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TSB Bank, Lomira, WI pays $7K flood penalty

Lomira, WI
10/21/2016
Fine Amount: 
$7,100
Issued by: 

The FDIC issued a Consent Order for a Civil Money Penalty of $7,100 to TSB Bank, Lomira, WI , for violating Flood Disaster Protection Act (“FDPA”) and the FDIC Rules and Regulations. The FDIC has reason to believe that the bank has violated the FDPA and Part 339 of the FDIC Rules and Regulations. Specifically, on loans secured by property located in flood hazard areas in which flood insurance has been made available the bank violated:

  • § 339.3(a), by failing to obtain flood insurance on a building securing a designated loan at the time of the origination of four (4) loans;
  • § 339.7, by failing to follow force placement flood insurance procedures for two (2) loans;
  • § 339.9(a), by failing to provide to borrowers a Notice of Special Flood Hazard and Availability of Federal Disaster Relief Assistance when making, increasing, extending or renewing a loan on two (2) occasions; and
  • § 339.9(c), by failing to provide to borrowers a Notice of Special Flood Hazard and Availability of Federal Disaster Relief Assistance within a reasonable time before the completion of the transaction on one (1) loan.

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