Independent Banker - December 2021 - 34

PORTFOLIO
February 2021, it issued corrections
to those instructions.
The final rule and corrections
became effective Oct. 1.
In April 2021, FEMA announced
its Risk Rating 2.0: Equity in Action
flood insurance rating methodology.
The NFIP has used a rating structure
based on flood zones across the
country and expected losses of
groups of structures. Risk Rating
2.0 is based on actual flood risk and
the value of individual properties. In
Phase I, which went into effect Oct. 1,
new policies are subject to Risk
Rating 2.0 methodology and existing
policyholders may take advantage
of any premium decreases. In Phase
II, NFIP policies renewing on or
after April 1, 2022, will be covered
by the new methodology. Lenders'
compliance with flood insurance
requirements will not be affected.
◎FOCUS COMPLIANCE
Recapping 2021's
compliance changes
This year has largely been a quiet time for regulatory and compliance
reform. But while community banks were focused on the economic
recovery of their communities, a few changes came during 2021.
By Mary Thorson-Wright
ormal proposals and deadlines
for regulatory changes were
again sparse in 2021. Regardless,
community banks were engaged
to serve their communities,
safeguard their data and that of their
customers, and address regulatory
compliance challenges commensurate
with the times. Let's take a look at the
year's changes.
F
Flood insurance
In 2020, the Federal Emergency
Management Agency (FEMA)
published a final rule to codify
provisions of the Biggert-Waters
Flood Insurance Reform Act of
2012 and the Homeowner Flood
Insurance Affordability Act of 2014,
and to clarify existing National Flood
Insurance Program (NFIP) rules. In
Fair access to banking services,
capital and credit
In January 2021, the Office of the
Comptroller of the Currency (OCC)
released a final rule to ensure fair
access to banking services by large
national banks, federal savings
associations, and federal branches
and agencies of foreign bank
organizations. The rule implements
provisions of the Dodd-Frank Act
and codifies historical OCC guidance
that banks, when provisioning
access to services, capital and credit,
should conduct a risk assessment
of individual customers, rather
than make broad-based decisions
affecting whole categories or classes
of customers. The rule applies to
banks with more than $100 billion
in assets.
Community Reinvestment
Act (CRA)
The OCC issued a rule to national
banks in May 2020 making broad
30 Q ICBA Independent Banker Q December 2021

Independent Banker - December 2021

Table of Contents for the Digital Edition of Independent Banker - December 2021

Table of Contents
Independent Banker - December 2021 - Intro
Independent Banker - December 2021 - Cover1
Independent Banker - December 2021 - Cover2
Independent Banker - December 2021 - Table of Contents
Independent Banker - December 2021 - 2
Independent Banker - December 2021 - 3
Independent Banker - December 2021 - 4
Independent Banker - December 2021 - 5
Independent Banker - December 2021 - 6
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Independent Banker - December 2021 - Cover3
Independent Banker - December 2021 - Cover4
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