FEMA’s Flood Guidelines Rescinded

Heads up!  FEMA announced they are rescinding the Mandatory Purchase of Flood Insurance Guidelines.  With the passage of the Biggert-Waters Flood Act, many of the “guidelines” are or will become obsolete.  There is no indication at this time as to whether the CFPB or the regulatory agencies will try to develop something similar to guide banks with these difficult requirements.  If they do; however, it won’t be anytime soon.  This means the Interagency Questions and Answers Regarding Flood Insurance is all we really have to go on for now.

So what does this mean for you?  First and foremost, the Guidelines were always just that…guidelines.  They were in no way “the regulation”, even though some examiners treated them as such.  We feel that the core principles of Guidelines still apply and you can rely on them for the most part.  You just need to make sure you are aware of the Biggert-Waters Flood Act changes and how they affect the Guidelines.

Published
2013/02/15
Amy Kudlacek

Amy Kudlacek

Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager. Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelors Degree in Business Administration and is a graduate of the ABA Compliance School. Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!

Recent Posts

Understanding Customer Risk Profiles

Section 1071: Business Owner Status

Auditing Your BSA/AML Program