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| Subtitle B--Compliance and Increased Participation Loans.
Real Property. SEC. 521. NONWAIVER OF FLOOD PURCHASE REQUIREMENT FOR RECIPIENTS OF FEDERAL DISASTER ASSISTANCE. Section 311(b) of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5154(b)) is amended by adding at the end the following new sentence: "The requirements of this subsection may not be waived under section 301.". SEC. 522. EXPANDED FLOOD INSURANCE PURCHASE REQUIRE-MENTS. (a) IN GENERAL.-- Section 102(b) of the Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a(b)) is amended to read as follows: "(b) REQUIREMENT FOR MORTGAGE LOANS.-- "(1) REGULATED LENDING INSTITUTIONS.-- Each Federal entity for lending regulation (after consultation and coordination with the Financial Institutions Examination Council established under the Federal Financial Institutions Examination Council Act of 1974) shall by regulation direct regulated lending institutions not to make, increase, extend, or renew any loan secured by improved real estate or a mobile home located or to be located in an area that has been identified by the Director as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, unless the building or mobile home and any personal property securing such loan is covered for the term of the loan by flood insurance in an amount at least equal to the outstanding principal balance of the loan or the maximum limit of coverage made available under the Act with respect to the particular type of property, whichever is less. "(2) FEDERAL AGENCY LENDERS.-- A Federal agency lender may not make, increase, extend, or renew any loan secured by improved real estate or a mobile home located or to be located in an area that has been identified by the Director as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, unless the building or mobile home and any personal property securing such loan is covered for the term of the loan by flood insurance in the amount pro-vided in paragraph (1). Each Federal agency lender shall issue any regula-tions necessary to carry out this paragraph. Such regulations shall be consistent with and substantially identical to the regulations issued under paragraph (1). Regulations. P.L. 103-325 LAWS OF 103rd CONG - 2nd SESS. Sept. 23 Sec. 522 108 STAT. 2258 "(3) GOVERNMENT-SPONSORED ENTERPRISES FOR HOUSING.-- The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation shall implement procedures reasonably designed to ensure that, for any loan that is-- "(A) secured by improved real estate or a mobile home located in an area that has been identified, at the time of the origination of the loan or at any time during the term of the loan, by the Director as an area having special flood hazards and in which flood insurance is available under the National Flood Insurance Act of 1968, and "(B) purchased by such entity, the building or mobile home and any personal property securing the loan is covered for the term of the loan by flood insurance in the amount provided in paragraph (1). "(4) APPLICABILITY.-- "(A) EXISTING COVERAGE.-- Except as provided in subparagraph (B), paragraph (1) shall apply on the date of enactment of the Riegle Community Development and Regulatory Improvement Act of 1994. "(B) NEW COVERAGE.-- Paragraphs (2) and (3) shall apply only with respect to any loan made, increased, extended, or renewed after the expiration of the 1-year period beginning on the date of enactment of the Riegle Community Development and Regulatory Improvement Act of 1994. Paragraph (1) shall apply with respect to any loan made, increased, extended, or renewed by any lender supervised by the Farm Credit Administration only after the expiration of the period under this subparagraph. "(C) CONTINUED EFFECT OF REGULATIONS.-- Notwithstanding any other provision of this subsection, the regulations to carry out paragraph (1), as in effect immediately before the date of enactment of the Riegle Community Development and Regulatory Improvement Act of 1994, shall continue to apply until the regulations issued to carry out paragraph (1) as amended by section 522(a) of such Act take effect.". (b) EXEMPTION FOR SMALL LOANS.-- Section 102(c) of the Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a(c)) is amended-- (1) by striking "(c) Notwithstanding" and inserting the following: "(c) EXCEPTIONS TO PURCHASE REQUIREMENTS.-- "(1) STATE-OWNED PROPERTY.-- Notwithstanding"; and (2) by adding at the end the following new paragraph: "(2) SMALL LOANS.-- Notwithstanding any other provision of this section, subsections (a) and (b) shall not apply to any loan having-- "(A) an original outstanding principal balance of $5,000 or less; and "(B) a repayment term of 1 year or less.". SEC. 523. ESCROW OF FLOOD INSURANCE PAYMENTS. Section 102 of the Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a) is amended by adding at the end the following new subsection: "(d) ESCROW OF FLOOD INSURANCE PAYMENTS.-- "(1) REGULATED LENDING INSTITUTIONS.