Course description

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!

Here's the problem: Flood compliance is COMPLICATED and INTIMIDATING. So many rules, so many details, so many fines! Examiners always pay great attention to flood compliance, because more often than not, they find violations… and one problem can sink into several penalties. No financial institution is immune – if you think you don’t have to worry about flood because you aren’t near the sea – think again!

At the heart of any sound flood compliance program is a solid understanding of the requirements and what they set out to accomplish. This foundational knowledge is crucial to make you a confident, capable, and reliable banker protecting both your institution’s assets and ratings, and your customer’s best interests too!

This 120 minute webinar will provide a life-raft of facts to help you navigate the turbulent and changing waters of flood compliance. Plus, get immersed in key 2022 Interagency FAQs that are crucial for interpreting and implementing a strong flood compliance management program.

Whether you are a compliance newbie or a seasoned veteran, this information will make you more flood-wise and savvy.

Learn foundational rules and requirements including:

- What properties must be insured

- What loans must be insured

- What can be waived and how

- What exceptions apply

- LOMCs, LOMAs, LOMRs, and LOMR-Fs

- Construction, condos and townhomes – special handling required

- Multiple buildings, multiple policies?

- Buildings that would be better off swept away – worthless / low value buildings

- Manufactured homes – the attachment issue

- Determination fees and the Finance Charge issue

- Ensuring proper coverage amount

- Insurable Value

- Ensuring proper evidence of insurance

- Contents coverage – not to be overlooked!

Instructor(s)

Rebekah Leonard

Rebekah is the owner of Elucidate LLC, a compliance training and consulting company. Elucidate means to "make clear, explain, throw light upon", and describes Rebekah's desire to illuminate the complexities of compliance with passion and fun. She's created and produced a TRID music video parody and several Compliance Breakout escape rooms, which she frequently provides at state banking compliance conferences. She is an accomplished speaker and regularly provides webinars through BOL and Compliance Resource. Rebekah is the Director of Compliance for a $6 Billion community bank in Montana. She has been in the finance and banking industry since 1995, beginning in private-lending before settling into banking, where she's covered nearly all of it - from customer service and teller work, to loan processing and review, to security and business continuity, to ultimately overseeing CRA, BSA and all aspects of compliance as a senior leader. She has successfully navigated numerous FDIC Compliance, CRA, and BSA Exams. Rebekah has a bachelor's degree in Organizational Leadership from Chapman University (Magna cum Laude), attended the American Bankers Association National Compliance School in 2003, and has held her Certified Regulatory Compliance Manager designation since 2006. She actually likes compliance (really!) and enjoys sharing her passion of it with others.

Course curriculum

  • 1

    Webinar

    • Watch Playback
  • 2

    Materials

    • Slides

    • Manual

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