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Final Rule: Flood Insurance

The final rule amends existing regulations to: (1) incorporate a statutory exemption to the general mandatory flood insurance purchase requirement for detached structures; (2) establish requirements for national banks and federal savings associations (collectively, banks) to escrow flood insurance payments on residential improved real estate securing a loan; and (3) incorporate statutory amendments related to the force placement of flood insurance. The final rule also integrates the OCC’s flood insurance regulations by adding federal savings associations to 12 CFR 22 and removing 12 CFR 172.

The statutory force-placed insurance provision took effect upon the enactment of the Biggert-Waters Act on July 6, 2012. The statutory detached structure exemption took effect upon enactment of the HFIAA on March 21, 2014. The regulatory changes made by this final rule to incorporate these provisions are effective on October 1, 2015. The statutory and regulatory escrow-related provisions are effective on January 1, 2016, as required by the HFIAA.

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  • October 1, 2015
  • Time: All Day
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