Posts

By Scott Birrenkott

Q: Have the Agencies Finalized Their Revised Flood Q&As?

A: Yes. The OCC, FRB, FDIC, FCA, and NUCA (agencies) have reorganized, revised, and expanded the Interagency Questions and Answers Regarding Flood Insurance (Revised Flood Q&A).

Flood matters continue to be a hot topic with the examiners, and the Revised Flood Q&As are a helpful tool in working through many of the issues associated with flood compliance. The agencies previously issued flood interpretations, but those resources were scattered and found within various guidance documents such as the 2009 and 2011 Q&As. The Revised Flood Q&As supersede and replace those resources by consolidating and updating them into a single document.

The Revised Flood Q&As are organized by category and broken down into numerical designations within their categories. The agencies plan to update and manage these categories accordingly in the future. As an example of the benefit of the Revised Flood Q&As, examiners have recently been reviewing cross-collateralization and contents coverage calculations. The new category labeled “Other Security Interests” includes helpful discussion regarding such matters. For example, “Other Security Interests 7” discusses when flood insurance is required on contents, including examples of how to calculate. Question 8 then discusses a situation in which the contents might be located in another building, and question 9 covers applicability to contents taken as an “abundance of caution.” WBA has recently received questions regarding when contents coverage is required, as well as how to calculate insurable value when contents is included. These updated Q&As are helpful in understanding how the regulators view such situations.

While the flood rules themselves have not changed, the Revised Flood Q&As have been updated for ease of use and remain an excellent resource to consult when faced with a flood question. For any questions on flood matters or other compliance, also consider reaching out to WBA legal at wbalegal@wisbank.com or 608-441-1200.

Triangle Background

UnitedHealthcare provides WBA-member banks cost-effective benefit packages

By Daryll J. Lund

Now’s the time to start thinking about your employee benefits package and how an Associated Health Plan (AHP), serviced by UnitedHealthcare, could help you save. Gain similar purchasing power advantages and options that larger employers receive when you join other Wisconsin banks by enrolling in our AHP.

Through your enrollment in an AHP, your bargaining position is strengthened to help you obtain more favorable rates. A variety of flexible plan options are available to help balance costs and your administrative costs can be reduced through economies of scale.

And your employees will benefit too. They’ll have access to UnitedHealthcare’s provider network — the largest in Wisconsin — resulting in less disruption and a smoother transition. Wellness programs designed to motivate healthier habits and cost estimator tools to assist with making more informed care choices will help your employees with their overall health and budgetary goals.

The advantages don’t stop there. If you’re looking to add vision to your employee benefits package, UnitedHealthcare has you covered. Like their medical network, UnitedHealthcare has one of the nation’s largest vision networks. That means your employees will have the freedom to visit their favorite provider or retailer for vision services and eyewear needs. Alliances with Warby Parker® and GlassesUSA.com are included.

Learn how much you may save by contacting Brian Siegenthaler from Wisconsin Bankers Association – Employee Benefits Corporation at bsiegenthaler@wisbank.com or 608-441-1211.

By Daryll J. Lund

The Wisconsin Bankers Association Employee Benefits Corporation, Inc. (WBA EBC) was formed in 1982 and as our Association Health Plan (AHP) begins its fourth year, I would like to thank each WBA member that has chosen to trust us for their insurance needs.

The flexibility of our high-quality health benefits (dental insurance, medical insurance, prescription drug plans, and vision) as well as life and disability insurance are typically reserved for large employers but — through the purchasing power of WBA EBC — are offered exclusively to WBA members at preferred prices. In the last three years alone, our member banks have collectively saved $1.8 million thanks to their member-driven AHP.

This year we are pleased that nearly 40 banks throughout the state have chosen the WBA AHP through UnitedHealthcare for their health insurance program. Through your enrollment in our AHP, 1,800 members will have access to affordable, highquality benefits and insurance throughout Wisconsin. In addition, our partnership with Lincoln Financial provides life and disability coverage for 10,000 members and our Delta Dental plans cover 7,000 members.

I, along with WBA EBC Vice President Brian Siegenthaler and our dedicated team look forward to continuing to assist you and your employees through our one-stop-shop for members enrollment and administration. We thank you once again for choosing WBA EBC to provide for the well-being of all employees in your organization.

Visit www.wisbankins.com or contact Brian Siegenthaler at bsiegenthaler@wisbank.com or 608-441-1211 to learn more about the advantages we offer.

