Recently,
federal agencies proposed revisions to the Interagency Questions and Answers Regarding Flood Insurance. The agencies are the Comptroller of the Currency, Farm Credit Administration, FDIC, Federal Reserve Board, and National Credit Union Administration (Agencies). The proposed Q&As will supplement
private flood insurance rules that went into effect on July 1, 2019, the new proposal includes 24 proposed Q&As on private flood insurance. Comments on the new proposed Q&As are due by May 17, 2021.
The Agencies divide the new proposed Q&As on private flood insurance into three main categories: (1) mandatory acceptance (nine proposed Q&As), (2) discretionary acceptance (four proposed Q&As), and (3) general compliance (11 proposed Q&As). The proposed Q&As use the term “Act” to refer to the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as revised by specified federal flood insurance legislation, and use the term “Regulation”