Union State Bank of West Salem

West Salem, WI

09/05/2017

Fine Amount:

$12,450

Penalty Type:

Flood Civil Money Penalties

Issued by:

FDIC

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.

First published on:

10/27/2017

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Recorded on: 04/17/2024

Union State Bank of West Salem

Penalty Type

Misc