Page 4 - October 24, 2024 Bulletin

BANKING
ARTICLES

NDBA Joins in Urging the FCC in Through changes to HUD’s Minimum Property Standards, the
Action on Illegal Texts department will require single-family homes located in a 100-year
floodplain to be elevated 2 feet above base flood elevation to qualify
NDBA has joined in a letter to the Federal Communications for FHA mortgage insurance.
Commission urging the adoption of new rules to help stem the flow Read more: https://www.federalregister.gov/
of illegal texts and calls to consumers. The rules had been scheduled documents/2024/04/23/2024-06246/floodplain-management-and-
to be considered during the FCC’s meeting on Sept. 26 but were protection-of-wetlands-minimum-property-standards-for-flood-
removed from the agenda two days before the meeting. hazard
“Texts that impersonate a bank were the most common form of text
message scam reported to the Federal Trade Commission in 2022,” FDIC Extends Signage Rule
the state bankers associations said. “Banks are committed to stopping Compliance Date by Four Months
criminals who seek to defraud their customers, but banks cannot
achieve this goal alone. We urge the Commission to combat illegal The FDIC board has unanimously voted to extend the compliance
texts and calls by adopting the order without delay.” deadline by four months for its final rule on the use of the agency’s
name and logo by financial institutions. The new deadline is May 1,
The rules under consideration would require mobile wireless 2025.
providers that originate text messages to block all texts from a
particular source when notified by the FCC of illegal texts from that The FDIC last year adopted new requirements regarding the display
source, except under limited circumstances. Existing rules require of the official FDIC sign in banks and bank digital channels,
terminating providers – but not originating providers – to block all originally setting a compliance deadline of Jan. 1, 2025. The
texts from a particular number when notified by the FCC of illegal American Bankers Association was among the groups that urged
texts from that number. the FDIC to push back the compliance date to 2026 to provide
institutions with sufficient time to implement the rule.
Read the letter here: https://ndba.com/uploads/78/10182024State
BankersAssociationsLetterFCCIllegalTextsCalls.pdf In a memo, FDIC staff said a four-month delay would give them
more time to review questions submitted from the public about the
HUD Revises Floodplain rule change and provide answers, which will be available by Nov. 30.

Management and Minimum Read more: https://www.fdic.gov/board/rin-3064-af26-final-rule-
Property Standards Exposure fdic-official-signs-and-advertising-requirements-false-advertising

The Department of Housing and Urban Development (HUD) has USDA Announces Financial
published a final rule in the Federal Register that revises HUD’s Assistance for Distressed Farm
regulations governing floodplain management and the protection
of wetlands to implement the Federal Flood Risk Management Loan Borrowers
Standard (FFRMS). The regulation was effective May 23, 2024. The U.S. Department of Agriculture (USDA) has announced
However, compliance with new elevation requirements will be an additional $250 million in automatic payments for distressed
required for single-family new construction where building permit direct and guaranteed farm loan borrowers under Section 22006
applications are submitted on or after Jan. 1, 2025.

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