WBA EBC is excited to announce the upcoming launch of an innovative new online system for streamlined insurance and human resources tasks. The online portal, accessible through a partnership with the Iowa Bankers Insurance Services, will provide member banks with enhanced service, better transparency on costs and expenses, member driven control of enrollment/changes, and the ability to better control administrative costs in the future. 

This upgrade and all included features are available to all WBA EBC bank clients for free as a value-add for your membership with WBA and commitment to our industry through your partnership with WBA EBC.  

The transition to an online system will benefit WBA EBC’s customers by facilitating fast, smooth, and consistent workflows that save time and money. Client banks will now have more time to devote to the strategic initiatives that drive the institution's bottom line rather than filing and documenting. 

After go-live, WBA EBC clients will have access to a one-stop-shop portal for administrators and employees for medical, dental, vision, and life and disability products through WBA. The new Benefits Portal includes some of the following features:  

  • One “Benefits Portal Login” button on the WBA/EBC home page that both benefits administrators and employees will use to log into the portal. Administrators will have access to their administrator account(s) for all employer records to which they have access AND their employee account using a single login. 
  • Standardized login credentials and login process that enable users (administrators and employees) to create, retrieve, and reset their own credentials 
  • Report Builder tool that supports custom queries and reports 
  • E-signature validation for online employee enrollment and maintenance transactions 
  • Mobile-friendly user interface 
  • Ability to search for forms, SPDs, and other documents 
  • Option enabling users to provide online feedback (report issues and suggest improvements) 

Leading up to the system launch on Oct. 1, 2020, WBA EBC will host training webinars to demonstrate features and provide tips on how to navigate the portal.  

If you are a WBA EBC client and haven’t registered yet for your training, please contact me at dlund@wisbank.com or WBA EBC Account Manager Racheale Ward at rward@wisbank.com, 608-441-1260.  

Hurry! Trainings are scheduled for Sept. 1 at 1:00 p.m. or Sept. 3 at 10:00 a.m.! 

Click here to register

For more information or if you have any questions about WBA EBC’s insurance options, please contact WBA EBC Director – Sales Brian Siegenthaler at bsiegenthaler@wisbank.com or 608-441-1211. 

Lund is WBA executive vice president – chief of staff and president of EBC and MBIS. 

By, Ally Bates

Bankers understand risk management. That’s what the business of banking is all about, after all. Bankers accept the risk of protecting their customers’ funds and manage the risk of extending those funds out as loans to build the community. Without effective risk management, no bank can be successful.  

That’s why Wisconsin Bankers Association wholly owned subsidiary WBA Employee Benefits Corporation (EBC) partnered with the Minnesota Bankers Association nearly a decade ago to form Midwest Bankers Insurance Services LLC (MBIS). This partnership created an insurance agency dedicated to providing community banks with comprehensive insurance options.  

As an association-owned entity, ultimately the revenue generated by MBIS flows back to support the overall mission of WBA, which is to support you, our member banks. Another advantage of working with MBIS: we serve only you. The banking industry is the only market MBIS serves; its products are specifically tailored to banks’ insurance needs. All of MBIS’ financial products are designed to protect banks, their officers, directors, and employees from disasters of all kinds.  

Because MBIS is owned by your association, you can rest assured we’re working on your behalf and you can contact us with concerns. For example, recently, we have fielded questions from bankers wondering about the impact of the current pandemic on pricing for their D&O liability policy renewals. Some experts have stated they expect increases of nearly 50% as a result of emerging claims related to COVID-19.  

Our response: while the D&O markets are a bit shaken right now, the banking sector has not seen the significant premium increases other areas have. However, some carriers are tightening in various ways, including more disciplined risk selection, increased retentions, lack of three-year prepay options, and narrower terms and conditions. 

MBIS’s lead D&O carrier, AmTrust, continues to offer broad terms, conditions, and less-than-market pricing with three-year prepay options. The MBIS-negotiated D&O forms have been broader than what we have experienced with policy forms negotiated by other agencies.  

For more guidance and insight like this, you need to work with an agency that knows banking as well as it knows insurance. That’s MBIS.  

Find out how MBIS can help your bank manage risk, and join our over 200 bank clients in Wisconsin, Minnesota, and North Dakota in enjoying peace of mind. Contact Jeff Otteson at 608-217-5219 or jeffo@mbisllc.com today. 

Lund is WBA executive vice president – chief of staff and president of EBC and MBIS. 

