The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
F E D E R A L R E S E R V E B AN K O F N EW YORK AT<3H?Ald-Yc&3 March 8, 1 9 7 8 F L O O D DISASTER P R O T EC T IO N A C T O F 1973 Mortgage Loan Closing Need Not Await Issuance of Flood Insurance Policy To th e C h ie f E x e c u t i v e O f f i c e r o f E a c h S ta te M em b er B a n k in th e S e c o n d F e d e r a l R e s e r v e D i s t r i c t : The National of G o v e rnors being held up the issuance of S e c t i o n 102 of the to t h e Act requires itself. in c e r t a i n p a r t s of flood to alert y o u application Flood Insurance A d m i n i s t r a t i o n has of the Federal Reserve System that mortgage of the country while insurance policies pursuant Flood Disaster only proof that for fl ood o f 197 3 . Alternatively, agent's check c e r t i f i c a t i o n or l e t t e r flood insurance would provide been purchased (Tel. that in p a y m e n t the m o r t g a g o r sufficient th e of the p o l i c y Insurance" o f t h e p r e m i u m o r an has p u r c h a s e d the r e q u i s i t e assurance that in c o m p l i a n c e w i t h S e c t i o n 1 0 2 of No. asked Flood Insurance Administration believes issued flood i n surance has t h e 1 9 7 3 Act. Q u e s tio ns r e g a r d i n g this m a t t e r m a y be d i r e c t e d Division We have been in t h e N a t i o n a l F l o o d I n s u r a n c e A d m i n i s t r a t i o n ' s the National a c o p y of t h e m o r t g a g o r ' s await in c o n j u n c t i o n w i t h issuance J u l y 17, 1 9 7 ^ g u i d e l i n e s e n t i t l e d " M a n d a t o r y P u r c h a s e o f F l o o d ( F e d e r a l R e g i s t e r , Vol. 39, 2 6 l 8 6 - 9 3 ) . that ar e institutions c o m p l i a n c e w i t h S e c t i o n 102 of the it d o e s n o t r e q u i r e covered the Board closings to the c o m p l i a n c e r e q u i r e m e n t s the premium has bee n paid insurance; This matter was lending Protection Act fact that your bank's informed loan to our Consumer Affairs 212-791-5919)* P aul A. V olcker, President.
@FedFRASER