Please, please, please make sure your bank is dotting i’s and crossing t’s when it comes to flood insurance requirements/compliance. Increased maximum civil money penalties for non-compliance with flood insurance requirements are on the way. As directed by the Biggert Waters Flood Insurance Reform Act of 2012, both the Federal Reserve Board (FRB) and Office of the Comptroller of the Currency (OCC) have publically declared their right to invoke the maximum civil money penalties as applicable. The penalty is increasing from $385 to $2,000 per violation and the annual cap has been eliminated. You can read all about it at the links provided below. Oh, and don’t worry, if you’re not regulated by the FRB or OCC the other agencies will be sure to follow!
Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar, or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups, and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru.
Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports related!