Loans in Areas Having Special Flood Hazards
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.
Rules of Organization and Procedure of the Consumer Advisory Council
The Board of Governors of the Federal Reserve System (Board) is repealing its Rules of Organization and Procedure of the Consumer Advisory Council. The Dodd-Frank Wall Street Reform and Consumer Protection Act repealed the requirement in section 703 of the Equal Credit Opportunity Act that the Board establish and operate the Consumer Advisory Council (CAC). Consequently, the Board no longer maintains a CAC and the rules of organization and procedure are no longer necessary.