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Union State Bank of West Salem

West Salem, WI
09/05/2017
Fine Amount: 
$12,450
Issued by: 

The FDIC issued Union Bank of West Salem an Order to Pay a civil money penalty of $12,450 after determining that the Bank had engaged in a pattern or practice of violating the Flood Disaster Protection Act and/or the National Flood Insurance Act and related provisions of FDIC regulations.by:failing to obtain flood insurance at origination in 18 instances

  • failing to obtain adequate flood insurance in five instances
  • failing to provide notice to borrowers that the collateral from the loan was in a designated special flood hazard area in one instance
  • failing to provide timely notice to borrowers that the collateral for the loan was in a designated special flood hazard area in one instance.
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