Bankowość · 07/11/2016

Regulated Lenders to Accept Private Flood Insurance Policies Under New Proposal

The OCC, Federal Reserve, FDIC, Farm Credit Administration, and NCUA are proposing a new rule to amend their regulations regarding loans in areas with special flood hazards, requiring lenders to accept private flood insurance policies that meet the Biggert-Waters Act's definition, while allowing some flexibility for private insurers.