Circular
Questions and Answers on Flood Insurance
September 23, 1997
Circular No. 10984

To All State Member Banks in the Second Federal Reserve District:

The following is from a statement by the Federal Financial Institutions Examination Council (FFIEC):

The Federal Financial Institutions Examination Council (FFIEC) has announced the publication of "Interagency Questions and Answers Regarding Flood Insurance," a reference document on the federal flood insurance legislation.

The FFIEC published "Interagency Questions and Answers Regarding Flood Insurance" in the Federal Register of July 23, 1997, on behalf of its member banking regulatory agencies -- the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, and the Office of Thrift Supervision. The Farm Credit Administration is also part of this endeavor.

The new publication answers the questions that regulators have most frequently been asked about flood insurance. This publication consolidates, to the extent possible, useful information about the revised flood insurance regulations issued by the agencies in August 1996. The Interagency Questions and Answers contain informal staff guidance for agency personnel, financial institutions, and the public. The agencies intend to update the publication regularly, and invite public comment and new questions on flood insurance.

The FFIEC's notice published in the Federal Register of July 23 is available as a file (pdf - 60kb). Questions on this matter may be directed to staff of the Board of Governors, as specified in the notice.