By, Amber Seitz

WBA Insurance Services Resources To Help You Win

It is nearly impossible to drive to and from work these days without noticing the "Now Hiring" signs in front of businesses. The signs may even list catchy phrases like "Great Benefits and Wages," as well. Your employees notice these signs, too. To attract and retain talent, bank employers must offer high-quality benefits as well as competitive wages. 

Many of you as HR professionals or CFOs have just gone through another year of health renewals for your business. The challenge of what to change in the form of deductibles and back-end risk for your employees seems to be a never-ending balancing act. It can be a difficult process to make those decisions and explain them to employees. One tool that can help banking HR professionals navigate renewals is the Wisconsin Banking Industry Compensation and Benefits Report, the largest Wisconsin-specific report; it contains salary and benefit information for 113 different jobs with data from 111 participating Wisconsin banks. The report is an excellent tool to help banks compare their benefit packages with peers. Visit www.wisbank.com/WIcompensation for more information or to purchase your copy of the report and to learn about participating in the 2019 report.

Another strategy to help create increased employee satisfaction and engagement is the idea of a "Benefit Stipend." It is a simple concept where the employee gets a set amount of premium dollars to use on supplemental coverages that the employee deems to be important to them. While many banks importantly provide company-paid life insurance and long-term disability coverage, these are plans that some employees may not see the immediate value today.  Providing your employees with access and some financial assistance to take care of pressing medical costs like deductibles and coinsurance gives them a greater feeling of financial security as a bank employee. 

Benefit stipends for supplemental insurance can start out at $5 to $10 per week and can be set up in a way to be used for plans that range from Accident, Hospital, and Critical Illness. WBA EBC is now offering a special pricing partnership with Aflac for bank employees to take advantage of these supplemental insurance plans. These benefit stipends can be designed to reflect length of service; with more tenured employees eligible for a higher amount which creates another value proposition for longevity of employment. 

Here at the WBA, we would love to talk to you about creative ways that a benefit stipend and other programs can help you maintain long-term employee relationships. WBA EBC has many product lines for your employees, including our WBA AHP, dental, vision, life/disability, and other ancillary products to help banks attract and retain the best talent. To start that conversation, please contact Brian Siegenthaler at 608-441-1211 or via email.

Lund is WBA executive vice president – chief of staff and president of EBC and MBIS.

By, Amber Seitz

Why and How to Incorporate Ancillary Benefits Into Your Compensation Package

The global workforce shortage now impacts nearly half of all employers. According to Manpower Group's 2018 talent shortage report, 45 percent of employers say they can't find the skills they need, up from 40 percent in 2017 and the highest figure in over a decade. In Wisconsin, the unemployment rate has plunged to an historic low and many businesses are struggling to find talent. "We have a saying at MRA: the war for talent is over, and the candidates have won," said MRA Director, Total Rewards Deborah Schultz, GPHR, SPHR, SHRM-SCP. Traditional, cookie-cutter benefits aren't effective attractors for today's empowered candidates. "The one-size-fits-all approach no longer works well with benefits," said Brian Siegenthaler, director – sales at WBA Employee Benefits Corporation. "Employees are looking for flexibility and choice. The right benefits package can make a huge difference, especially in the current environment of small salary increases."

As a result, many employers—including banks—are turning to ancillary benefits in an effort to stand out to the most qualified job seekers. "Organizations, banks included, are taking more of a total rewards approach," Schultz explained. "In the competitive talent community today, it's all about differentiation." Ancillary benefits are the "extras" beyond the retirement, health insurance, and life insurance products that round out a traditional rewards package, sometimes including other insurance products such as vision or hearing, cancer, and critical illness, or non-insurance perks such as remote work options and tuition reimbursement. 

While quantitative research proving that ancillary benefits cause employees to join or leave an organization is limited, they are a motivating factor that can keep top talent engaged for a longer period of time. "Many employees put a high value on ancillary benefits," said Ed Caillier, human resources director, MRA. For many employees, the benefits carry more weight than salary alone. "Better benefits are usually more valuable than higher-than-average pay," said Kaydi Sobottka, human resources officer at The First National Bank of River Falls. 

