Carl Pry to Speak at Massachusetts Bankers Association
Date: June 29, 2012
Time: 8:30 AM – 12:30 PM
Location: Sheraton Framingham Hotel, Framingham, MA
Topic: Exploring the National Flood Insurance Program
The banking regulators are constantly reviewing banks’ implementation of flood insurance rules. Rarely has such a seemingly-simple set of requirements caused such stress among bankers. All you need to do is take a look at the regulators’ websites to see the many civil money penalties being assessed against banks large and small. These days, issues such as multiple liens, construction loans, and force-placement are causing much of the trouble. That’s not even mentioning the ever-present condo issue. And add to that the regulators’ conspicuous silence when it comes to Replacement Cost Value, and you’ve got a recipe for even more trouble. Is your institution complying? Is your staff aware of the details and issues surrounding these rules?
It is more imperative than ever that lenders be familiar with the rules themselves, as well as the issues examiners are focusing on these days. This half-day seminar will review the flood insurance rules, and will examine regulatory implications to banks, issues of lender liability relating to insurance notification, proof of insurance, and address tricky condominium issues and related problems.
