August 31, 2023
Member Fee (Live or Recording): $165 per connection
Non-Member Fee (Live or Recording): $265 per connection
Flood compliance is complicated! The FDIC highlighted FDPA (Flood Disaster Protection Act) as one of the TOP FIVE areas of compliance violations in their 2023 Consumer Compliance Supervisory Highlights in 2023. The May 11, 2022 revised FAQs address some areas that have changed since they were last updated in 2011; several FAQs apply directly to commercial property and contents coverage. Compliance with the flood insurance rules can present unique challenges in the commercial lending area. Commercial loan collateral may include a combination of residential and non-residential property, along with commercial inventory. These scenarios can create problem areas for complying with flood regulations. This fast-paced session will focus on the five top danger zones for commercial lenders to comply with complex flood insurance requirements. These five danger zones are:
1. Determining proper insurance amounts
2. Calculating insurable value
3. Coverage for Multiple Buildings
4. Contents Coverage
5. Mixed-Use Properties
This webinar will also include highlights from the Federal Reserve’s Consumer Compliance Outlook 2022 article on Commercial Flood Insurance Compliance.
- Matrix of 28 loan types; required disclosures for consumer and commercial loans with requirements for flood insurance
- Checklist for commercial loans.
- Flood insurance resources and tools for compliance
This informative session will benefit Commercial Loan Officers, loan assistants, loan operations staff, compliance officers, auditors, and trainers.
Susan Costonis is a compliance consultant and trainer. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.