Category Archives: Flood Insurance

PROPOSED FLOOD REGULATIONS

Posted on October 17, 2013 by Jack Holzknecht

Recently the Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Farm Credit Administration, the National Credit Union Administration (jointly referred to as the Agencies) issued 166 pages of proposed rules for … Continue reading →

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INTERAGENCY STATEMENT ON BIGGERT-WATERS FLOOD INSURANCE REFORM ACT

Posted on April 1, 2013 by Jack Holzknecht

On April 1, 2013 the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Farm Credit Administration (the Agencies) issued interagency … Continue reading →

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INCREASED CIVIL MONETARY PENALTIES

Posted on November 20, 2012 by Jack Holzknecht

The Federal Civil Penalties Inflation Adjustment Act of 1990 (FCPIA Act)requires Federal agencies to adjust, by regulation, the Civil Monetary Penalties (CMPs) within their jurisdiction by a prescribed inflation adjustment at least once every four years. The Federal Reserve Board … Continue reading →

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MAJOR FLOOD INSURANCE REVISIONS SIGNED INTO LAW

Posted on July 13, 2012 by Jack Holzknecht

On July 6, 2012, President Obama signed into law the Moving Ahead for Progress in the 21st Century Act (Map-21) (H.R. 4348), which , includes the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). Among numerous other provisions, Biggert-Waters re-authorizes … Continue reading →

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FINALLY – REVISED STANDARD FLOOD HAZARD DETERMINATION FORM

Posted on June 7, 2012 by Jack Holzknecht

The Standard Flood Hazard Determination Form (SFHDF) is used by Federally regulated lending institutions when making, increasing, extending, renewing or purchasing a loan for the purpose of determining whether flood insurance is required and available. The form is required by … Continue reading →

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THE FLOOD INSURANCE MERRY-GO-ROUND CONTINUES

Posted on June 4, 2012 by Jack Holzknecht

On May 30th the President signed HR 5740, extending the NFIP’s authority for an additional 60 days. The law enables FEMA to enter into flood insurance contracts through July 31, 2012. For the past several years Congress has played this … Continue reading →

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RENEWING LOANS WITH FORCE PLACED INSURANCE

Posted on April 11, 2012 by Jack Holzknecht

“Can we renew a loan which is covered by force placed insurance?” Variations on this question have come up several times in recent seminars I have conducted. The answer to the question is no. If a borrower refuses to obtain … Continue reading →

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NEW FLOOD INSURANCE Qs AND As

Posted on October 25, 2011 by Jack Holzknecht

The Agencies are adopting two of the five questions and answers proposed in the 2009 Interagency Questions and Answers: one question and answer relating to insurable value (question and answer 9) and another question and answer relating to force placement … Continue reading →

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Flood Insurance

Posted on June 23, 2010 by Jack Holzknecht

Horrendous floods recently ravaged Nashville, Tennessee. I am spending the day explaining the details of the National Flood Insurance Act and related laws and regulations to a group of Tennessee bankers.

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