-- Each Federal entity for lending regulation (after consultation and coordination [2259] with the Financial Institutions Examination Council) shall by regulation require that, if a regulated lending institution requires the escrowin8g of taxes, insurance premiums, fees, or any other charges for a loan secured by residential improved real estate or a mobile home, then all premiums and fees for flood insurance under the National Flood Insurance Act of 1968 for the real estate or mobile home shall be paid to the regulated lending institution or other servicer for the loan in a manner sufficient to make payments as due for the duration of the loan. Upon receipt of the premiums, the regulated lending institution or servicer of the loan shall deposit the premiums in an escrow account on behalf of the borrower. Upon receipt of a notice from the Director or the provider of the insurance that insurance premiums are due, the regulated lending institution or servicer shall pay from the escrow account to the provider of the insurance the amount of insurance premiums owed. "(2) FEDERAL AGENCY LENDERS.-- Each Federal agency lender shall by regulation require and provide for escrow and payment of any flood insurance premiums and fees relating to residential improved real estate and mobile homes securing loans made by the Federal agency lender under the circumstances and in the manner provided under paragraph (1). Any regula-tions issued under this paragraph shall be consistent with and substantially identical to the regulations issued under paragraph (1). "(3) APPLICABILITY OF RESPA.-- Escrow accounts established pursuant to this subsection shall be subject to the provisions of section 10 of the Real Estate Settlement Procedures Act of 1974. "(4) DEFINITION.-- For purposes of this subsection, the term ‘residential improved real estate’ means improved real estate for which the improvement is a residential building. "(5) APPLICABILITY.-- This subsection shall apply only with respect to any loan made, increased, extended, or renewed after the expiration of the 1- year period beginning on the date of enactment of the Riegle Community Development and Regulatory Improvement Act of 1994.". SEC. 524. PLACEMENT OF FLOOD INSURANCE BY LENDERS. Section 102 of the Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a), as amended by the preceding provisions of this title, is further amended by adding at the end the following new subsection: "(e) PLACEMENT OF FLOOD INSURANCE BY LENDER.-- "(1) NOTIFICATION TO BORROWER OF LACK OF COVERAGE.-- If, at the time of origination or at any time during the term of a loan secured by improved real estate or by a mobile home located in an area that has been identified by the Director (at the time of the origination of the loan or at any time during the term of the loan) as an area having special flood hazards and in which flood insurance is available under the National Flood Insurance Act of 1968, the lender or servicer for the loan determines that the building or mobile home and any personal property securing the loan is not covered by flood insurance or is covered by such insurance in an amount less than the amount required for the property pursuant to [2260] paragraph (1), (2), or (3) Regulations. P.L. 103-325 LAWS OF 103rd CONG - 2nd SESS. Sept. 23 Sec. 524 108 STAT. 2260 of subsection (b), the lender or servicer shall notify the borrower under the loan that the borrower should obtain, at the borrower’s expense, an amount of flood insurance for the building or mobile home and such personal property that is not less than the amount under subsection (b)(1), for the term of the loan. "(2) PURCHASE OF COVERAGE ON BEHALF OF BORROWER.-- If the borrower fails to purchase such flood insurance within 45 days after notification under paragraph (1), the lender or servicer for the loan shall purchase the insurance on behalf of the borrower and may charge the borrower for the cost of premiums and fees incurred by the lender or servicer for the loan in purchasing the insurance. "(3) REVIEW OF DETERMINATION REGARDING REQUIRED PURCHASE.-- "(A) IN GENERAL.-- The borrower and lender for a loan secured by improved real estate or a mobile home may jointly request the Director to review a determination of whether the building or mobile home is located in an area having special flood hazards. Such request shall be supported by technical information relating to the improved real estate or mobile home. Not later than 45 days after the Director receives the request, the Director shall review the determination and provide to the borrower and the lender with a letter stating whether or not the building or mobile home is in an area having special flood hazards. The determination of the Director shall be final. "(B) EFFECT OF DETERMINATION.-- Any person to whom a borrower provides a letter issued by the Director pursuant to subparagraph (A), stating that the building or mobile home securing the loan of the borrower is not in an area having special flood hazards, shall have no obligation under this title to require the purchase of flood insurance for such building or mobile home during the period determined by the Director, which shall be specified in the letter and shall begin on the date on which such letter is provided. "(C) EFFECT OF FAILURE TO RESPOND.