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Bank of Lake Mills pays for Flood Act violations

Lake Mills, WI
01/10/2018
Fine Amount: 
$5,000
Issued by: 

The FDIC assessed a $5,000 civil money penalty against Bank of Lake Mills for violations of:

  • section 339.3(a) of the FDIC Rules and Regulations, 12 C.F.R. § 339.3(a), by failing to obtain flood insurance on a building securing a designated loan at the time of the origination of four (4) loans;
  • section 339.3(a) of the FDIC Rules and Regulations, 12 C.F.R. § 339.3(a), by failing to obtain adequate flood insurance at the time of the origination of one (1) loans;
  • section 339.9(a) of the FDIC Rules and Regulations, 12 C.F.R. § 339.9(a), by failing to provide to borrowers a Notice of Special Flood Hazard and Availability of Federal Disaster Relief Assistance when making, increasing, extending or renewing a loan on one (1) occasion; and
  • section 339.9(c) of the FDIC Rules and Regulations, 12 C.F.R. § 339.9(c), by failing to provide to borrowers a Notice of Special Flood Hazard and Availability of Federal Disaster Relief Assistance within a reasonable time before the completion of the transaction on five (5) loans.

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