Welcome to the Compliance Cohort. We are a group of compliance professionals working to make compliance easier. Our goal is to take complex compliance concepts and put them in simple terms that apply to the real world. We are glad you have found us and look forward to collaborating in the future.
If you haven't done so already, make sure you sign up for our free membership where you get access to many member-only videos, articles, and other resources.
On February 20, 2019, the joint agencies issued a final rule requiring lending institutions to accept “private flood insurance.” This long-awaited rule was mandated by the Biggert-Waters Act of 2012 and amended by the Homeowner Flood Insurance Affordability Act of 2014. Among other things, the final rule requires applicable lenders to accept a flood policy if it meets the definition of “private flood insurance.”
While the final rule is fairly short in length, there are some complexities that applicable financial institutions should be aware of. For example, if the “compliance aid” is not present, financial institutions must conduct a review of a private flood insurance policy to determine if it meets the definition of “private flood insurance,” and if it does, the policy must be accepted. As compliance with the rule is required by 7/1/19, financial institutions should take action now to ensure they are ready for the July 2019 implementation date.
This program would be beneficial for compliance officers, auditors, and those responsible for managing the flood insurance program. Note: This program is the exact version from Part II of our 1Q 2019 Quarterly Compliance Review, meaning those that purchased that product already have this material. This program is designed for those who specialize in lending and may not want the full Quarterly Compliance Update program.
Sale Price: $149
The class is presented in a single video and provides a detailed review of the 2019 final rule for the Mandatory Purchase of Private Flood Insurance:
Private Flood Insurance Final Rule
Background on private flood insurance rules
The mandatory requirement to purchase flood insurance & challenges with the new rule
Defining private flood insurance
The new “compliance aid”
Discretionary acceptance
Mutual aid societies
Note: This program is the exact version from Part II of our 1Q 2019 Quarterly Compliance Review, meaning those that purchased that product already have this material. This information is being released as a stand-alone product as those who specialize in just lending/flood insurance may not want the full Quarterly Compliance Update program.
This Compliance Class can be completed in 45 minutes and provides you with everything you need to know about what compliance related activity took place during the 1st quarter of 2019.
The class includes the following:
A comprehensive manual
A “virtual classroom” instructional video
60-day access to the class
Certificate of completion (1 per registration - available upon request)
All of our Compliance Classes are presented in our virtual classroom approach. This approach is designed to bring the presenter to you (at a fraction of the cost of having a live person) and includes a video of the presenter in front of a slide presentation that replicates a typical seminar environment. In addition, our presenters take a three-part approach to compliance instruction: to educate, to empower, and to entertain. This is achieved by focusing on relevant topics, speaking in simple to understand, layman's terms, and by keeping it light and humorous whenever possible. We have found that this "3-E" approach allow students to learn as quickly and effectively as possible. And, it adds a little bit of fun to an otherwise dreadful topic.
Certificates of completion are now available upon request. One certificate is available per registration.
When you purchase this compliance class, you get instant access to the online version of this class for 60 days. You will also receive an electronic version of the accompanying manual to keep.
We believe in our training products so much that we are offering a 100% money back guarantee. If you do not feel that you received the value promised for this training session, contact us within the first 10 business days after purchase and we will either make things right or provide 100% of the purchase price back to you.
