The FDIC released a new set of two technical assistance videos (the “Videos” and each, a “Video”) designed to provide useful information to bank directors, officers and employees.
The two new Videos concern, respectively, flood insurance and appraisals. The Video concerning flood insurance discusses how a bank can develop an effective system for managing compliance with flood insurance requirements and describes some of the most common errors in flood insurance compliance that the FDIC has identified during examinations of banks. The Video concerning appraisals and evaluations describes regulatory requirements and supervisory expectations with regard to appraisals and evaluations and provides examples of when an appraisal or evaluation is needed. The Video on appraisals and evaluations also discusses methods for validating appraisals and evaluations and the review process for appraisals and evaluations.
Earlier series of the FDIC’s technical assistance videos (which dealt with corporate governance and topics other than flood insurance and appraisals) were summarized in the April 9, 2013 Financial Services Alert and the July 30, 2013 Financial Services Alert.
The Videos can be accessed at http://www.fdic.gov/resourcecenter.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this informational piece (including any attachments) is not intended or written to be used, and may not be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.