Oriental Bank, San Juan, PR
The FDIC issued a Stipulated Order for a $153,859 civil money penalty to Oriental Bank, San Juan, Puerto Rico, for having engaged in a pattern or practice of committing violations of the Flood Disaster Protection Act and/or the National Flood Insurance Act, and/or Part 339 of the FDIC's Rules and Regulations.
The Order cited:
- 321 failures to notify borrowers that the borrowers should obtain flood insurance, at the borrower's expense, in an amount at least equal to the amount required, for the remaining term of the loan;
- 333 failures to timely obtain flood insurance on the borrower's behalf where the borrowers failed to obtain insurance within 45 days after notification to the borrowers.