Flood disaster protection act examination procedures author. The 1968 act made federally subsidized flood insurance available to owners of improved real estate or mobile homes located in special flood hazard areas sfha if their community participates in the nfip. Subcommittee on housing and urban affairs 1 edition. At its top level, it divides the world of legislation into fifty topicallyorganized titles, and each title is further subdivided into any number of logical subtopics. Congress extends the national flood insurance program and. Full text of flood disaster protection act of 1973. Congress has the twofold purposes of the nfip to share the risk of flood losses through flood insurance and to reduce flood damages by restricting floodplain development. Section 102 a of the flood disaster protection act of 1973. Flood disaster protection act forum compliance resource. The purpose of this section is to implement the requirements of the national flood insurance act of 1968 and the flood disaster protection act of 1973, as amended 42 u. Flood disaster protection act policy compliance alliance. The natural disaster protection act provides an example of what the nineteenthcentury french political economist frederic bastiat called the seen and the unseen.
The 1968 act made federally subsidized flood insurance available to owners of improved real estate or mobile homes located in special flood hazard areas sfha if their community. A bill to amend the flood disaster protection act of 1973 to. On july 21, 2009, the office of the comptroller of the currency, along with the board of governors of the federal reserve system, the federal deposit insurance corporation, office of thrift supervision, national credit union administration, and the farm credit administration the agencies, published in the federal register interagency questions and answers regarding. The only truly allinclusive federal banking compliance advisory service staffed with attorneys, former auditors and compliance specialists. Glossary term national flood insurance program nfip. The national flood insurance program is a voluntary program based on a mutual agreement between the federal government and the participating community. The 1968 act made federally subsidized flood insurance available to. Table of contents c compensation and travel expenses 4026. Xvilson throughout history, man has utilized rivers for water supply, transportation, power generation, and waste disposal. Flood disaster protection act of 1973 open energy information. The disaster recovery personal protection act of 2006 was a bill introduced in the united states congress intended to prohibit the confiscation of legally possessed firearms during a disaster. An act to expand the national flood insurance program by substantially increasing limits of coverage and total amount of insurance authorized to be outstanding and by requiring known flood prone communities to participate in the program, and for other purposes. The national flood insurance act of 1968 created the federal insurance administration and made flood.
On october 17, 2011, the office of the comptroller of the currency occ, along with the board of governors of the federal reserve system, the federal deposit insurance corporation, the national credit union administration, and the farm credit administration the agencies, published in the federal register updates to the interagency questions and. An act to expand the national flood insurance program by substantially increasing limits of coverage and total amount of insurance authorized to be outstanding and by requiring known floodprone communities to participate in the program, and for other purposes. Mar 29, 20 the biggertwaters flood insurance reform act of 2012 the act, enacted july 6, 2012, amended various provisions of the flood disaster protection act of 1973 fdpa. Program of the flood disaster protection act of 1973, 42 u. Flood disaster protection act examination procedures keywords. Iwe hereby acknowledge that we have been advised of the flood disaster protection act of 1973 and the requirements that iwe provide such insurance coverage on any property located within an area designated as a flood hazard area. Flood disaster protection act of 1973 by united states. Washington state department of financial institutions subject. National flood insurance act of 1968 and flood disaster protection.
As the recent photo from this week in houston, march 9 11, 2016, showing flooding in the streets due to heavy rainfall in just 2 days, we are reminded very quickly how things can dramatically change literally overnight. Fdic law, regulations, related acts consumer protection. Define acceptable private flood insurance as a policy providing flood insurance coverage that is issued by an. The flood disaster protection act of 1973 made flood insurance mandatory in floodprone areas for properties financed by federally regulated lending institutions or through federal assistance. Flood disaster protection act, interagency examination. Its provisions became law in the form of the vitter amendment to the department of homeland security appropriations act, 2007.
Flood disaster protection act of 1973 and subsequent statutory revisions made it the lenders responsibility to determine which properties are in areas most prone to flooding and, further, to become the enforcer for the purchase and maintenance of flood insurance protection. Congress extends the national flood insurance program and amends the national flood insurance act and the flood disaster protection act. Flood disaster protection introduction federal reserve. Flood disaster protection act, 1973 the purpose of the act was to.
Applicants must insure against future losses from the hazards that caused the damage to. The national flood insurance program nfip is administered primarily under two statutes. For complete classification of this act to the code, see short title of 1973 amendment note set out under section 4001 of this title and tables. Use of the disaster relief act of 1974 in an immigration. Abstract the national flood insurance program nfip is administered primarily under two statutes. Fdic consumer compliance examination manual september 2019. On july 6, 2012, president obama signed into law h. A bill to amend the flood disaster protection act of 1973 to make compliance with its provisions voluntary. Soaring insurance costs make housing less affordable.
