The Washington Report covers legislative and regulatory policy activities, and is compiled by NAR's Advocacy Group policy staff. To receive this content via email, subscribe to NAR's Member's Edge newsletter.
Five federal regulatory agencies - the Federal Reserve, FDIC, OCC, Farm Credit and National Credit Union Administrations - published final regulations clarifying lender acceptance of private flood insurance. These rules will take effect on July 1.
Federal banking regulators released a final regulation clarifying lender acceptance of private flood insurance. The final regulation implements Section 239 of the Biggert-Waters Flood Insurance Reform Act of 2012, which generally requires lenders to accept private flood insurance meeting a strict statutory definition.
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