Flood 101 – Facts to Keep You Afloat in Deep Waters - 2022
Presented by
Rebekah Leonard, CRCM
Recorded on June 2, 2022
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Hurricanes. Sea swells. Rainstorms. Snow melts. Ice jams. Any one of these things can cause flooding and substantial damage to your bank’s collateral and your customer’s property. FEMA, the government agency that exists to help Americans through the worst emergencies, doesn’t have the ability or desire to foot the bill for every Act of God that wreaks havoc on the land. So they require flood insurance to help manage the risk – through you, the friendly neighborhood banker. You are in a unique position to require insurance that property owners might not otherwise obtain. No insurance = no loan. This is an effective motivator!
WHAT?
While you are motivating your borrower to obtain the right amount of insurance, bank examiners are motivating you to get it right, in the form of stringent rules and enforcement actions. If you feel a bit unsure of these numerous complex rules, this webinar is for you!
Learn the foundational rules and requirements of the National Flood Insurance Program and how it is implemented through bank regulation. You’ll come away with the “big picture” of what is needed, along with important details to make sure your program is indeed getting it right.
WHY?
Flood Civil Money Penalties! As of 1/15/22, the penalty amount could be $2,392 per violation, with no cap! That can add up quickly. Some recent examples:
Banks receive flood penalties All. The. Time. Good, reputable banks. Don’t let Flood CMPs become a “cost of doing business” in your bank. You too, can prevent penalties by maintaining a strong flood program through knowledge and diligence.
Once flooding occurs, it is too late to prepare. Take action now to learn, grow, and develop your program for success!
HOW?
This webinar will go over the foundational requirements for flood insurance, delve into key definitions and requirements, and explore tips to practically implement it in your institution.
In addition to the webinar slides and a regulatory information, participants (you!) will receive helpful reference sheets and tools to help maximize comprehension. Upon completion of this 90 minute webinar participants will:
Rebekah Leonard, CRCM
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