Hoosier Banker 21 has changed. Fortunately, the most recent flood map updates for particular addresses are easily viewable on FEMA’s website.13 Additionally, flood hazard determination companies offer “life-of-loan coverage,” through which they will notify the lender of flood map changes.14 Working with such a provider can give added protection in alleviating potential problems. In short, lenders may prevent uninsured flood losses by following these practice tips to maintain and update flood certifications. HB 142 U.S.C. § 4003; 42 U.S.C. § 4011 et. seq. 2Federal Emergency Management Agency, National Flood Insurance Program Fact Sheet (2011), www.fema.gov/pdf/ media/factsheets/2011/mit_natl_flood_ins.pdf. 342 U.S.C. § 4012a(b). Proposed legislation seeks to repeal mandatory flood insurance coverage for commercial properties located in flood hazard areas. See H.R. 2246, 115th Cong. (2017-2018). However, this legislation, known as the Taxpayer Exposure Mitigation Act of 2017, provides that FEMA may not prohibit or limit the purchase of flood insurance coverage under the National Flood Insurance Program for eligible commercial properties. Id. Although the House Financial Services Committee sent the bill to the full chamber for consideration on June 21, 2017, H.R. 2246 has been given a low chance of passing. See Taxpayer Exposure Mitigation Act of 2017, H.R. 2246, 115th Cong. (2017-2018), www.govtrack.us/congress/bills/115/hr2246. 4Practical Law Real Estate, Property and Liability Insurance in Real Estate Transactions, THOMSON REUTERS (2017). 5FEMA, Flood Map Revision Processes (2017), www.fema. gov/flood-map-revision-processes. 6Id. 7See id. 8FIS Regulatory Advisory Services, Compliance Manual, §4.29 (2010). CERTIFIED PUBLIC ACCOUNTANTS New Albany 812.945.2311 | monroeshine.com | Louisville 502.423.0311 VISION FOR TOMORROW EST 1925 KNOWLEDGE FOR TODAY AUDIT & ASSURANCE BSA & ACH COMPLIANCE CONSULTING SERVICES IT RISK MANAGEMENT LOAN REVIEW MERGER & ACQUISITION OUTSOURCED INTERNAL AUDIT SEC & SOX COMPLIANCE Throughout the decades our commitment to the financial institutions industry and technical knowledge, combined with outstanding responsiveness and service, has helped our clients manage complex issues and regulatory requirements. 912 C.F.R. § 208.25(f)(2). 10Practical Law Real Estate, Property and Liability Insurance in Real Estate Transactions, THOMSON REUTERS, 2017. 1112 C.F.R. § 208.25(g)(1). 1242 U.S.C. § 4104b(e). 13FEMA Flood Map Service Center: Welcome!, FEMA, https://msc.fema.gov/portal. 14FIS Regulatory Advisory Services, Compliance Manual, §4.29 (2010). To offset the cost of this monitoring, lenders are permitted to charge the borrower. See 12 C.F.R. § 208.25(h)(1). This information is provided for general education purposes and is not intended to be legal advice. Please consult legal counsel for specific guidance as to how this information applies to your institution’s circumstances or situation. TAKING IT EASY Dave Rose, market president of Porter County for Horizon Bank, Michigan City, has retired. Shortly before his retirement in July, he was awarded the Sagamore of the Wabash in recognition of his contributions to the community. Rose joined Horizon Bank in 1980, serving as senior auditor, senior operations officer and senior retail officer before being named market president. Rose serves on the boards of directors of Porter Regional Hospital, Porter County Community Foundation and Valparaiso Economic Development Commission. He previously served on the boards of the Valparaiso Chamber of Commerce, the Valparaiso Economic Development Commission, Boy Scouts of America Calumet District, United Way of Porter County, Dollars for Scholars, Porter County Community Foundation, Porter Stark Services, Valparaiso Rotary, John G. Blank Center for the Arts and the Michigan City Redevelopment Commission. In addition to being named a Sagamore of the Wabash, Rose has earned several other distinctions, including Valparaiso Community Leader of the Year, Horizon’s John A. Garrettson Leadership and the Burton B. Ruby Community Service Awards. He is a graduate of Indiana University. Marcie Nickols asset/liability manager at The Farmers Bank, Frankfort, has retired after 39 years of service. She joined the bank in 1978 as a proof operator. Later assignments included work in the operations and comptroller departments. Nickols is a past treasurer of the local chapter of Zonta International. Joe Hess, member of the board of directors of Tri-County Bank & Trust Company, Roachdale, has retired from the board after 42 years of service. He previously was the owner of Hess Construction, which built the bank’s branches in Bainbridge and Russellville. Hess is a member of the Indiana Bankers Association 40 Year Club. HB
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