Five Keys to Success 

If your bank is considering complementing your total rewards package by adding ancillary benefits, consider the following five keys to a successful rollout:

  1. Align with the bank's mission and strategy. The most successful benefits packages closely align with the company's strategic plan and also reinforce its mission and/or values, and often it's the ancillary benefits that do the most to create that synergy. "Benefits encompass more than insurance, 401(k) plans, and PTO," explained Molly Bauer, vice president – human resources officer at the Bank of Wisconsin Dells and Chair of the 2018-2019 WBA Human Resources Committee. "Culture and benefits are tightly entwined." For example, if the bank has a strong culture of community service, then paid volunteer time might be a good ancillary benefit to introduce. "Make sure you stay in alignment with the culture you're trying to create and your business strategy," Schultz advised. 
  2. Determine what the bank can afford. Careful cost analysis is a critical component in launching any changes to a compensation and benefits plan. "Organizations need to do a careful assessment of what the organization can afford and sustain," said Schultz. Many banks provide benefits in an unofficial capacity, so it is important to factor in those costs, as well. For example, Bauer knows of one bank that offers unlimited bereavement leave simply because "for them, it's just the right thing to do," she said. "Generally, community banks look out for their employees in times of need. It's not always just about the written benefits." In order to offer that kind of support and flexibility, the bank needs to understand the costs it will need to absorb in order to do so. Working with the right vendor can help keep costs in check, Siegenthaler says. "Partnering with the right carriers is important," he explained. "Price is, of course, a major consideration, but working with a partner carrier that understands our industry is key."
  3. Communicate clearly, early, and often. Human resources leaders must establish clear communication with all staff before, during and after the implementation of any changes. "It's really all about communication," Siegenthaler said. "If employees don't understand how to utilize the benefits, the value of the programs isn't fully realized." In addition to increasing utilization, open communication can provide direction on what kinds of benefits employees will appreciate the most. "Doing an employee survey is a great way to cast a net out there to gauge interest in different types of ancillary benefits," said Kelly Greinke, survey project lead at MRA. 
  4. Involve staff. Every company will have a unique benefits package because no two employees need the same things. "There is no one-size-fits-all package," said Bauer. She recommends polling staff or creating a committee with all levels of the organization represented to discuss benefits. "Most people are willing to tell you what they like and don't like if you ask," she said. Involving staff in the design and implementation of a custom benefits package not only increases the changes that package will meet the specific needs of your staff, but also provide the right number of choices so employees can further customize their options to fit their situation. "Each employee is uniquely different," said Sobottka. "Choice is key to meeting the needs of each employee."
  5. Demonstrate support from the top. Like any significant change at the bank, support from senior leadership is critical to rolling out new or updated benefits successfully. "Senior leadership's visible support and actions around a company's benefits program is very important in overcoming skepticism," said Caillier. He used the example of paid time off to volunteer. "If that's not fully supported by senior leaders with their words and actions, employees will view it as something they shouldn't take advantage of," he explained.

 ​Ancillary Benefits
Across industries, organizations have added a wide variety of ancillary benefits to their rewards packages. Here are a few of the most common and creative: 

Additional Insurance
Siegenthaler said offering dual or triple option health plans is one innovative approach he's seen. "Offering voluntary or supplemental coverages that allows the employee to pick and choose what's most important to them is also a good option," he said. Providers like Aflac often offer this type of coverage at no cost to the employer. In a recent banking industry survey, MRA found that cancer insurance and critical illness insurance were two popular ancillary benefits; vision and/or hearing insurance are also fairly common.

Flexibility 
"We've definitely seen an influx of the kinds of benefits that work toward work/life flexibility," said Schultz, who says the term "work/life balance" is difficult as a goal because each individual brings his or her own definition. Additionally, MRA employer surveys have found that opportunities for time off and social interaction are very popular, especially among younger workers. Greinke cited spontaneous time off to leave early, summer hours, teambuilding events, and sporting events as examples. 

Paid Volunteer Hours
Having paid time off to volunteer in the community "can tie in with the overall mission, vision, and values of the organization," said Caillier. "Building communities is a large part of what the financial industry is about." A related benefit banks might consider is charitable contribution gift-matching. 

Wellness Programs
A company-sponsored wellness program is a good way to incentivize healthy living, and several banks have found them very popular with their employees. "Our wellness program has been incredibly successful," said Sobottka. "It's become a main pillar of our culture, aiding retention." Long-term, such programs can also lead to healthier employees and therefore lower insurance costs and less productivity lost due to sick days. 

