A Deluge of Private Flood Insurance Q & A's.

Delivering on the commitment made in the July 2020 Proposed Questions and Answers to the Private Flood Insurance Final Rule, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Farm Credit Administration, and National Credit Union Administration (the "Agencies"), have drafted 24 new questions and answers about the Private Flood Insurance Rule. Proposed new Q&A Applicability I would clarify that an automatic extension of a credit facility agreed upon by borrower and lender in the original loan agreement would not constitute a triggering event. Proposed new Q&A Coverage 3 would explain that mandatory flood insurance on a designated loan needs to be in place on the closing date. [Extracted from the article]