HR 2901 RFS 
with respect to the particular type of property, 
whichever is less. 
‘‘(2) FEDERAL AGENCY LENDERS.— 
‘‘(A) IN
GENERAL.—A Federal agency 
lender may not make, increase, extend, or 
renew any loan secured by improved real estate 
or a mobile home located or to be located in an 
area that has been identified by the Adminis-
trator as an area having special flood hazards 
and in which flood insurance has been made 
available under the National Flood Insurance 
Act of 1968, unless the building or mobile home 
and any personal property securing such loan is 
covered for the term of the loan by flood insur-
ance in accordance with paragraph (1). Each 
Federal agency lender may issue any regula-
tions necessary to carry out this paragraph. 
Such regulations shall be consistent with and 
substantially identical to the regulations issued 
under paragraph (1). 
‘‘(B) REQUIREMENT TO ACCEPT FLOOD IN-
SURANCE.—Each Federal agency lender shall 
accept flood insurance as satisfaction of the 
flood insurance coverage requirement under 
subparagraph (A) if the flood insurance cov-
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erage meets the requirements for coverage 
under that subparagraph. 
‘‘(3) GOVERNMENT-SPONSORED
ENTERPRISES 
FOR HOUSING.—The Federal National Mortgage As-
sociation and the Federal Home Loan Mortgage 
Corporation shall implement procedures reasonably 
designed to ensure that, for any loan that is— 
‘‘(A) secured by improved real estate or a 
mobile home located in an area that has been 
identified, at the time of the origination of the 
loan or at any time during the term of the loan, 
by the Administrator as an area having special 
flood hazards and in which flood insurance is 
available under the National Flood Insurance 
Act of 1968, and 
‘‘(B) purchased or guaranteed by such en-
tity, 
the building or mobile home and any personal prop-
erty securing the loan is covered for the term of the 
loan by flood insurance in the amount provided in 
paragraph (1). The Federal National Mortgage As-
sociation and the Federal Home Loan Mortgage 
Corporation shall accept flood insurance as satisfac-
tion of the flood insurance coverage requirement 
under paragraph (1) if the flood insurance coverage 
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provided meets the requirements for coverage under 
that paragraph and any requirements established by 
the Federal National Mortgage Association or the 
Federal Home Loan Corporation, respectively, relat-
ing to the financial strength of private insurance 
companies from which the Federal National Mort-
gage Association or the Federal Home Loan Mort-
gage Corporation will accept private flood insurance, 
provided that such requirements shall not affect or 
conflict with any State law, regulation, or procedure 
concerning the regulation of the business of insur-
ance. 
‘‘(4) APPLICABILITY.— 
‘‘(A) EXISTING
COVERAGE.—Except as 
provided in subparagraph (B), paragraph (1) 
shall apply on the date of enactment of the Rie-
gle Community Development and Regulatory 
Improvement Act of 1994. 
‘‘(B) NEW
COVERAGE.—Paragraphs (2) 
and (3) shall apply only with respect to any 
loan made, increased, extended, or renewed 
after the expiration of the 1-year period begin-
ning on the date of enactment of the Riegle 
Community Development and Regulatory Im-
provement Act of 1994. Paragraph (1) shall 
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apply with respect to any loan made, increased, 
extended, or renewed by any lender supervised 
by the Farm Credit Administration only after 
the expiration of the period under this subpara-
graph. 
‘‘(C) CONTINUED
EFFECT
OF
REGULA-
TIONS.—Notwithstanding any other provision of 
this subsection, the regulations to carry out 
paragraph (1), as in effect immediately before 
the date of enactment of the Riegle Community 
Development and Regulatory Improvement Act 
of 1994, shall continue to apply until the regu-
lations issued to carry out paragraph (1) as 
amended by section 522(a) of such Act take ef-
fect. 
‘‘(5) RULE OF CONSTRUCTION.—Except as oth-
erwise specified, any reference to flood insurance in 
this section shall be considered to include Federal 
flood insurance and private flood insurance. Nothing 
in this subsection shall be construed to supersede or 
limit the authority of a Federal entity for lending 
regulation, the Federal Housing Finance Agency, a 
Federal agency lender, the Federal National Mort-
gage Association, or the Federal Home Loan Mort-
gage Corporation to establish requirements relating 
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to the financial strength of private insurance compa-
nies from which the entity or agency will accept pri-
vate flood insurance, provided that such require-
ments shall not affect or conflict with any State law, 
regulation, or procedure concerning the regulation of 
the business of insurance.’’; and 
(B) by striking paragraph (7) and insert-
ing the following new paragraph: 
‘‘(7) DEFINITIONS.—In this section: 
‘‘(A) FLOOD INSURANCE.—The term ‘flood 
insurance’ means— 
‘‘(i) Federal flood insurance; and 
‘‘(ii) private flood insurance. 
‘‘(B) FEDERAL
FLOOD
INSURANCE.—the 
term ‘Federal flood insurance’ means an insur-
ance policy made available under the National 
Flood Insurance Act of 1968 (42 U.S.C. 4001 
et seq.). 
‘‘(C) PRIVATE
FLOOD
INSURANCE.—The 
term ‘private flood insurance’ means an insur-
ance policy that— 
‘‘(i) is issued by an insurance com-
pany that is— 
‘‘(I) licensed, admitted, or other-
wise approved to engage in the busi-
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ness of insurance in the State in 
which the insured building is located, 
by the insurance regulator of that 
State; or 
‘‘(II) eligible as a nonadmitted 
insurer to provide insurance in the 
home State of the insured, in accord-
ance with sections 521 through 527 of 
the Dodd-Frank Wall Street Reform 
and Consumer Protection Act (15 
U.S.C. 8201 through 8206); 
‘‘(ii) is issued by an insurance com-
pany that is not otherwise disapproved as 
a surplus lines insurer by the insurance 
regulator of the State in which the prop-
erty to be insured is located; and 
‘‘(iii) provides flood insurance cov-
erage that complies with the laws and reg-
ulations of that State. 
‘‘(D) STATE.—The term ‘State’ means any 
State of the United States, the District of Co-
lumbia, the Commonwealth of Puerto Rico, 
Guam, the Northern Mariana Islands, the Vir-
gin Islands, and American Samoa.’’. 
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