Loans in Areas Having Special Flood Hazards — 1995-10-18 [95-25257]

The Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), Office of Thrift Supervision (OTS), and National Credit Union Administration (NCUA) are proposing to amend their regulations, and the Farm Credit Administration (FCA) is proposing to issue new regulations, regarding loans in areas having special flood hazards. This action is required by statute and is intended to implement the provisions of the National Flood Insurance Reform Act of 1994. Among other statutorily mandated provisions, the proposal would establish new escrow requirements for flood insurance premiums, explicit authority and the requirement for lenders and servicers to ``force-place'' flood insurance under certain circumstances, enhanced flood hazard notice requirements, and new authority for lenders to charge fees for determining if a property is located in a special flood hazard area.