First Choice Bank
The FDIC has issued an Order to Pay a Civil Money Penalty of $2,250 to First Choice Bank, Lawrenceville, 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/or the notice requirements under section 1364 of the National Flood Insurance Act of 1968, 42 U.S.C. 4104a, and/or Part 339 of the FDIC’s Rules and Regulations, 12 C.F.R. Part 339 by reason that the Bank violated the FDPA and 12 C.F.R. § 339.7 on six occasions by failing to notify borrowers that the borrowers should obtain flood insurance, at the borrowers’ expense, in an amount at least equal to the amount required, for the remaining term of the loan; and by reason that the Bank violated the FDPA and 12 C.F.R. § 339.7 on three occasions by failing to timely obtain flood insurance on the borrowers’ behalf where the borrowers failed to obtain insurance within 45 days after notification to the borrowers."