Avatar and Flood Insurance Compliance – Two Types of Blues

Who remembers when Avatar came out as a movie in 2009? Was 2009 really 13 years ago – yikes! How did THAT happen!?!? We’ve been waiting patiently for years for the sequel to finally be rolled out and now it's finally coming to fruition (release date is set for December 2022). I guess all good things come in due time! Perhaps there wasn’t as much hoopla around the regulatory agencies finally getting around to releasing the Interagency Questions and Answers Regarding Flood Insurance guidance in May 2022 – but it was also a few years in the making! And for you compliance geeks, the wait is finally over!

In mid-May 2022, five regulatory agencies jointly issued revised Q&As regarding federal flood insurance laws and implementing regulations. The revised Q&As replace those originally issued by the agencies in 2009 and 2011, plus consolidates those proposed in 2020 and 2021. The agencies were even nice enough to reorganize the Q&As to make it easier to find and review pertinent flood insurance information (whoever said regulators couldn’t be nice?)

If you haven’t had a chance yet to review the Q&As, below is a link that takes you to the Federal Register publication of such. You may enjoy reading 100+ pages of history, and if so, start reading this bad boy on page one. But if you want to cut to the chase, the redesignation table can be found on page 147 and the actual Q&As begin on page 155. Happy reading!

https://www.fdic.gov/news/press-releases/2022/pr22040a.pdf

Authored by: Joann Lang, CIA, CAMS, CCBP