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Flood - Understanding the Basics

Join us as we discuss the requirements of the FDPA so that you can ensure there are no leaks in your institution’s flood compliance program!

OnDemand
Recorded Wednesday,
April 6th, 2022
Presented by Molly Stull
1h 30m total length
2 CRCM Credits
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Compliance
  • Lending
  • Board Member
  • Branch Manager
  • Commercial Lender
  • Community Reinvestment Act Officer
  • Compliance Officer
  • Internal Auditor
  • Loan Closer
  • Loan Operations Manager/Specialist
  • Mortgage Lender
  • Risk Manager
  • Senior Management
  • Trainer

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Civil money penalties continued to be assessed for violations of the Flood Disaster Protection Act (FDPA) even though the basic regulatory requirements have remained the same for a number of years. Bottom line, adequate flood insurance is required to be in place when a MIRE (Make, Increase, Renew, or Extent) event occurs and the structure securing the loan is in a special flood hazard area. And on top of that, if the borrowers drop their flood insurance your institution must force place in a timely manner.

The components of an effective flood compliance management program include timely ordering of the determination; action steps when collateral is in a special flood hazard area; fulfilling notice requirements; and evaluating flood policies. Join us as we discuss the requirements of the FDPA so that you can ensure there are no leaks in your institution’s flood compliance program!

What You'll Learn

  • Understand critical elements in the flood determination process
  • Calculate the minimum amount of flood insurance required
  • Explain the differences between an NFIP versus a private flood policy
    • Appropriately review a private flood policy
  • Recognize timing requirements for force placing flood insurance
  • Watch for potential flood issues with third-party service providers
  • Implement monitoring and tracking tools to aid with fulfilling compliance responsibilities

Who Should Attend

This informative session is designed for lenders, loan processors, lending staff, compliance officers, risk officers, and trainers.

Molly Stull

Instructor Bio

Molly began her banking career on the teller line while working on her undergraduate degree and has continued working in the financial industry ever since. Some of her experience includes roles in operations, business resumption planning, consumer compliance, and conducting audits. Her favorite role is ensuring that her audience, whether on the sports field or in the financial industry, understands the "why" behind the rule. Her wealth of financial knowledge and her numerous years of experience enable her to relate the material to the audience.

Continuing Education Credit Information

Flood - Understanding the Basics has been approved for 2 CRCM credits. This statement is not an endorsement of this program or its sponsor. Credits are redeemable for Live attendance only. For questions on certificates, please email support@oncourselearning.com. Certification holders must report these credits at https://aba.csod.com.

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