Webinar: Flood Disaster Protection Act: Avoiding Violations
March 27, 2024 3:00 pm - 4:30 pm
Floods are a challenge for homeowners.
Similarly, flood insurance is a challenge for financial institutions – if the number of regulatory violations is any indication. This timely program will examine the nooks and crannies of the FDPA, demonstrate how to calculate coverage with a take-away tool, explain the types of flood policies borrowers can buy, and more. Now’s the time to ensure there are no leaks in your institution’s flood compliance management program!
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Identify when FDPA requirements are triggered
- Recognize examiner-identified FDPA exceptions
- Determine when the detached exemption is available
- Explain the differences between an NFIP and a private flood policy
- Calculate the minimum amount of required flood insurance
- Analyze a private flood policy
- Understand critical timing requirements for force placing flood insurance
- Use research resources, including the interagency flood FAQs
WEBINAR DETAILS
Flood insurance compliance continues to be a challenge for institutions as evidenced by the number of regulatory violations. This program will explain the requirements of the Flood Disaster Protection Act (FDPA), including identifying when the regulation applies, fulfilling notice requirements, and proper calculation of the minimum amount of flood insurance. In addition, it will highlight regulatory requirements cited as weaknesses that resulted in assessment of civil money penalties.
On the surface, the requirements of the FDPA appear pretty basic, but challenges arise when the collateral involves different types of structures and multiple liens. Therefore, it is critical to understand the appropriate numeric values to calculate coverage, the types of flood policies borrowers can obtain, and when the detached-structure exemption applies. This webinar will review these topics and more! In addition, you’ll gain helpful resources for researching questions.
WHO SHOULD ATTEND?
This informative session is designed for lenders, loan processors, lending staff, compliance officers, risk officers, and trainers.
TAKE-AWAY TOOLKIT
- Explanation of flood zones
- Tool to calculate the required amount of flood insurance
- Interagency Questions and Answers Regarding Flood Insurance separated by section for easy reference
- Special Flood Hazard Area loan worksheet
- SFHA tracking log
- Employee training log
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
Speaker: Molly Stull, Brode Consulting Services Inc.
Molly Stull began her career as a teller while working on her undergraduate degree and has continued working in the financial industry ever since. She has experienced the growth of a hometown bank, branch mergers, charter changes, name changes, etc. Molly has activated business resumption plans, performed secondary market quality control reviews, processed wires, filed SARs, and coordinated reviews with external auditors and examiners. Her favorite role has always been educating staff and strongly believes that if staff understands the reason for a process they will be more compelled to follow the procedures. Molly holds a bachelor’s from the University of Akron and an MBA from Ashland University.