Flood Disaster Protection
This page provides links to information to help Farm Credit System lenders understand rules on flood insurance.
By law, lenders must not make, increase, extend, or renew loans that are secured either by improved real estate or a mobile home if (a) the property is not covered by flood insurance and (b) the property is located in a community that participates in the National Flood Insurance Program.
News Related to Flood Protection
- Limited Suspension of Enforcement Actions Relating to Private Flood Insurance (Informational Memorandum)
- Agencies Request Comment on Proposed Flood Insurance Rule (news release)
- On October 10, 2013, the FCA Board approved a proposed rule on flood insurance prepared jointly by FCA and four other federal banking agencies. (See October 11 news release.)
- Interagency Statement on the Impact of Biggert-Waters Act (Informational Memorandum)
- The Federal Emergency Management Agency has revised its Standard Flood Hazard Determination form and changed the form number from 81-93 to 086-0-32. The new form will be required beginning May 31, 2015; until then, the old form will be accepted. For more information, see the October 10, 2012, FEMA memorandum.
Regulations and Guidance
FCA, along with five other agencies (Office of the Comptroller of the Currency, Federal Reserve System, Federal Deposit Insurance Corporation, Office of Thrift Supervision, and National Credit Union Administration), issued a joint final rule to govern loans in areas having special flood hazards. This rule was published in the Federal Register on July 6, 1995.
In July 2009, the agencies issued updated questions and answers about flood insurance as guidance to further clarify the laws and regulations.
On October 17, 2011, the agencies issued a notice and request for comment to revise four of the questions and answers. For more information, see the news release, Agencies Release Guidance and Proposed Revisions to Interagency Questions and Answers Regarding Flood Insurance, which was issued on October 14, 2011.
The National Flood Insurance Program is administered under the following legislation:
- National Flood Insurance Act of 1968 and Flood Insurance Protection Act of 1973
- National Flood Insurance Reform Act of 1994
For more information, please contact Paul Gibbs, Senior Accountant in the Office of Regulatory Policy, at firstname.lastname@example.org.
Page updated on December 24, 2015.