On March 21, 2008, the Federal Regulators jointly issued a Notice within the Federal Register (Vol. 73, No. 56, 15259] requesting public comment on the proposed revisions to the 1997 FFIEC "Interagency Questions and Answers Regarding Flood Insurance" ("Q&A"). As described in this summary document we prepared, once finalized and issued, the revised Q&A will serve as regulatory guidance by the Federal Regulators to supplement the existing flood regulations for lenders. We encourage you to notify your internal Legal or Compliance Department and work with them to review and consider the proposed changes to the Q&A.

Please note-the deadline for submitting comments for consideration is May, 20 2008, so please do not delay in conducting your review.