The U.S. Department of Housing Urban Development (HUD) recently issued a final rule permitting the use of private flood insurance policies with FHA-insured mortgage loans. HUD also issued Mortgagee Letter 2022-18 addressing with regard to FHA-insured loans general flood insurance requirements, flood insurance requirements for condominiums, manufactured homes and home equity conversion mortgage (HECM) loans (i.e.,… Continue Reading
HUD Proposes Rule to Permit Use of Private Flood Insurance Policies with FHA Loans
The U.S. Department of Housing Urban Development (HUD) announced a proposed rule to permit the use of private flood insurance policies with FHA mortgage loans. As previously reported, in February 2019 federal regulators issued a joint final rule (the “Joint Final Rule”) to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (the “Act”) that require regulated financial institutions to accept private flood insurance policies.… Continue Reading
Congress Extends National Flood Insurance Program for One Year
In the Continuing Appropriations Act, 2021 and Other Extensions Act, which was signed into law on October 1, 2020, the National Flood Insurance Program (NFIP) was extended until September 30, 2021. Without the extension, the NFIP would have expired on September 30, 2020.
Industry Trade Groups Urge Congress to Extend National Flood Insurance Program
As previously reported, unable to agree on long-term reforms for the National Flood Insurance Program (NFIP), at the end of last year Congress extended the NFIP through September 30, 2020, which is the end of the current federal government fiscal year. With that date looming, in a letter to majority and minority leaders in the U.S.… Continue Reading
Federal Agencies Propose Revisions to Interagency Q&As Regarding Flood Insurance
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.
The proposed revisions would (1) revise and reorganize the existing Q&As into new categories by subject to enhance clarity and understanding for users, and (2) introduce new Q&As on the escrow of flood insurance premiums, force placement of flood insurance, and the detached structures exemption.… Continue Reading
FTC provides annual enforcement report to CFPB
The Federal Trade Commission recently provided its annual letter to the CFPB concerning its enforcement activities relating to compliance with Regulation Z (Truth in Lending Act), Regulation M (Consumer Leasing Act), and Regulation E (Electronic Fund Transfer Act). Under Dodd-Frank, the FTC retained its authority to enforce these regulations with respect to entities subject to its jurisdiction. … Continue Reading
Congress Agrees to Extend NFIP Through September 2020
As part of legislation to fund various federal government agencies after December 20, 2019, the House of Representatives and Senate agreed to extend the National Flood Insurance Program (NFIP) until September 30, 2020. President Trump is expected to sign the legislation.
Congress previously agreed to a short-term extension of the NFIP from November 21 to December 20, 2019.… Continue Reading
Congress Further Extends National Flood Insurance Program
As previously reported, the authorization for National Flood Insurance Program was scheduled to expire on November 21, 2019. Congress recently once again extended the Program, this time until December 20, 2019.… Continue Reading
Congress Votes to Extend National Flood Insurance Program
The U.S. Senate recently voted to approve legislation previously passed by the U.S. House of Representatives to extend the National Flood Insurance Program (NFIP) until November 21, 2019. The NFIP is scheduled to expire on September 30, 2019 without an extension. The extension is included in a stopgap spending bill and according to press reports President Trump is expected to sign the bill into law.… Continue Reading
Congress Passes Six-Month Extension of National Flood Insurance Program
On June 3, 2019 the United States House of Representatives approved H.R. 2157, which provides for aid to address the consequences of various natural disasters and also includes an extension of the National Flood Insurance Program (NFIP) until September 30, 2019. The Senate previously approved the bill. According to news reports, President Trump will sign the bill into law.… Continue Reading