To All State Member Banks in the Second Federal Reserve District:
The Federal Emergency Management Agency (FEMA) has issued a revised version of its 1989 publication, Mandatory Purchase of Flood Insurance Guidelines, to reflect new provisions of the National Flood Insurance Reform Act of 1994 ("1994 Reform Act").
Like the original booklet, the revised version is written for members of the lending industry to assist them in interpreting flood insurance requirements for structures involved in federally insured loans. In particular, the 1997 edition covers the application of the 1994 Reform Act to regulated lending institutions and government-sponsored enterprises. Other topics covered in the booklet include legislative history of the National Flood Insurance Program; explanations of condominium, cooperative and time-share coverages; regulatory examinations; and other subjects relevant to the lending industry.
We would like to encourage you to obtain copies of the newly revised booklet from FEMA. Copies may be ordered from FEMA by telephone or fax, at the following toll-free numbers:
Copies may also be ordered by writing to the following address:
Map Service Center
6730 Santa Barbara Court
Baltimore, MD 21227-5624
Questions concerning this matter may be directed to Janice A. Oser, Supervising Examiner in our Compliance Examinations Department.