Heritage Bank, Inc. - Flood Penalty
The FDIC considered the matter and 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:
* Section 339.3(a) of the FDIC Rules and Regulations, 12 C.F.R. §339.3(a), by allowing flood insurance to lapse during the term of the loan in one instance; and failing to obtain adequate flood insurance in three instances; and
* Section 339.7 of the FDIC Rules and Regulations, 12 C.F.R. §339.7, by failing to follow force place procedures in eleven instances.