Flood Insurance Fundamentals – New Rules Announced
The flood insurance regulations have been around since 1996, yet examiners continue to cite numerous violations and order civil money penalties.

Both the Biggert-Waters Flood Insurance Reform Act of 2012 and the Homeowner Flood Insurance Affordability Act of 2014 made several changes to flood insurance requirements.

Attend this session to help train your staff to understand the rules of coverage and the root causes for common violations, including proper completion of the Standard Flood Hazard Determination Form, controls to require adequate flood insurance coverage, and proving that the Notice of Special Flood Hazards was delivered for each type of “triggering” event. We’ll discuss these four fundamental requirements of Flood Insurance Compliance.

UPDATE!! - This session will include an overview of the final interagency rule that was announced on June 22nd, 2015; see the UPDATE HIGHLIGHTS to learn about the provisions of both the Homeowner Flood Insurance Affordability Act and Biggert-Waters Reform Flood Insurance Act that will be implemented by the new rules. Learn what changes will become effective October 1, 2015! Prepare for the escrow-related changes that become effective January 1, 2016. WILL YOU BE READY?

Covered Topics

Four fundamentals: 

  • Overview & Key Requirements
  • Building an Effective Compliance Management System
  • Common Violations & Consequences of Noncompliance
  • Frequently Asked Questions

•    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
  • Force placement of flood insurance
  • Map changes
  • Disputing flood zone determinations
  • Flood zone discrepancies
  • Notice to borrower
  • Proof of coverage

•    Flood Insurance Resources – helpful references and tools for compliance


    • Detached structures exemption
    • Escrow of Flood Insurance Payments
    • Force Placement of Flood Insurance


This informative session is designed for auditors, loan officers, loan assistants, and loan administration staff. This seminar is designed for both those new to flood insurance compliance or more experienced personnel looking for a review of existing requirements.


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 37 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.

Credit Information

Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits


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