Federal Regulators Propose Flood Insurance Revamp

Law360, New York (October 11, 2013, 5:15 PM ET) -- Five federal regulatory agencies Friday proposed a new requirement that lending institutions accept private flood insurance as part of the implementation of a 2012 law that overhauls the federal flood insurance program.

The proposed rule, designed to fulfill part of the Biggert-Waters Flood Insurance Reform Act of 2012, would also require regulated lending institutions to escrow payments and fees for flood insurance for any new or outstanding loans secured by residential improved real estate or a mobile home, not including business, agricultural and commercial loans, unless...
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