DATE: August 15, 1997
SUBJECT: FFIEC - Questions and Answers Regarding
Flood Insurance
The Federal Financial Institutions Examination
Council (FFIEC) has issued Interagency Questions and Answers Regarding
Flood Insurance (Q&A) to help financial institutions, including
credit unions, to meet their responsibilities under federal flood
insurance legislation and to increase public understanding of
flood insurance regulations. The Q&A is enclosed.
This Q&A supplements the preamble to the
joint final rule regarding flood insurance which was revised in
the summer of 1996. NCUA Rules and Regulations, Part 760 contains
the flood insurance rule.
The FFIEC invites public comments on a continuing
basis. Questions submitted will be considered for future guidance.
As noted in the enclosed, comments should be addressed to Joe
M. Cleaver, Executive Secretary, Federal Financial Institutions
Examination Council, 2100 Pennsylvania Avenue NW., Suite 200,
Washington, DC 20037 or faxed to (202) 634-6556.
Sincerely,
/S/
Karl T. Hoyle
Executive Director
Enclosure
EI