All in Flood

During the end of September, Congress extended the National Flood Insurance Program for another few months, through November 21, 2019. As the NFIP was set to expire at the end of day on September 30, 2019, this new extension marks the thirteenth temporary extension of the flood program within the last few years. As we have noted before, this large number of temporary extensions signal a desire by Congress to make long-term changes to the program. In fact, Congress has been working on a bipartisan 5 year extension, but have yet to come to an agreement on what that extension would look like. As you have already probably noted, these continued short term extensions are…

As the twelth exetension of the National Flood Insurance Program is set to expire on September 30, 2019, financial institutions must again hold their breath (no pun intended) to see if Congress yet again kicks the can down the road by renewing the program one more time. While we at the Compliance Cohort will be sure to keep you up-to-date with any changes to the Flood program, you may be wondering what you should do if the Flood program does, in fact, expire. Check out this article for guidance on what your financial institution should do if the flood program were to expire: https://www.compliancecohort.com/blog/what-to-do-if-the-nfip-expires

The Federal Financial Institutions Examination Council recently (8/22/19) updated their Flood Exam manual to reflect the new requirements for mandatory acceptance of private flood insurance. Mandatory acceptance of private flood insurance was mandatory in July of 2019. If your organization is looking for more information on this now required rule, be sure to take a look at our premium course on private flood insurance at https://www.compliancecohort.com/video-webinar-private-flood-insurance-2019-final-rule. Read more on this article to get a link to the updated exam procedures.

Overview of New Private Flood Insurance Rules

In this Compliance Clip (video), Adam provides an overview of the new rules that require the mandatory acceptance of certain private flood insurance policies. This rule must be followed by July 1, 2019, so financial institutions must ensure they soon have a full understanding of this new rule.

For those looking for in-depth training on the new private flood insurance rule, be sure to check out our Compliance Class on this topic in our store at https://www.compliancecohort.com/video-webinar-private-flood-insurance-2019-final-rule.

On June 3, 2019, Congress extended the National Flood Insurance Program for another four months, through the end of September, 2019. This marks the twelfth temporary extension of the flood program within the last two years. As we have noted before, this large number of temporary extensions signal a desire by Congress to make long-term changes to the program. This, of course, should be an advance notice to compliance professionals that future changes with flood insurance rules are highly probable.

For the eleventh time since 2017, Congress extended the National Flood Insurance Program on May 30/2019 by another two weeks. The flood Program, which was set to expire on June 1, is now extended through June 14, 2019 meaning that new flood insurance policies can be issued and real estate transactions won’t be delayed during this time. This two week extension provides