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Financial Services Law Insights and Observations
Federal Reserve issues guidance regarding flood insurance compliance
On May 6, the Federal Reserve issued guidance to state member banks regarding flood insurance compliance in response to Covid-19. The guidance responds to a question regarding the extension of maturities/payments or balloon payments due to Covid-19 as well as a question about the impact of FEMA Bulletin W-20002 on force placement requirements under the Flood Disaster Protection Act and the implementing regulation.