Wisconsin Banking Industry Compensation & Benefits Report 
Do you need easy-to-understand, usable, and meaningful compensation and benefits data about Wisconsin's banking industry? As a banking HR professional, of course you do! Now available to you, the 2018 Wisconsin Banking Industry Compensation & Benefits Report is the largest Wisconsin-specific report, containing salary and benefit information for 113 different jobs with data from 111 participating Wisconsin banks! Visit www.wisbank.com/WICompensation for a sneak peek at this year's data and to order your report.

Cathy Yanke, human resources director at Bank of Prairie du Sac, and Kari Davis, VP – human resources director at State Bank of Cross Plains, also contributed to this article. 
WBA Employee Benefits Corporation (EBC) is a wholly owned subsidiary of the Wisconsin Bankers Association.  

By, Amber Seitz

Events

The FDIC’s new rule changes regarding trusts and mortgage servicing accounts place a limit on the amount of deposit insurance and uses the same calculation for revocable and irrevocable trusts. Although the effective date is April 1, 2024, now is the time to determine which customers may not be fully insured — and prepare for impact.

AFTER THIS WEBINAR YOU’LL BE ABLE TO:
• Understand the difference between today’s FDIC insurance for trusts and tomorrow’s regulation
• Distinguish the difference between revocable and irrevocable trusts
• Explain how these changes may affect your customer’s insurance
• Understand the changes in mortgage servicing insurance
• Calculate and negotiate through the insurance rule changes
• Gather a list of customers who may be affected by the changes
• Clearly communicate to other staff the changes to irrevocable trusts (the rules are different, but the insurance may not be as good for these customers)
• Scrutinize the provided examples of how insurance will be calculated differently

WEBINAR DETAILS
The FDIC is amending the rules governing deposit insurance coverage. The amendments simplify the regulations by putting both revocable and irrevocable trust categories into one “trust accounts” category. It will use a common calculation for both and provide consistent deposit insurance treatment for all mortgage servicing account balances held to satisfy principal and interest obligations to a lender.

Coverage for trust account deposits will be determined through a simple calculation. Each grantor’s trust deposits will be insured up to the standard maximum deposit insurance amount (currently $250,000), multiplied by the number of trust beneficiaries, not to exceed five. This, in effect, will limit coverage for a grantor’s trust deposits at each insured depository institution (IDI) to a total of $1,250,000 — a maximum of $250,000 per beneficiary for up to five beneficiaries. What does this mean for your bank and customers? Some of your larger trust customers may not be adequately insured! Learn more during this pragmatic program.

WHO SHOULD ATTEND?
This webinar will benefit new accounts staff, deposit compliance personnel, deposit operations staff, branch staff, trainers, personal bankers, private bankers, and all deposit staff.

TAKE-AWAY TOOLKIT
• FDIC regulation handbook
• PDF of slides and speaker’s contact info for follow-up questions
• Attendance certificate provided to self-report CE credits
• Employee training log
• Interactive quiz

NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your agency is prohibited. Print materials may be copied for eligible participants only.

MEET THE PRESENTER — Deborah Crawford, Gettechnical Inc.
Deborah Crawford is the President of Gettechnical Inc., a Virginia/Florida based firm, specializing in the education of financial institutions across the nation. Her 30+ years of experience began at Hibernia National Bank in New Orleans. She graduated from Louisiana State University with both her bachelor’s and master’s degrees.

Crawford specializes in the education of financial institution employees and officers in the areas of deposit account laws, new account documentation, insurance, complex compliance regulations, and IRAs.

REGISTRATION OPTIONS

  • $245 – Live Webinar Access
  • $245 – OnDemand Access + Digital Download
  • $320 – Both Live & On-Demand Access + Digital Download

In January 2022 the IRS released new federal tax withholding forms W-4R and W-4P. Here’s your opportunity to learn about the new forms, as well as how to best handle many common (and sometimes tricky) issues to ensure smooth sailing for your IRA and HSA programs.

