In April, the federal financial institution agencies released guidance on changes to the Flood Disaster Protection Act (FDPA).
The guidance from NCUA, Federal Reserve Board, Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, and the Farm Credit Administration covered the Biggert-Waters Flood Insurance Reform Act of 2012. That act amended the FDPA last July.
The guidance clarifies that the following provisions of Biggert-Waters became effective upon enactment (July 6, 2012):
The following provisions of the act are not effective until the issuance of regulations:
After the promulgation of final regulations, the agencies expect to undertake a review of the interagency questions and answers and may propose changes as appropriate.
For more information, visit CUNA's Compliance section.