Joint Release/Agencies Issue Flood Insurance Rule — 2015-06-22

Board of Governors of the Federal Reserve System Farm Credit Administration Joint Release Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency Agencies Issue Flood Insurance Rule Five federal regulatory agencies today announced the approval of a joint final rule that modifies regulations that apply to loans secured by properties located in special flood hazard areas. The final rule implements provisions of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA) relating to the escrowing of flood insurance payments and the exemption of certain detached structures from the mandatory flood insurance purchase requirement. The final rule also implements provisions in the Biggert-Waters Flood Insurance Reform Act of 2012 (the Biggert-Waters Act) relating to the force placement of flood insurance.