AFTER THIS WEBINAR YOU’LL BE ABLE TO:

  • Understand the new 2023 federal tax withholding rule changes and requirements
  • Discuss the 2022 voluntary withholding rule change implications
  • Complete the new W-4R form for nonperiodic IRA distributions
  • Examine the three life expectancy tables that changed on January 1, 2022
  • Examples of the effect on RMD and beneficiary life expectancy distributions
  • Review the beneficiary “reset rule” when calculating life expectancy payouts
  • Identify which types of IRA beneficiaries have lost the “stretch IRA” option because of the SECURE Act
  • Determine when IRA and HSA plan document amendments are required
  • Answer the most-common HSA questions
  • Recognize your responsibilities when monitoring HSA contribution limits
  • Analyze how to handle employer mistakes in contributions and HSA owner mistakes in distributions
  • Explain the proper handling and reporting of HSA death distributions

WEBINAR DETAILS
Join this lively discussion of the top issues facing individual retirement account (IRA) and health savings account (HSA) owners and financial organizations. The timely information provided will explain how to avoid common pitfalls associated with owning or administering IRA and HSA accounts. It will review 2022’s hottest IRA and HSA issues and provide the information needed to stay on track. Attend this session to learn the answers to the most common questions from IRA and HSA owners.

WHO SHOULD ATTEND?
This detailed webinar will benefit everyone involved with IRA or HSA accounts, including service representatives, operations staff, administrative personnel, management, trust department personnel, and licensed insurance and securities agents.

TAKE-AWAY TOOLKIT
• PDF of slides and speaker’s contact info for follow-up questions
• Attendance certificate provided to self-report CE credits
• Employee training log
• Interactive quiz

NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your agency is prohibited. Print materials may be copied for eligible participants only.

MEET THE PRESENTER — Frank J. LaLoggia, LaLoggia Consulting, Inc.
Frank LaLoggia is the President of LaLoggia Consulting, Inc., a pension consulting firm that assists financial organizations with ongoing support in the creation, development, and marketing of their retirement plans offerings.

LaLoggia coordinates and conducts pension seminars and training programs throughout the United States, including in-house IRA, HSA, and employer retirement plan training. With over 40 years of experience, he has assisted many leading financial organizations in the pension and financial services industries.

REGISTRATION OPTIONS

  • $245 – Live Webinar Access
  • $245 – OnDemand Access + Digital Download
  • $320 – Both Live & On-Demand Access + Digital Download

Proper handling of escrow accounts and flood insurance is critical. No one wants to find themselves on the wrong side of an enforcement action or lawsuit. Attend this webinar to learn the important aspects of these two issues, including initial calculation and notice requirements.

AFTER THIS WEBINAR YOU’LL BE ABLE TO:

  • Calculate the amount of flood insurance coverage and escrow payments
  • Use the escrow account and flood insurance model forms
  • Define when flood insurance is required
  • Explain when insurance can be force-placed
  • Distinguish between the requirements for shortages and deficiency replenishments on escrow

WEBINAR DETAILS
Improper handling of escrow accounts and flood insurance has led to enforcement actions and litigations. Escrow for taxes and insurance (AKA impound accounts), whether voluntary or required, comes with a host of calculation and notification requirements. The same is true for flood insurance. Unfortunately, mistakes and miscalculations can cause examination issues, consumer complaints, and risk. This webinar will explore these two issues from initial calculation and notice requirements to ongoing annual and other requirements.

WHO SHOULD ATTEND?
This informative session is directed to staff members who deal with initial and ongoing escrow and flood insurance requirements and notices, as well as those who work with outside third parties charged with these responsibilities. Audit, compliance, and risk management staff will also benefit.

TAKE-AWAY TOOLKIT

  • Escrow and flood calculation examples
  • Links to online model notices and forms
  • Timeline references
  • PDF of slides and speaker’s contact info for follow-up questions
  • Attendance certificate provided to self-report CE credits
  • Employee training log
  • Interactive quiz

NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your agency is prohibited. Print materials may be copied for eligible participants only.

MEET THE PRESENTER – Mary-Lou Heighes, Compliance Plus, Inc.
Mary-Lou Heighes is president and founder of Compliance Plus, Inc., which has assisted financial institutions with the development of compliance programs since 2000. She provides compliance training for trade associations and financial institutions. Heighes has been an instructor at regulatory compliance schools, conducts dozens of webinars, and speaks at numerous conferences throughout the country.

Involved with financial institutions since 1989, Heighes has over 25 years’ compliance experience. Before starting Compliance Plus in 2000, she spent five years working as a loan officer, marketer, and collector. She also worked at a state trade association for seven years providing compliance assistance and advising on state and federal legislative issues that affect financial institutions.

REGISTRATION OPTIONS

  • $245 – Live Webinar Access
  • $245 – OnDemand Access + Digital Download
  • $320 – Both Live & On-Demand Access + Digital Download

The Flood Disaster Protection Act requires time-sensitive actions by the lender or its designated servicer during the force placement of a flood insurance policy. However, recent enforcement actions have identified this as an area of weakness. How do your policies and procedures stack up?

