In today’s banking environment as soon as one big new regulation is implemented another pops up. ICBA’s compliance training opportunities and exceptional resources, online and offline, will help your community bank stay informed and one step ahead of the regulators.
The agencies’ regulations provide that a lender or its servicer may charge the borrower for the cost of premiums and fees incurred for coverage beginning on the date on which flood insurance coverage lapsed or did not provide sufficient coverage. When a lender or its servicer receives notice of a property being remapped into an SFHA, the effective date of the remapping change is the date the property has insufficient coverage. Therefore, along with sending the appropriate notice to the borrower to purchase adequate flood insurance, the lender or its servicer can force place flood insurance beginning on the effective date provided in the date of notice of remapping and, also as of that day, charge the borrower for the force-placed insurance provided force-placed insurance is in place. However, if the borrower purchases an adequate flood insurance policy, the lender or its servicer would need to reimburse the borrower for premiums and fees charged for the force-placed coverage during any period of overlapping coverage.
Reference: Interagency Flood Insurance Regulation Update Webinar: Q&As, 2015, Q14.
The ICBA Compliance Vault is now available as a member benefit to all ICBA members.
The Compliance Vault is a reliable search tool that helps you find answers to your regulatory compliance questions, with access to over 2,500 Q&As, select online courses, and documents.
Community Banker University offers a variety of online training options with courses that build knowledge and a strong foundation within key areas of the banking industry and professional development.
The courses in the Community Banker Compliance Certificate Program are designed to give community bankers the knowledge and skills they need to become experts in regulatory compliance. The certificate program consists of four critical learning areas.
One of the three elements of an effective compliance program is monitoring and corrective action. These compliance working papers are essential for monitoring your financial institution’s compliance with federal consumer compliance laws and regulations.
ICBA Member: $599
Annual Digital Renewal
ICBA Member: $299
The ICBA Compliance Deskbook is the industry’s premier resource for compliance information. Access regulations, important dates, agency guidance, questionnaires, and other resources in one place.
ICBA Member: $399
Annual Digital Renewal
ICBA Member: $249
The Bank Compliance Checkup Program provides a comprehensive system for on-going monitoring of your bank’s compliance with Deposit, Lending, Administrative and IT/Tech/Security regulations.