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Citizens Bank & Trust Company

Saint Paul, NE
03/31/2017
Fine Amount: 
$6.500
Issued by: 

The FDIC has issued an Order to Pay Civil Money Penalty of $6,500 to Citizens Bank & Trust Company, Saint Paul, Nebraska, for for violations of the Flood Disaster Protection Act, having 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 because the Bank:

  • Made, increased, extended or renewed loans secured by a building or mobile home located or to be located in a special flood hazard area without requiring that the collateral be covered by flood insurance;
  • Made, increased, extended or renewed a loan secured by a building or mobile home located or to be located in a special flood hazard area without notifying the borrower and/or the servicer whether flood insurance is available for the collateral;
  • Made, increased, extended or renewed a loan secured by a building or mobile home located or to be located in a special flood hazard area without providing timely notice to the borrower and/or the servicer as to whether flood insurance is available for the collateral; and,
  • Failed to comply with proper procedures for force-placing flood insurance in instances where the collateral was not covered by flood insurance at some time during the term of the loan.

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