In case you missed it, a new Standard Flood Hazard Determination Form (SFHDF) was published on June 1, 2016, and is now available on FEMA’s website. If you didn’t know anything about this, you aren’t alone. We didn’t either until just recently. As far as we can tell, there has been no announcement by FEMA or, as of yet, no official guidance about when to start using the new form. Moreover, there has been no announcement from the FDIC, OCC, FRB or the CFPB, and it also has not been addressed in any trade association notifications we’ve seen either. This rainstorm literally flew right under the radar (pun intended).
You can review the new form on FEMA’s website (FEMA Form 086-0-32). You will see there are a few small differences than the previous version, which expired back in May 2015. According to the website, you can continue to use the expired SFHDF during the “phase in” period. The only problem is, with no formal guidance, we don’t know what that phase in period is.
Don’t worry. We will continue to monitor the situation closely, and will address this further in our September Newsletter. We will provide you with any updated information that is available and everything you need to know to keep dry.
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them.
Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).