Flood Insurance - Compliance Case Studies plus Regulatory Challenges (2-Part Series)
Tuesday, August 16, 2022
(Both Parts are 1 hour with a 1 hour break)
12:00 – 3:00 pm (Eastern Time)
This compliance 2-part webinar series addresses flood insurance regulation and compliance requirements designed for both new and experienced personnel. We conclude with a review of regulatory challenges and expectations.
Every enforcement action is a lesson to be learned by other financial institutions. Recently, there have been several big enforcement actions against financial institutions for violations related to flood insurance compliance requirements. Now is the time to get up to speed on flood insurance compliance!
Part 1: Flood Insurance - Advanced Compliance Challenges and Regulatory Expectations (August 16, 12:00 - 1:00 pm ET)
Review of your flood insurance compliance program is a required part of regulators’ risk focused examination program. This can’t-miss session will address flood insurance regulation and compliance requirements designed for frontline employees and management involved in the lending process. We start with a brief review of the basic concepts, laws, and FAQs, including disclosure requirements, mapping changes and escrow requirements. The session concludes with a comprehensive review of the more challenging flood insurance requirements and expert guidance for banks covering a range of flood compliance topics. Participants will receive a Flood Insurance Compliance Monitoring Checklist!
Part 1 covers:
- Review of Flood Insurance Program laws and regulations
- Notice and timing requirements
- Which loans are covered
- Requirements for mandatory and discretionary acceptance of private flood insurance
- Guidance for determining how much flood insurance is enough
- Force-placed insurance rules
- What constitutes sufficient proof of flood insurance and when it must be provided to the bank
- Identifying coverage gaps
- Mandatory escrow requirements
- The process for notifying borrowers who have properties in a special flood hazard area
BONUS: Participants will receive a Flood Insurance Compliance Monitoring Checklist to use as a part of your risk assessment and ongoing review of the flood insurance requirements!
Part 2: Flood Insurance - Lessons Learned from Recent Case Studies (August 16, 2:00 - 3:00 pm ET)
This can’t-miss compliance webinar will address flood insurance regulation and compliance requirements designed for both new and experienced personnel. We’ll dive into recent enforcement cases and take you through all the major lessons you and your compliance team must learn to avoid costly violations.
The first part of this critical 2-part compliance training concludes with a comprehensive review of flood insurance requirements and expert guidance on how to proactively enhance your compliance program to prevent or mitigate enforcement actions.
Part 2 covers:
- Overview of flood insurance compliance requirements
- Understand the impact of the FDIC’s enforcement actions manual
- Case studies of the recent enforcement actions: what you must do and what not to do!
- Lessons that you can apply to avoid repeating pitfalls and protect your institution
- Guidance on how to enhance your flood insurance compliance program
- Effectively manage your flood insurance program and identify key risks
- Answers to the top 5 FAQs about NFIP compliance
Instructor
Dena Somers
Esq / Founder finreg PARTNERS
Dena Somers is a highly regarded bank consultant and compliance attorney. She has provided regulatory compliance and risk management consulting services to financial institutions and companies in highly regulated industries nationwide for more than 20 years. Her areas of expertise include consumer and mortgage lending compliance, Fintech and specialty finance, regulatory compliance training, business strategy and best practice advisement, and corporate governance.
Throughout her career, Ms. Somers has advised hundreds of banking and financial institutions— ranging from local community banks to $50 billion financial holding companies— to achieve operational efficiency while ensuring regulatory compliance. Previously, Ms. Somers served as General Counsel to a national mortgage servicing company, Fintech lender, national money service business, and has represented financial institutions in a broad array of complex litigation matters for more than 15 years. Additionally, Ms. Somers is a published author for Lexis Nexis in the areas of Bank Teller training, loan policies, and loan documentation training.
Attendance verification for CE credits provided upon request.
Webinar Sponsored by BankersHUB
If you are having issues with registering online, please contact CBAO's Education, Training & Special Event Coordinator, Malia Widder, (614) 610-1877.
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