Pub. 16 2019 Issue 2

16 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 l ong awa i t e d f i na l pr ivate f lood rule was, at last , joint ly released on Febr ua r y 20 , 2019 by the OCC, FRB, FDIC, FCA, and NCUA (“the Agencies”) 6 long years af ter the f i rst proposed rule. The f irst proposed rule that was released i n Oc tober 201 3 i nt r oduc ed t he requirements for accept ing pr ivate f l ood i n su r a nc e t ha t me e t s t he def init ion under the Bigger t-Waters Act. Three years later, in November 2016 , t he Agenc i e s r e v i s ed a nd repurposed the pr ivate f lood rule. MUCH TO DO ABOUT PRIVATE FLOOD RULE By Daniela Clark, Compliance Alliance