Flood Insurance: Current Regulatory Issues and Supervisory Expectations

According to the Federal Reserve Board, violations of flood insurance provisions are among the most common compliance violations cited during regular examinations.  In addition to the challenge of direct compliance with flood insurance regulatory requirements, banks often outsource essential functions of flood insurance responsibilities, thereby layering on the management of third-party vendors as another aspect of sound flood insurance compliance risk management.  Further, regulators have recently issued additional flood insurance regulatory requirements that bring additional complexity to this area of risk management.

Joining us for a discussion of current regulatory considerations and supervisory expectations relating to flood insurance will be Kenneth Benton, Principal Consumer Regulations Specialist with the Federal Reserve Bank of Philadelphia.  In addition to his flood insurance discussion, Ken also plans to provide an overview of the CFPB’s final Prepaid Accounts Rule that becomes effective on April 1, 2019.  A Q&A session will follow Ken’s prepared remarks.