Flood Disaster Protection Act Policy Update

Product Update Notification - 03/25/08

Bankpolicies.com is proud to announce the immediate availability of our revised Flood Disaster Protection Act Policy Template product.

This update is in response to the OCC Bulletin 2008-4 entitled "Flood Hazard Determination Practices" dated February 25, 2008. This bulletin provides guidance regarding certain practices relating to flood hazard determinations that may expose national banks to compliance and operational risks.

http://www.occ.treas.gov/ftp/bulletin/2008-4.html

What's New

Topic 14 - Retention of Documentation. Provides sample guidance for the retention of flood determination documentation.

What's Revised

Topic 6 - Flood Insurance Determination and Records. The "Bank Policy and Procedures" subtopic was revised to include additional requirements for flood determinations performed by a financial institution or an outside service company.

Product Contents

Purpose and Contents - Topic 1
Policy Statement - Topic 2

Definitions - Topic 3

Flood Disaster Protection Act Background - Topic 4

NFIP Coverage - Topic 5

Flood Insurance Determination and Records - Topic 6

Notification Requirements and Written Acknowledgement - Topic 7

Amount of Flood Insurance - Topic 8

Escrow Accounts - Topic 9

Determination Fees - Topic 10

Penalties and Liabilities - Topic 11

Staff Training - Topic 12

Secondary and Audit Review - Topic 13

Retention of Documentation - Topic 14

Includes the following form templates:

Flood Insurance Notification (1 page)
Flood Insurance Renewal Notice (1 page)
Flood Notice of Special Hazards (1 page)
Flood Remapping Customer Notice (1 page)

Ordering Information

This product is available to purchase from Bankpolicies.com for:

$125.00 - List Price

- or -

$25.00* - Update Price

*Applies only to clients who have purchased the Flood Disaster Protection Act Policy Template within the last three years in addition to the following prior updates (if applicable):

Flood Disaster Protection Act Policy Template Update - 07/10/07 - $50.00

If you have ordered this product after 02/25/08 you are eligible to receive the product update at no charge.

Click here to place an order for this product. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the list or update price (whichever applies).

NOTE: Refer to our Place an Order page for important information regarding payment terms and our return policy. Orders placed for Product Updates are only available directly through Bankpolicies.com.

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