-- If a request under subparagraph (A) is made in connection with the origination of a loan and the Director fails to provide a letter under subparagraph (A) before the later of (i) the expiration of the 45-day period under such subparagraph, or (ii) the closing of the loan, no person shall have an obligation under this title to require the purchase of flood insurance for the building or mobile home securing the loan until such letter is provided. "(4) APPLICABILITY.-- This subsection shall apply to all loans outstanding on or after the date of enactment of the Riegle Community Development and Regulatory Improvement Act of 1994.". SEC. 525. PENALTIES FOR FAILURE TO REQUIRE FLOOD INSURANCE OR NOTIFY. Section 102 of the Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a), as amended by the preceding provisions of this title, is further amended by adding at the end the following new subsections: "(f) CIVIL MONETARY PENALTIES FOR FAILURE TO REQUIRE FLOOD INSURANCE OR NOTIFY.-- "(1) CIVIL MONETARY PENALTIES AGAINST REGULATED LENDERS.-- Any regulated lending institution that is found to have a pattern or practice of committing violations under paragraph (2) shall be assessed a civil penalty by the appropriate Federal entity for lending regulation in the amount provided under paragraph (5). "(2) LENDER VIOLATIONS.-- The violations referred to in paragraph (1) shall include-- "(A) making, increasing, extending, or renewing loans in violation of-- "(i) the regulations issued pursuant to subsection (b) of this section; "(ii) the escrow requirements under subsection (d) of this section; or "(iii) the notice requirements under section 1364 of the National Flood Insurance Act of 1968; or "(B) failure to provide notice or purchase flood insurance coverage in violation of subsection (e) of this section. "(3) CIVIL MONETARY PENALTIES AGAINST GSE’S.-- "(A) IN GENERAL.-- If the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation is found by the Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development to have a pattern or practice of purchasing loans in violation of the procedures established pursuant to subsection (b)(3), the Director of such Office shall assess a civil penalty against such enterprise in the amount provided under paragraph (5) of this subsection. "(B) DEFINITION.-- For purposes of this subsection, the term ‘enterprise’ means the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation. "(4) NOTICE AND HEARING.-- A penalty under this subsection may be issued only after notice and an opportunity for a hearing on the record. "(5) AMOUNT.-- A civil monetary penalty under this subsection may not exceed $350 for each violation under paragraph (2) or paragraph (3). The total amount of penalties assessed under this subsection against any single regulated lending institution or enterprise during any calendar year may not exceed $100,000. "(6) LENDER COMPLIANCE.-- Notwithstanding any State or local law, for purposes of this subsection, any regulated lending institution that purchases flood insurance or renews a contract for flood insurance on behalf of or as an agent of a borrower of a loan for which flood insurance is required shall be considered to have complied with the regulations issued under subsection (b). "(7) EFFECT OF TRANSFER ON LIABILITY.-- Any sale or other transfer of a loan by a regulated lending institution that has committed a violation under paragraph (1), that occurs subsequent to the violation, shall not affect the liability of the transferring lender with respect to any penalty under this subsection. A lender shall not be liable for any violations relating [2262] to a loan committed by another regulated lending institution that previously held the loan "(8) DEPOSIT OF PENALTIES.-- Any penalties collected under this subsection shall be paid into the National Flood Mitigation Fund under section 1367 of the National Flood Insurance Act of 1968. "(9) ADDITIONAL PENALTIES.-- Any penalty under this subsection shall be in addition to any civil remedy or criminal penalty otherwise available. "(10) STATUTE OF LIMITATIONS.-- No penalty may be imposed under this subsection after the expiration of the 4-year period beginning on the date of the occurrence of the violation for which the penalty is authorized under this subsection. "(g) OTHER ACTIONS TO REMEDY PATTERN OF NONCOMPLIANCE.-- "(1) AUTHORITY OF FEDERAL ENTITIES FOR LENDING REGULATION.-- A Federal entity for lending regulation may require a regulated lending institution to take such remedial actions as are necessary to ensure that the regulated lending institution complies with the requirements of the national flood insurance program if the Federal agency for lending regulation makes a determination under paragraph (2) regarding the regulated lending institution. "(2) DETERMINATION OF VIOLATIONS.-- A determination under this paragraph shall be a finding that-- "(A) the regulated lending institution has engaged in a pattern and practice of noncompliance in violation of the regulations issued pursuant to subsection (b), (d), or (e) or the notice requirements under section 1364 of the National Flood Insurance Act of 1968; and "(B) the regulated lending institution has not demonstrated measurable improvement in compliance despite the assessment of civil monetary penalties under subsection (f).". SEC. 526. FEES FOR DETERMINING APPLICABILITY OF FLOOD INSURANCE PURCHASE REQUIREMENTS. Section 102 of the Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a) as amended by the preceding provisions of this title, is further amended by adding at the end the following new subsection: "(h) FEE FOR DETERMINING LOCATION.