Flood Insurance - Fact or Fiction? What do you need to know?
Details
Outline
- Expectations for flood insurance compliance, including recent regulatory guidance and suggestions for oversight by the Board and Senior management
- What "pattern or practice" violations will trigger mandatory assessment of civil money penalties by your financial institution's primary regulator?
- Requirements of the Biggert-Waters Flood Insurance Reform Act of 2012 and the Homeowner Insurance Affordability Act
- How to deliver proper flood hazard notices for the four types of "trip wire" events; proper insurance calculation methods, and force placement rules
- Problem areas - what are they and how can you avoid making costly mistakes? Portions of the interagency question and answers will be covered. Topics to be covered include examples for:
- Contents coverage for commercial loans
- Residential condominium loans
- Force placement of flood insurance
- Map changes
- Disputing flood zone determinations
- Flood zone discrepancies
- Notice to borrower
- Proof of coverage
- Construction Loans
- Modifications
- Detached garages
- Flood Insurance Resources - helpful references and tools for compliance
Speaker/s
Susan Costonis is a compliance consultant and trainer. She frequently provides consulting services to financial institutions regarding fair lending and other compliance management issues. Her 36 year career in banking and training began with 20 years at First National Bank, an affiliate of Wells Fargo Bank, in Fort Collins, CO. Susan has been a bank compliance consultant or compliance officer in Louisiana since 1998.
During her career, Susan has successfully managed compliance programs and exams for institutions supervised by the OCC, FDIC, and Federal Reserve. She is a Certified Regulatory Compliance Manager and completed the ABA Graduate Compliance School and the Graduate Banking School of the University of Colorado. Susan regularly presents seminars to financial associations.
Total Training Solutions has produced dozens of videotapes, cd-roms and self-paced online compliance training programs. These programs constantly receive high acclaim and are recognized as some of the best in the industry.
We have worked exclusively with the financial industry since our founding. Because of this, we understand the needs of training departments in financial institutions and are alert to changes which affect the industry. We maintain a network of consultants throughout the country who serve as subject matter experts when needed.
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