The Flood Disaster Protection Act Understanding the Basics June 5, 2023 1:30 pm - 3:00 pm Central Time
|
Flood compliance continues to cause institutions to be assessed civil money penalties for violations of the Flood Disaster Protection Act (FDPA) even though the basic regulatory requirements have remained the same for a number of years. Bottom line, adequate flood insurance is required to be in place when a MIRE (Make, Increase, Renew, or Extent) event occurs and the structure securing the loan is located in a special flood hazard area. And, on top of that, if the borrowers drop their flood insurance your institution must force place insurance in a timely manner. The components of an effective flood compliance management program include timely ordering of the determination; proper calculation of the minimum flood insurance coverage; fulfilling notice requirements; and evaluating flood policies. Join us as we discuss the requirements of the FDPA so that you can ensure there are no leaks in your institution’s flood compliance program! What You'll Learn
FacultyMolly StullMolly began her banking career on the teller line while working on her undergraduate degree and has continued working in the financial industry ever since. Some of her experience includes roles in operations, business resumption planning, consumer compliance, and conducting audits. Her favorite role is ensuring that her audience, whether on the sports field or in the financial industry, understands the "why" behind the rule. Her wealth of financial knowledge and her numerous years of experience enable her to relate the material to the audience. |