Pub 18 2021 Issue 1

14 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S — H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S T he Agencies (OCC, FRB, FDIC, FCA and NCUA) have recently proposed 1 revisions to the Interagency Questions and Answers Regarding Flood Insurance. The proposal’s purpose is to supplement the July 2020 2 proposed Q&As, which only contained two proposed questions on private f lood insurance. These new proposed Q&As are formulated based on questions received by the Agencies regarding private f lood insurance rules that went into effect July 1, 2019, and include 24 proposed Q&As on private f lood insurance. GOOD THINGS COME TO THOSE WHO WAIT: INTERAGENCY PROPOSED FLOOD Q&A’s By Elizabeth Madlem, Compliance Alliance