On March 29, 2013, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Farm Credit Administration jointly issued an interagency guidance entitled “Interagency Statement on the Impact of Biggert-Waters Act” regarding revisions to the Flood Disaster Protection Act of 1973. The guidance is reprinted below in full, but you also may access it by clicking on FIL-14-2013 issued by the Federal Deposit Insurance Corporation. Interagency Statement on the Impact of Biggert-Waters Act March 29, 2013 The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Farm Credit Administration (the Agencies) developed this guidance to inform financial institutions about revisions to the Flood Disaster Protection Act of 1973 (the FDPA). This guidance discusses the effective dates of certain provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (the Act), enacted July 6, 2012, and the impact of the Act on the Agencies’ proposed Interagency Questions and Answers.
