Federal and state financial regulatory agencies issue interagency statement on supervisory practices regarding financial institutions affected by Hurricane Ida marketscreener.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketscreener.com Daily Mail and Mail on Sunday newspapers.
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 (Agencies). The proposed Q&As will supplement
private flood insurance rules that went into effect on July 1, 2019, the new proposal includes 24 proposed Q&As on private flood insurance. Comments on the new proposed Q&As are due by May 17, 2021.
The Agencies divide the new proposed Q&As on private flood insurance into three main categories: (1) mandatory acceptance (nine proposed Q&As), (2) discretionary acceptance (four proposed Q&As), and (3) general compliance (11 proposed Q&As). The proposed Q&As use the term “Act” to refer to the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as revised by specified federal flood insurance legislation, and use the term “Regulation”
Agencies release proposed new Q&As regarding private flood insurance cuinsight.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cuinsight.com Daily Mail and Mail on Sunday newspapers.
02/22/2021 | Press release | Distributed by Public on 02/22/2021 16:47
Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Texas Winter Storms
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators, collectively the agencies, recognize the serious impact of Texas Winter Storms on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.