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Agencies seek comment on flood insurance guidance
WASHINGTON (7/22/09)—The National Credit Union Administration, along with the federal bank and thrift regulators and the Farm Credit System, released revised information in the form of questions and answers regarding flood insurance. The agencies are seeking comment on several of the newly posed questions, such as one addressing the determination of insurable value in calculating a maximum limit of coverage available for particular types of property. The regulators also want input on a question and answer about the timing of force placement of required flood insurance by lenders. After considering public comment, the agencies said in a joint release, they intend to incorporate comments into the “Interagency Questions and Answers Regarding Flood Insurance (2009).” The new document will supersede the 1997 interagency questions and answers document and supplements other guidance or interpretations issued by the agencies and the Federal Emergency Management Agency. Reps. Maxine Waters (D-Calif.) and Barney Frank (D-Mass.) introduced a bill earlier this month to extend authorization for the National Flood Insurance Program (NFIP) through March 31, 2010. Without legislative action, the program will expire at the end of September. Use the resource link below to read the comment request published in the Federal Register.
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