepts and put them in simple terms that apply to the real world. We are glad you have found us and look forward to collaborating in the future.
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Flood insurance has long been one of the highest-risk compliance areas for financial institutions. As just a few repeat violations of flood insurance rules can be considered a “pattern or practice” that could result in a public civil money penalty, financial institutions have always known the importance of flood insurance compliance. Yet, the last decade plus has created even greater challenges for financial institutions to comply with flood insurance rules. For example, flood insurance penalties are much larger today than they were just a few decades ago. In addition, the last decade has brought a number of significant changes to flood insurance rules that are complex and difficult to understand.
New rules relating to detached structure exemptions, private flood insurance, escrow requirements, and even FEMA 2.0 have all changed what we knew about flood insurance compliance. As new rules are often complicated, complex, and have many unexplained gray areas, financial institutions have traditionally relied on their regulators to provide additional guidance on how to comply with the complex flood insurance rules. One way the regulators have done this was by providing a set of Questions and Answers (Q&A’s) that helped to provide clarity and additional guidance on how to comply with flood insurance rules. Unfortunately, the last set of Q&A’s issued by the regulators were issued in 2009 and 2011, and had become extremely out-of-date.
Now, after a decade of pretty major changes in flood insurance rules, we finally have an updated set of Flood Q&A’s that was released on May 11, 2022. These long awaited FAQs provide updated information relating to the many changes we have seen over the last decade and replace those originally published by the agencies in 2009 and 2011, as well as consolidate Q&A’s proposed by the agencies in 2020 and 2021.
As the new Flood Q&A’s include significant changes from the 2009 and 2011 FAQs, it is important that each financial institution review and understand the new Q&A’s.
Our 2022 Flood FAQs program covers the 250+ page Interagency Questions and Answers Regarding Flood Insurance by providing attendees with need-to-know information on the new Q&A’s. While we don’t cover ever single detail of the interagency guidance’s 263-page release, we do our best to provide attendees with the short and sweet version of what they need to know about the new Q&A’s. For example, we begin our program by discussing how the new Q&A’s have been reorganized and renumbered which makes it easier to find guidance on a specific topic. After this, our presenter walks through the applicable sections of the Q&A’s and discusses many (but not all) of the Q&A’s, prioritizing the Q&A’s that appear to be most important to the majority of our attendees.
The 2022 Flood FAQs program is a great way to quickly get up-to-speed with the new Interagency Questions and Answers Regarding Flood Insurance.
The 2022 Flood FAQs program is perfect for those who manage flood insurance in financial institutions, compliance professionals, lenders, processors, auditors, and anyone needing to get caught up on the many changes to flood insurance rules over the last decade plus.
There are actually three different ways to access our 2022 Flood FAQs program:
Individual Class. The easiest way to access our new 2022 Flood FAQs program is to purchase our stand-alone class. This option focuses solely on the new Interagency Flood Q&A’s and is a great way to quickly understand the new Q&A’s and how they apply to your organization.
Summer 2022 Quarterly Compliance Update. The 2022 Flood FAQs program is included as Part II of our Summer 2022 Quarterly Compliance Update. Our Summer 2022 Quarterly Compliance Update covers regulatory activity that took place during the second quarter of 2022, which, of course, includes the updated Flood Q&A’s. Plus, our Summer 2022 Quarterly Compliance Update include continuing education credits for those who need them. You can learn more about our Summer 2022 Quarterly Compliance Update at www.compliancecohort.com/summer-2022-quarterly-compliance-update.
Premium Gold or Premium Pro Membership. The final way our 2022 Flood FAQs program can be accessed is through one of our premium memberships: Premium Gold or Premium Pro. Our Premium Pro membership includes every class in our store, so the 2022 Flood FAQs program is automatically included, while our Premium Gold membership includes two additional classes from our store, which could be our 2022 Flood FAQs program if chosen. You can learn more about our premium memberships at www.compliancecohort.com/premium-membership.
Regular $349
ADD ON: Get the class “+ Unlimited Employees” for just $129 more ($478 total). Add a private portal for anyone in your organization to view this program for an additional $129. Access is still available for 60 days, so those in your organization must view the program during your 60 day access window. Limit of 5 total Certificates of Attendance, though anyone in your organization can view the program through the portal we set up.
Demo Available: If you would like to demo this class before you purchase it to make sure it's what you are looking for, just let us know and we can set you up with preview access.
The total teaching time of this program is 3 hours and is divided into five videos:
Video 1 - Introduction
Introduction and History
Objectives
Re-designated FAQ Numbering
Video 2 - FAQs
Determining the Applicability of Flood Insurance Requirements for Certain Loans
Exemptions from the Mandatory Flood Insurance Purchase Requirements
Private Flood Insurance – Mandatory Acceptance
Private Flood Insurance – Discretionary Acceptance
Video 3
Private Flood Insurance – General Compliance
Standard Flood Hazard Determination Form (SFHDF)
Flood Insurance Determination Fees
Flood Zone Discrepancies
Notice of Special Flood Hazards and Availability of Federal Disaster Relief
Video 4
Determining the Appropriate Amount of Flood Insurance Required
Flood Insurance Requirements for Construction Loans
Flood Insurance Requirements for Residential Condominiums and Co-Ops
Flood Insurance Requirements for Home Equity Loans, Lines of Credit, Subordinate Liens, and Other Security Interests in Collateral Located in an SFHA
Video 5
Requirement to Escrow Flood Insurance Premiums and Fees – General
Requirement to Escrow Flood Insurance Premiums and Fees – Escrow Small Lender Exception
Requirement to Escrow Flood Insurance Premiums and Fees – Escrow Loan Exceptions
Force Placement of Flood Insurance
Flood Insurance Requirements in the Event of the Sale or Transfer of a Designated Loan and/or Its Servicing Rights
Mandatory Civil Money Penalties
““The videos are very informative, Adam is a great teacher and funny too, and the manuals are awesome!””
““The information is always something that is usable. I have found that I have learned something new almost every time. They are ore enjoyable than sitting in a classroom and more cost effective because you do not have to drive somewhere for the training.””
““This is a great reliable resource, not your typical hum drum boring compliance training. Adam finds a way to make it engaging!””
““Adam does a great job of conveying the quarterly changes and activity in his quarterly updates. Great information and the material is available for printing and future use.””
““The presentation method was great and the comprehensive manual that came with the class was a good add on!””
This Compliance Class can be completed without leaving your office and provides you with everything you need to know about what compliance related activity took place during the prior quarter.
The class includes the following:
A comprehensive manual
A “virtual classroom” instructional video
60-day access to the class
Certificate of completion (1 per registration - available upon request)
All of our Compliance Classes are presented in our virtual classroom approach. This approach is designed to bring the presenter to you (at a fraction of the cost of having a live person) and includes a video of the presenter in front of a slide presentation that replicates a typical seminar environment. In addition, our presenters take a three-part approach to compliance instruction: to educate, to empower, and to entertain. This is achieved by focusing on relevant topics, speaking in simple to understand, layman's terms, and by keeping it light and humorous whenever possible. We have found that this "3-E" approach allow students to learn as quickly and effectively as possible. And, it adds a little bit of fun to an otherwise dreadful topic.
Certificates of completion are available upon request. One certificate is available per registration.
When you purchase this compliance class, you get instant access to the online version of this class for 60 days. You will also receive an electronic version of the accompanying manual to keep.
We believe in our training products so much that we are offering a 100% money back guarantee. If you do not feel that you received the value promised for this training session, contact us within the first 10 business days after purchase and we will either make things right or provide 100% of the purchase price back to you.
