user
Welcome to Compliance 911, a no-nonsense, cut to the point, style show for today’s busy bank and credit union compliance professionals. With this series of bi-weekly shows our goal is to boil down some of today’s hottest regulatory compliance topics in quick and easy to digest 5-10 minute episodes so you can get the information you want and get on with your day. We’ll be discussing topics like CRA, HMDA, Fair Lending, Anti Money Laundering, and so much more. Don’t forget to subscribe and tell a friend about us! Follow M&M Consulting and GeoDataVision us on LinkedIn to get the latest updates.
This podcast discusses flood regulations for institutions lending money on properties. While there are many federal laws, some key ones being the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, institutions must comply to avoid penalties. This includes checking if a property is in a flood hazard area, notifying the borrower and requiring flood insurance if necessary, properly handling escrows and monitoring, and even force-placing insurance if the borrower lets it lapse. Common violations include weak internal controls, issues with contents coverage, mistakes in timing and notification, miscalculations of coverage amounts, and failing to properly monitor or force-place insurance.
Brought to you by GeoDataVision and M&M Consulting
