Flood FAQs #50 – In the event of a merger or acquisition of one lending institution with another, what are the responsibilities of the parties for notifying the Director’s designee?

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Q:  In the event of a merger or acquisition of one lending institution with another, what are the responsibilities of the parties for notifying the Director’s designee?
 
A:   If an institution is acquired by or merges with another institution, the duty to provide notice for the loans being serviced by the acquired institution will fall to the successor institution in the event that notification is not provided by the acquired institution prior to the effective date of the acquisition or merger.
 
 
ADDITIONAL INFORMATION – This Q&A was included in the “Interagency Questions and Answers Regarding Flood Insurance.”   For ease of collection, this has been obtained from the FDIC’s Compliance Examination Manual – April 2016, which may be found here:  https://fdic.gov/regulations/compliance/manual/5/V-6.1.pdf
 

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