Industry Supports Expanded Private Flood Insurance Rule

NMHC/NAA responded in early January, 2017, to a call for comments by several banking regulators on a proposed rule entitled "Loans in Areas Having Special Flood Hazards-Private Flood Insurance." The rule stems from the Biggert Waters Act of 2012, which aside from reauthorizing the National Flood Insurance Program (NFIP), called upon regulators such as the Federal Reserve and the Office of the Comptroller of the Currency to issue much-needed guidance for lenders on what should be considered an acceptable private flood insurance policy....(read more)

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