In the December 19, 2014 issue of the Federal Register (79 FR 75742) the Federal Deposit Insurance Corporation (FDIC), as the “appropriate Federal banking agency” for State nonmember banks and State savings associations, published a final rule integrating and amending its flood insurance regulations by removing and rescinding 12 CFR part 391, subpart D, which applies to State savings associations, and amending 12 CFR part 339 to include State savings associations. Thus, the amended flood insurance regulations in 12 CFR part 339 (§§339.1 through 339.10 and Appendix A) will apply to both State nonmember banks and State savings associations, effective January 20, 2015. The final rule amends 12 CFR part 339 by deleting the definition of “bank,” inserting a definition of “FDIC-supervised institution” that includes both State nonmember banks and State savings associations, and replacing the term “bank” with the term “FDIC-supervised institution” throughout part 339.

Complete Memorandum