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Harvest Community Bank

Pennsville, NJ
08/25/2016
Fine Amount: 
$2,600
Issued by: 

The FDIC has issued an Order to Pay a Civil Money Penalty of $2,600 to Harvest Community Bank, Pennsville, New Jersey, for Flood Act violations.

The FDIC determined that the bank "has engaged in a pattern or practice of committing violations of the FDPA and the notice requirements under section 1364 of the National Flood Insurance Act of 1968, 42 U.S.C. 4104a, and Part 339 of the FDIC’s Rules and Regulations, 12 C.F.R. Part 339, by failing on twenty-six occasions during the term of the loan to notify the borrowers that the borrowers should obtain flood insurance, at the borrowers’ expense, in an amount at least equal to the lesser of the outstanding principal balance of the loan or the maximum limit of the coverage available for the particular type of property under the FDPA for the remaining term of the loan."

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