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Private Flood Insurance: What You Need to Know

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Seven years ago, the Biggert-Waters Flood Insurance Reform Act amended Federal flood insurance legislation to require the FDIC, the OCC, the FRB, the NCUA, and the FCA issue rules directing insured depository institutions to accept private flood insurance. The day has come that we have a final rule for loans that are in special flood hazard areas. What do you need to know to be in compliance with the private flood insurance provisions? Join us as we cover the amendments that are effective July 1, 2019.

We will cover:

  • What is the statutory definition of private flood insurance?
  • When it is mandatory to accept private flood insurance?
  • What is this compliance aid provision and can institutions rely on it?
  • When do institutions have discretion to accept private flood insurance?
  • What, if any, concerns are there with coverage provided by a mutual aid society?

Who Should Attend:

Compliance officers, auditors, lender, loan operations, back room processing staff, and legal staff.

Date Aired: April 24, 2019

(Training on Demands are current as of date aired)


Presenter:

  • Becky Breland
    • Becky Breland
    • Senior Consultant Becky Breland has 18 years legal experience in the areas of federal consumer protection regulations and Bank Secrecy Act compliance. Becky is a regulatory attorney licensed to practice law in the State of Alabama since 2001. Her current responsibilities include working closely with financial institutions to create custom training programs and materials. Becky also works directly with regulatory agencies to develop content for their custom training programs along with maintaining the training program materials for changes in policies and regulations. In addition to developing classroom training, Becky has developed online training and webinars for Capco. Becky is one of Capco's trainers and has provided classroom training to regulatory agencies, financial institutions and at Capco-hosted events, seminars and workshops on the subjects of deposit, operations and lending compliance.

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