Fed Floats Flood Loan Paperwork Extension—Nothing New
Published Date: 4/2/2025
Notice
Summary
The Federal Reserve wants to keep the current rules about loans for homes in flood zones for three more years—no changes, just an extension. Banks and lenders who handle these loans are affected because they must keep certain records and share info as usual. If you have thoughts, you’ve got until June 2, 2025, to speak up—no extra costs or new paperwork, just a smooth continuation.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Three‑year extension of flood loan paperwork
The Federal Reserve proposes to extend for three years, without revision, the recordkeeping and disclosure requirements tied to Regulation H (collection identifier FR H-2, OMB No. 7100-0280). State member banks and servicers must continue to retain flood-hazard documentation, notify borrowers and servicers about properties in special flood hazard areas and flood insurance requirements, and notify FEMA about the identity or changes in a loan servicer. The Board estimates 706 respondents and a total annual paperwork burden of 33,983 hours; the collection is event-generated.
Flood insurance requirement for mortgage loans continues
Regulation H continues to require that a lender must not make, increase, extend, or renew a loan secured by a building or mobile home in a special flood hazard area unless the property is covered by flood insurance for the term of the loan. That requirement remains in force as the Board seeks a three‑year extension of the related recordkeeping and disclosure collection.
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Key Dates
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