Agencies Release Proposed New Interagency Questions and Answers Regarding Private Flood Insurance

News Release For Immediate Release Contact: Mike Stokke or Emily Yaghmour, 703-883-4056 Email: info-line@fca.gov Agencies Release Proposed New Interagency Questions and Answers Regarding Private Flood Insurance WASHINGTON — Five federal regulatory agencies today requested public comment on 24 proposed Interagency Questions and Answers Regarding Private Flood Insurance.   The proposal is intended to help lenders comply with the agencies' joint rule promulgated in 2019 to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012.     The proposal incorporates new questions and answers in a number of areas including: Mandatory Acceptance, Discretionary Acceptance, and Private Flood Insurance General Compliance. These questions and answers would supplement the 118 Interagency Questions and Answers Regarding Flood Insurance that the agencies proposed on July 6, 2020.       Comments will be accepted for 60 days after publication in the Federal Register. # # # Attachment: Questions and Answers Regarding Private Flood Insurance (PDF) Media Contacts            Board of Governors of the Federal Reserve System Susan Stawick    (202) 452-2955 Farm Credit Administration Emily Yaghmour  (703) 883-4056 Federal Deposit Insurance Corporation          Brian Sullivan  (202) 412-1436 National Credit Union Administration Ben Hardaway (703) 518-6330 Office of the Comptroller of the Currency Bryan Hubbard    (202) 649-6870     The Farm Credit Administration is the safety and soundness regulator of the Farm Credit System. The System consists of two government-sponsored enterprises — a nationwide network of cooperative banks and associations established in 1916, and a secondary market entity known as the Federal Agricultural Mortgage Corporation (Farmer Mac) that was established in 1988. The System's borrower-owned banks and associations provide credit to farmers, ranchers, residents of rural communities, agricultural and rural utility cooperatives, and other eligible and creditworthy borrowers. Farmer Mac provides a secondary market for agricultural real estate loans, rural housing mortgage loans, and certain rural utility loans. Note: FCA news releases are available on the web at www.fca.gov.

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