-- Notwithstanding any other Federal or State law, any person who makes a loan secured by improved real estate or a mobile home or any servicer for such a loan may charge a reasonable fee for the costs of determining whether the building or mobile home securing the loan is located in an area having special flood hazards, but only in accordance with the following requirements: "(1) BORROWER FEE.-- The borrower under such a loan may be charged the fee, but only if the determination-- "(A) is made pursuant to the making, increasing, extending, or renewing of the loan that is initiated by the borrower; "(B) is made pursuant to a revision or updating under section 1360(f) of the floodplain areas and flood-risk zones or publication of a notice or compendia under subsection [2263] (h) or (i) of section 1360 that affects the area in which the improved real estate or mobile home securing the loan is located or that, in the determination of the Director, may reasonably be considered to require a determination under this subsection; or "(C) results in the purchase of flood insurance coverage pursuant to the requirement under subsection (e)(2). "(2) PURCHASER OR TRANSFEREE FEE.-- The purchaser or transferee of such a loan may be charged the fee in the case of sale or transfer of the loan.". SEC. 527. NOTICE REQUIREMENTS. Section 1364 of the National Flood Insurance Act of 1968 (42 U.S.C. 4104a) is amended to read as follows: "NOTICE REQUIREMENTS "SEC. 1364. (a) NOTIFICATION OF SPECIAL FLOOD HAZARDS.-- "(1) REGULATED LENDING INSTITUTIONS.-- Each Federal entity for lending regulation (after consultation and coordination with the Financial Institutions Examination Council) shall by regulation require regulated lending institutions, as a condition of making, increasing, extending, or renewing any loan secured by improved real estate or a mobile home that the regulated lending institution determines is located or is to be located in an area that has been identified by the Director under this title or the Flood Disaster Protection Act of 1973 as an area having special flood hazards, to notify the purchaser or lessee (or obtain satisfactory assurances that the seller or lessor has notified the purchaser or lessee) and the servicer of the loan of such special flood hazards, in writing, a reasonable period in advance of the signing of the purchase agreement, lease, or other documents involved in the transaction. The regulations shall also require that the regulated lending institution retain a record of the receipt of the notices by the purchaser or lessee and the servicer. Records. "(2) FEDERAL AGENCY LENDERS.-- Each Federal agency lender shall by regulation require notification in the manner provided under paragraph (1) with respect to any loan that is made by the Federal agency lender and secured by improved real estate or a mobile home located or to be located in an area that has been identified by the Director under this title or the Flood Disaster Protection Act of 1973 as an area having special flood hazards. Any regulations issued under this paragraph shall be consistent with and substantially identical to the regulations issued under paragraph (1). "(3) CONTENTS OF NOTICE.-- Written notification required under this subsection shall include-- "(A) a warning, in a form to be established by the Director, stating that the building on the improved real estate securing the loan is located, or the mobile home securing the loan is or is to be located, in an area having special flood hazards; "(B) a description of the flood insurance purchase requirements under section 102(b) of the Flood Disaster Protection Act of 1973; Regulations. P.L. 103-325 LAWS OF 103rd CONG - 2nd SESS. Sept. 23 Sec. 527 108 STAT. 2264 "(C) a statement that flood insurance coverage may be purchased under the national flood insurance program and is also available from private insurers; and "(D) any other information that the Director considers necessary to carry out the purposes of the national flood insurance program. "(b) NOTIFICATION OF CHANGE OF SERVICER.-- Regulations. "(1) LENDING INSTITUTIONS.-- Each Federal entity for lending regulation (after consultation and coordination with the Financial Institutions Examination Council) shall by regulation require regulated lending institutions, in connection with the making, increasing, extending, renewing, selling, or transferring any loan described in subsection (a)(1), to notify the Director (or the designee of the Director) in writing during the term of the loan of the servicer of the loan. Such institutions shall also notify the Director (or such designee) of any change in the servicer of the loan, not later than 60 days after the effective date of such change. The regulations under this subsection shall provide that upon any change in the servicing of a loan, the duty to provide notification under this subsection shall transfer to the transferee servicer of the loan. Regulations. "(2) FEDERAL AGENCY LENDERS.