Federal Deposit Insurance Corporation October 30, 2014 – Federal Register Recent Federal Regulation Documents

The FDIC is correcting a Notice of Open Meeting that appeared in the Federal Register of October 14, 2014 (79 FR 61641), regarding a meeting of the FDIC Advisory Committee on Economic Inclusion. This publication corrects a typographical error in the meeting date appearing on page 61641 in the DATES section. Effective Date of Correction: The correction is effective upon publication in the Federal Register.

The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration (FCA), and the National Credit Union Administration (NCUA) (collectively, the Agencies) are proposing to amend their regulations regarding loans in areas having special flood hazards to implement certain provisions of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA), which amends some of the changes to the Flood Disaster Protection Act of 1973 mandated by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). Specifically, the proposal would establish requirements with respect to the escrow of flood insurance payments, consistent with the changes set forth in HFIAA. The proposal also would incorporate an exemption in HFIAA for certain detached structures from the mandatory flood insurance purchase requirement. The Agencies plan to address in a separate rulemaking other provisions of Biggert-Waters over which the Agencies have jurisdiction that have not been affected by HFIAA.