Bank of Odessa
The FDIC has issued a Stipulate Order for a $5,500 civil money penalty to Bank of Odessa, Odessa, Missouri, for a pattern or practice of committing violations of the Flood Disaster Protection Act, the National Flood Insurance Act, and Part 339 of the FDIC's Rules and Regulations. Cited were:
- two loans made, increased, extended or renewed and 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
- one designated loan made, increased, extended or renewed without adequate flood insurance
- three instances of allowing flood insurance to lapse during the term of a loan
- one instance of failing to notify the borrower or servicer whether flood insurance is available for the collateral, which was located or to be located in a special flood hazard area
- three failures to comply with proper procedures for force-placing flood insurance.