Flood Disaster Protection Act: Avoiding Violations

Flood insurance compliance continues to be a challenge for institutions as evidenced by the number of regulatory violations. This program will explain the requirements of the Flood Disaster Protection Act (FDPA), including identifying when the regulation applies, fulfilling notice requirements, and proper calculation of the minimum amount of flood insurance. In addition, it will highlight regulatory requirements cited as weaknesses that resulted in assessment of civil money penalties.

On the surface, the requirements of the FDPA appear pretty basic, but challenges arise when the collateral involves different types of structures and multiple liens. Therefore, it is critical to understand the appropriate numeric values to calculate coverage, the types of flood policies borrowers can obtain, and when the detached-structure exemption applies. This webinar will review these topics and more! In addition, you’ll gain helpful resources for researching questions.