Mayville Savings Bank
The FDIC issued Mayville Savings Bank, Mayvillle, Wisconsin, an Order to Pay a Civil Money Penalty of $1,600, having reason to believe that the Bank violated the Flood Disaster Protection Act 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 under the National Flood Insurance Act of 1968, the Respondent violated:
- Section 339.3(a) of the FDIC Rules and Regulations, 12 C.F.R. §339.3(a), by failing to maintain adequate flood insurance during the term of the loan in one instance, and by allowing flood insurance to lapse during the term of the loan in two instances; and
- Section 339.9(c) of the FDIC Rules and Regulations, 12 C.F.R. §339.9(c) for failing to provide written notice to the borrower concerning flood insurance prior to renewing a loan in one instance.