Financial institutions have been implementing new regulations through board-approved policies for decades. As existing regulations are revised and new regulations are published existing polices need to be updated. Policy Updates are completely customizable and designed to simplify the task of updating existing policies, regardless of where the existing requirement is lodged.
The Private Flood Insurance Policy Update communicates the Board’s intent to fully comply with the guidelines as established by the Interagency Flood Insurance rules. The final rules, that were published in February 2019, require creditors to accept private flood insurance from borrowers. It includes a statement of policy, designation of individual(s) responsible for overseeing compliance, and addresses procedures, training and testing.