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OCCRulemakingOCC-2014-0016

Loans in Areas Having Special Flood Hazards (Homeowner Flood Insurance Affordability Act of 2014)

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American Bankers Association filings
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American Bankers Association filed 1 comment on this docket between Dec 18, 2014 and Dec 18, 2014. 15 other organizations filed here. The comment window closed 4229d ago.

What American Bankers Association filed (1)

Dec 18, 2014· American Bankers Association & American Bankers Insurance Association· OCC-2014-0016-0003

Joint comment letter submitted by ABA and ABIA is attached.

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Abstract

The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration (FCA), and the National Credit Union Administration (NCUA) are amending their regulations regarding loans in areas having special flood hazards to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act). Specifically, the final rule requires regulated lending institutions to accept policies that meet the statutory definition of ``private flood insurance'' in the Biggert-Waters Act; and permits regulated lending institutions to exercise their discretion to accept flood insurance policies issued by private insurers and plans providing flood coverage issued by mutual aid societies that do not meet the statutory definition of ``private flood insurance,'' subject to certain restrictions.

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Loans in Areas Having Special Flood Hazards (Homeowner Flood Insurance Affordability Act of 2014) (OCC) — American Bankers Association | OpenPolis