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Thank you for attending the 2019 CRS Symposium on the North Shore on June 13th.  Your participation is vital to the implementation of CRS in our communities. The presentations and resources that were presented are now available online at the link below: www.knowflood.org/downloads and look for the “CRS” tab. Our next step is to work with your region to participate in a CRS users group.  The MCC will continue to update you when those groups are set to begin. If you would like to speak to any of the specific presenters from the event, please email us at info@knowflood.org and we can direct you to the right presenter.  To receive our newsletter and/or regular flood updates, become a member here: Thank you and we look forward to continuing to work with you. 

When Congress passed the Biggert Waters Act of 2012 (BW12), the intent of Congress was to make it easier for lenders to accept private flood insurance to satisfy the mandatory purchase requirement.  However, what the Act did was create vague language that took lending regulators seven years to finalize.  Since the lending regulators had to base the final rule around the legislative language, lenders worried that accepting the wrong private flood policy could be seen by a regulator as a violation of the law which would mean a fine of thousands of dollars. In January, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration (FCA), and the National Credit Union Administration (NCUA) (known going forward as the Regulators) issued their final guidance to lenders on how to accept a private flood policy, and on July 1st 2019 it became effective.  Even with the new rule, which should make business easier going forward for consumers purchasing private flood insurance, some questions remain and the industry hopes to receive answers in the coming months.  The final rule breaks the acceptance of private […]