Flood Compliance is Me$$y

Flood Compliance is Me$$y - 2023

Presented by Rebekah Leonard, CRCM
Recorded on October 25, 2023

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Course description

Flood compliance is messy: it is detailed, complex and daunting. Violations have always had the potential to be expensive, but now the co$t of me$$y compliance could be ma$$ive!

This webinar will provide a solid review of the crucial components needed in a safe and sound flood insurance program; an overview of the hottest FAQs (including one that a misspoken examiner should have known); and the impact of systemic failures (spoiler: it goes beyond the National Flood Insurance Act, reaching all the way to the Federal Deposit Insurance Act).

Learn the foundational requirements for flood insurance, delve into key definitions and requirements, and explore tips to practically implement it in your institution. Specific topics to be covered include:

What properties must be insured
What loans must be insured
Exceptions
What can be waived and how
MIRE events
Tripwires
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
Contents coverage – not to be overlooked!
Private policies
Escrowing
Force-placement
The all important “Kill Switch” that should be bestowed to every employee
How much monitoring is needed?!
Double trouble civil money penalties: Flood fines, PLUS EXTRA “Unsafe or Unsound practices” fines

In the 2022 FAQ’s:

A clear understanding of the Q&A’s new organization and numbering system
The ability to quickly research and find the information you need in the Q&As
The biggest changes you need to know
An overview of Risk Rating 2.0

All of these topics will be presented from the perspective and real-life experience of a veteran compliance pro (25 years!) who, like you, is currently working in the trenches of her bank as the voice of compliance.

WHO SHOULD ATTEND:

Compliance staff, loan administration / production staff, loan policy makers, loan officers and audit staff.

Instructor(s)

Rebekah Leonard, CRCM

Rebekah F Leonard, CRCM 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 currently serving as the VP Director of Compliance for a $6 Billion community bank in Montana. She began her career in 1995 at a private lending company, but soon settled into banking, where she’s covered nearly all of it – customer service and teller work, loan processing and review, BSA, and security and business continuity. She now oversees CRA and all aspects of compliance as a senior leader. She has successfully navigated numerous FDIC Compliance, CRA, and BSA Exams. Rebekah has a bachelors’ 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 is a BOL Compliance Guru.