On May 31, 2022, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), Farm Credit Administration (FCA), and National Credit Union Administration (NCUA) published in the Federal Register (87 FR 32826) reorganized, revised and expanded Interagency Questions and Answers Regarding Flood Insurance (herein 2022 Interagency Q&As) that include guidance related to major amendments to the flood insurance laws regarding the escrow of flood insurance premiums, the detached structure exemption, force placement procedures, and the acceptance of flood insurance policies issued by private insurers.

Full Memorandum