Accessible book, flood insurance, law and legislation. Section 102 a of the flood disaster protection act of. Oct 17, 2011 on october 17, 2011, the office of the comptroller of the currency occ, along with the board of governors of the federal reserve system, the federal deposit insurance corporation, the national credit union administration, and the farm credit administration the agencies, published in the federal register updates to the interagency questions and answers regarding flood insurance. Flood disaster protection act of 1973 to clarify that flood insurance offered by a private carrier outside of the nfip can satisfy that acts mandatory purchase requirement. The national flood insurance program nfip is a program created by the congress of the united states in 1968 through the national flood insurance act of 1968 p.
Flood disaster protection act fdpa overview the national flood insurance program nfip is administered primarily under two statutes. A bill to amend the flood disaster protection act of 1973. The nfip is administered by a department of the federal emergency management agency fema, the federal insurance administration fia. Revised interagency examination procedures overview it also addresses the types of structures eligible for flood insurance under the national flood insurance program, which is administered primarily under the national flood insurance act.
This forum has 85 topics, 114 replies, and was last updated 2 months, 3 weeks ago by pamela. Federallybacked flood insurance coverage is available to any property owner in return for mitigation of flood risks by community regulation of floodplain development. The united states code is meant to be an organized, logical compilation of the laws passed by congress. As you may be aware, regulation h has been revised to reflect statutory changes in the flood disaster protection act. National flood insurance act of 1968 and the flood. Biennial report to president a in general b effects of flood insurance program 4028. Be it enacted by the senate and house of representatives of the united states of america in congress assembled, that this act may be cited as the flood disaster protection act of 1973. While it would appear to reduce the federal government bailout of those who have natural disasters befall them, it would instead create a substantial liability for the federal. Flood disaster protection act audit worksheet compliance. The national flood insurance act of 1968 created the federal insurance administration and made flood insurance available for the first time. The national flood insurance reform act provided tools to facilitate compliance with the statutory requirements for flood insurance and made major changes to the national flood insurance program nfip and the flood disaster protection act. The program was first amended by the flood disaster protection act of 1973, which made the purchase of flood insurance mandatory for the protection of property within sfhas.
The flood disaster protection act fdpa of 1973 and the national flood insurance reform act nfira of 1994 mandate the purchase of flood insur ance as a condition of receiving federal or federallyrelated financial assistance whenever a lender makes, increases, extends or renews any loan secured by. The flood disaster protection act of 1973 made the purchase of flood insurance mandatory for the protection of property located in special flood hazard areas. The flood disaster protection act of 1973, as amended,42 u. In this regard, the ffiec has approved revised examination procedures enclosed which reflect these changes. Flood disaster protection act of 1973 requires that flood insurance protection be purchased for any project located in special flood hazard areas sfha, designated by fema as 100year or 500year flood zones, as a condition of the recipient using any hud funds.
Subsection b of section 102 of the flood disaster protection act of 1973 42 u. Flood disaster protection act does this affect you. A rational approach to flood damage prevention larry j. Stafford disaster relief and emergency assistance act an act entitled the disaster relief act. Hearings, ninetythird congress, first session, on s. Flood disaster protection act how is flood disaster. Use of the disaster relief act of 1974 in an immigration emergency the disaster relief act authorizes the provision of federal aid to state and local governments in the event of an emergency or major disaster, whether resulting from natural or manmade causes. Stafford disaster relief and emergency assistance act, this act was enacted on 22 may 1974, and has since been amended several times. The 1968 act made federally subsidized flood insurance available to owners of. The biggertwaters flood insurance reform act of 2012 the act, enacted july 6, 2012, amended various provisions of the flood disaster protection act of 1973 fdpa.
Disaster recovery personal protection act of 2006 wikipedia. Flood insurance act of 1968 1968 act and the flood disaster protection act of 1973 fdpa. The disaster relief and emergency assistance act, referred to in. Stafford disaster relief and emergency assistance act, this act was enacted on 22 may 1974, and has. Section 102 of the flood disaster protection act of 1973 42 u. Iwe herebyacknowledge that we have been advised of the flood disaster protection act of 1973 and the requirements that iwe provide such insurance coverage on anyproperty located within an area designated as a flood hazard area.
Notwithstanding any federal or state law other than the flood disaster protection act of 1973, as amended 42 u. Call or write congress react to this bill with an emoji. The 1994 act also made the flood insurance requirements directly applicable to the loans purchased by the. Flood disaster protection act examination procedures created date. On july 21, 2009, the office of the comptroller of the currency, along with the board of governors of the federal reserve system, the federal deposit insurance corporation, office of thrift supervision, national credit union administration, and the farm credit administration the agencies, published in the federal register interagency questions and answers regarding flood insurance 2009. Requires that flood insurance protection be purchased for any project located in special flood. Please distribute them to your examiners for their immediate use. The national flood insurance act of 1968, as amended, and the flood disaster protection act of 1973, as amended,42 u. National flood insurance act of 1968 and flood disaster.
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