-- Each Federal agency lender shall by regulation provide for notification in the manner provided under paragraph (1) with respect to any loan described in subsection (a)(1) that is made by the Federal agency lender. Any regulations issued under this paragraph shall be consistent with and substantially identical to the regulations issued under paragraph (1) of this subsection. "(c) NOTIFICATION OF EXPIRATION OF INSURANCE.-- The Director (or the designee of the Director) shall, not less than 45 days before the expiration of any contract for flood insurance under this title, issue notice of such expiration by first class mail to the owner of the property covered by the contract, the servicer of any loan secured by the property covered by the contract, and (if known to the Director) the owner of the loan.". SEC. 528. STANDARD HAZARD DETERMINATION FORMS. Chapter III of the National Flood Insurance Act of 1968 (42 U.S.C. 4101 et seq.) is amended by adding at the end the following new section: "STANDARD HAZARD DETERMINATION FORMS 42 USC 4104b. "SEC. 1365. (a) DEVELOPMENT.-- The Director, in consultation with representatives of the mortgage and lending industry, the Federal entities for lending regulation, the Federal agency lenders, and any other appropriate individuals, shall develop a standard form for determining, in the case of a loan secured by improved real estate or a mobile home, whether the building or mobile home is located in an area identified by the Director as an area having special flood hazards and in which flood insurance under this title is available. Regulations. The form shall be established by regulations issued not later than 270 days after the date of enactment of the Riegle Community Development and Regulatory Improvement Act of 1994. "(b) DESIGN AND CONTENTS.-- "(1) PURPOSE.-- The form under subsection (a) shall be designed to facilitate compliance with the flood insurance purchase requirements of this title. "(2) CONTENTS.-- The form shall require identification of the type of flood-risk zone in which the building or mobile home is located, the complete map and panel numbers for the improved real estate or property on which the mobile home is located, the community identification number and community participation status (for purposes of the national flood insurance program) of the community in which the improved real estate or such property is located, and the date of the map used for the determination, with respect to flood hazard information on file with the Director. If the building or mobile home is not located in an area having special flood hazards the form shall require a statement to such effect and shall indicate the complete map and panel numbers of the improved real estate or property on which the mobile home is located. If the complete map and panel numbers are not available because the building or mobile home is not located in a community that is participating in the national flood insurance program or because no map exists for the relevant area, the form shall require a statement to such effect. The form shall provide for inclusion or attachment of any relevant documents indicating revisions or amendments to maps. "(c) REQUIRED USE.-- The Federal entities for lending regulation shall by regulation require the use of the form under this section by regulated lending institutions. Each Federal agency lender shall by regulation provide for the use of the form with respect to any loan made by such Federal agency lender. The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association shall require the use of the form with respect to any loan purchased by such entities. A lender or other person may comply with the requirement under this subsection by using the form in a printed, computerized, or electronic manner. "(d) GUARANTEES REGARDING INFORMATION.-- In providing information regarding special flood hazards on the form developed under this section, any lender (or other person required to use the form) who makes, increases, extends, or renews a loan secured by improved real estate or a mobile home may provide for the acquisition or determination of such information to be made by a person other than such lender (or other person), only to the extent such person guarantees the accuracy of the information. "(e) RELIANCE ON PREVIOUS DETERMINATION.-- Any person increasing, extending, renewing, or purchasing a loan secured by improved real estate or a mobile home may rely on a previous determination of whether the building or mobile home is located in an area having special flood hazards (and shall not be liable for any error in such previous determination), if the previous determination was made not more than 7 years before the date of the transaction and the basis for the previous determination has been set forth on a form under this section, unless-- "(1) map revisions or updates pursuant to section 1360(f) after such previous determination have resulted in the building or mobile home being located in an area having special flood hazards; or "(2) the person contacts the Director to determine when the most recent map revisions or updates affecting such property occurred and such revisions and updates have occurred after such previous determination. Regulations. P.L. 103-325 LAWS OF 103rd CONG - 2nd SESS. Sept. 23 Sec. 528 108 STAT. 2266 Regulations. "(f) EFFECTIVE DATE.