; (2) the undertaking of the federally funded project is— (A) because of an emergency; or (B) a mission-critical requirement relating to a national security interest or an emergency; or (3) applying the Standard to a federally funded project is demonstrably inappropriate. (c) Updates Not less frequently than once every 5 years, the Water Resources Council shall update the Standard, as determined appropriate by the Water Resources Council. 6. Financial transactions in areas subject to flooding In addition to any responsibilities under this Act and sections 102, 202, and 205 of the Flood Disaster Protection Act of 1973 ( 42 U.S.C. 4012a , 4106, and 4128), the head of any agency that guarantees, approves, regulates, or insures any financial transaction relating to an area that is subject to a base flood shall, before completing any action relating to that transaction, inform any private parties that are participating in the transaction about the hazards of locating a structure in that area. 7. Reports (a) In general Not later than 1 year after the date of enactment of this Act, the head of each agency shall submit to the Council on Environmental Quality a report regarding how the requirements of this Act impact the procedures and operations of the agency. (b) Analysis of Standard Each report submitted under subsection (a) shall contain a separate analysis regarding how the requirement under section 5(a)(1) has impacted agencies. (c) Evaluation Not less frequently than once every 2 years, the Water Resources Council shall— (1) evaluate the procedures, including the effectiveness of the procedures, of each agency relating to the requirements of this Act, taking into account each report submitted under subsection (a)