AFTER THIS WEBINAR YOU’LL BE ABLE TO:

  • Explain force-placement timing requirements
  • Properly prepare a notice of underinsured or uninsured flood insurance coverage
  • Understand the amount of force-placed flood insurance is dependent on how the borrower will be charged for the premium and the loan contract
  • Obtain documentation necessary to demonstrate evidence of flood insurance coverage in connection with a lender’s refund of force-placed premiums
  • Calculate refunds for duplicate flood insurance coverage
  • Recognize examiner-identified force-placement exceptions
  • Explain the action steps required when a FEMA map changes a loan into a SFHA

WEBINAR DETAILS
Numerous recent enforcement actions have identified weaknesses in force-placed flood insurance procedures. Join this in-depth program for a thorough look at the required action steps when a designated loan is identified as being underinsured or uninsured for required flood protection. Even after the activation of the force-placed policy, numerous steps are required to address duplicate coverage situations and refunds. This session will review the necessary steps and documentation requirements to force-place flood insurance from start to finish.

WHO SHOULD ATTEND?
This informative session is designed for lenders, loan processors, lending staff, compliance officers, risk officers, and trainers.

TAKE-AWAY TOOLKIT

  • Sample force-placed flood insurance procedures
  • Sample notice of insufficient flood insurance coverage
  • Force-placement transactional review checklist
  • SFHA tracking log
  • PDF copy of the slides
  • Employee training log
  • Interactive quiz

MEET THE PRESENTER – Molly Stull, Brode Consulting Services, Inc.
Molly Stull began her career as a teller while working on her undergraduate degree and has continued working in the financial industry ever since. She has experienced the growth of a hometown bank, branch mergers, charter changes, name changes, etc. Stull has activated business resumption plans, performed secondary market quality control reviews, processed wires, filed SARs, and coordinated reviews with external auditors and examiners. Her favorite role has always been educating staff and strongly believes that if staff understands the reason for a process they will be more compelled to follow the procedures. Stull holds a bachelor’s from the University of Akron and an MBA from Ashland University.

REGISTRATION OPTIONS

  • $245 – Live Webinar Access
  • $245 – OnDemand Access + Digital Download
  • $320 – Both Live & On-Demand Access + Digital Download

When it comes to flood insurance compliance there is a lot to remember and even more ways to mess it up. There are determinations to pull, notices to provide, calculations to make, timing requirements to follow, etc., that you must get right. There’s little to no room for error! You also have to deal with both federal regulatory requirements and insurance industry requirements which can muddy the waters ever more. Failure to comply can also result in hefty civil money penalties. This is an area you want to ensure your financial institution gets right!

Attend this Flood Insurance streaming event from the convenience of your own home or office via Live Streaming Video as it happens on Tuesday, October 19th (9:00 am – 4:00 pm Central Time), or at your own convenience with 6 months of OnDemand playback.

What You Will Learn

The Latest Guidance & Hot Spots
Flood Determinations
Letters of Map Change/Revision
Special Flood Hazard Area Notice
Participating/Non-Participating Communities
How Much Insurance Is Required?
Determining Insurable Value
Multiple Buildings, Detached Garage Provisions & Detached Structure Exemptions
Condominiums
Private Flood Insurance
Escrow Requirements
Force Placement Requirements
Servicer Notifications
CMS Intersection
Non-Compliance
Monitoring Requirements, Examination Feedback, Resources & Much More!
Training Day Agenda (Subject to Change)

9:00 am – 10:15 am CT (15 minute break)

Purpose, Key Terms, Overview
Flood Determinations
Letters of Map Change
10:30 am – 12:00 pm CT (45 minute lunch break)

Special Flood Hazard Notice
Participating/Non-Participating Communities
Requirement to Purchase Flood Insurance
12:45 pm – 2:15 pm CT (15 minute break)

Requirement to Purchase Flood Insurance (Continued)
Additional Flood Insurance Considerations
2:30 – 4:00 pm CT

Private Flood Insurance
Force Placement of Flood Insurance
Monitoring
Escrowing
Notice of Servicer’s Identity
Civil Money Penalties
CMS

Who Should Attend?​

This event is for consumer real estate loan officers, loan processors, compliance and audit personnel.

Presenter

Jerod Moyer is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Banker’s Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru.

Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!

Registration Option

OnDemand with Live Streaming: $995