-- The regulations under this section requiring use of the form established pursuant to this section shall be issued together with the regulations required under subsection (a) and shall take effect upon the expiration of the 180-day period beginning on such issuance.". SEC. 529. EXAMINATIONS REGARDING COMPLIANCE. (a) AMENDMENT TO FEDERAL DEPOSIT INSURANCE ACT.-- Section 10 of the Federal Deposit Insurance Act (12 U.S.C. 1820) is amended by adding at the end the following new subsection: "(i) FLOOD INSURANCE COMPLIANCE BY INSURED DEPOSITORY INSTITUTIONS-- "(1) EXAMINATIONS.-- The appropriate Federal banking agency shall, during each scheduled on-site examination required by this section, determine whether the insured depository institution is complying with the requirements of the national flood insurance program. "(2) REPORT.-- "(A) REQUIREMENT.-- Not later than 1 year after the date of enactment of the Riegle Community Development and Regulatory Improvement Act of 1994 and biennially thereafter for the next 4 years, each appropriate Federal banking agency shall submit a report to the Congress on compliance by insured depository institutions with the requirements of the national flood insurance program. "(B) CONTENTS.-- Each report submitted under this paragraph shall include a description of the methods used to determine compliance, the number of institutions examined during the reporting year, a listing and total number of institutions found not to be in compliance, actions taken to correct incidents of noncompliance, and an analysis of compliance, including a discussion of any trends, patterns, and problems, and recommendations regarding reasonable actions to improve the efficiency of the examinations processes.". (b) AMENDMENT TO FEDERAL CREDIT UNION ACT.-- Section 204 of the Federal Credit Union Act (12 U.S.C. 1784) is amended by adding at the end the following new subsection: "(e) FLOOD INSURANCE COMPLIANCE BY INSURED CREDIT UNIONS.-- "(1) EXAMINATION.-- The Board shall, during each examination conducted under this section, determine whether the insured credit union is complying with the requirements of the national flood insurance program. "(2) REPORT.-- "(A) REQUIREMENT.-- Not later than 1 year after the date of enactment of the Riegle Community Development and Regulatory Improvement Act of 1994 and biennially thereafter for the next 4 years, the Board shall submit a report to the Congress on compliance by insured credit unions with the requirements of the national flood insurance program. "(B) CONTENTS.-- The report shall include a description of the methods used to determine compliance, the number of insured credit unions examined during the reporting year, a listing and total number of insured credit unions found not to be in compliance, actions taken to correct [2267] incidents of noncompliance, and an analysis of compliance, including a discussion of any trends, patterns, and problems, and recommendations regarding reasonable actions to improve the efficiency of the examinations processes.". (c) AMENDMENT TO FEDERAL HOUSING ENTERPRISES FINANCIAL SAFETY AND SOUNDNESS ACT OF 1992.-- Section 1319B(a) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4521(a)) is amended-- (1) in paragraph (2), by striking "and" at the end; (2) in paragraph (3), by striking the period at the end and inserting "; and"; and (3) by adding at the end the following new paragraph: "(4) a description of-- "(A) whether the procedures established by each enterprise pursuant to section 102(b)(3) of the Flood Disaster Protection Act of 1973 are adequate and being complied with, and "(B) the results and conclusions of any examination, as determined necessary by the Director, to determine the compliance of the enterprises with the requirements of section 102(b)(3) of such Act, which shall include a description of the methods used to determine compliance and the types and sources of deficiencies (if any), and identify any corrective measures that have been taken to remedy any such deficiencies, except that the information described in this paragraph shall be included only in each of the first, third, and fifth annual reports under this subsection required to be submitted after the expiration of the 1-year period beginning on the date of enactment of the Riegle Community Development and Regulatory Improvement Act of 1994.". SEC. 530. FINANCIAL INSTITUTIONS EXAMINATION COUNCIL. Section 1006 of the Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3305) is amended by adding at the end the following new subsection: "(g) FLOOD INSURANCE.-- The Council shall consult with and assist the Federal entities for lending regulation, as such term is defined in section 1370(a) of the National Flood Insurance Act of 1968, in developing and coordinating uniform standards and requirements for use by regulated lending institutions under the national flood insurance program.". SEC. 531. CLERICAL AMENDMENT. Section 102 of the Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a) is amended by striking the section heading and inserting the following new section heading: P.L. 103-325 LAWS OF 103rd CONG - 2nd SESS. Sept. 23 Sec. 531 108 STAT. 2268 "FLOOD INSURANCE PURCHASE AND COMPLIANCE REQUIREMENTS AND ESCROW ACCOUNTS". |
Revised: January 14, 2004