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Monroe Bank & Trust pays for flood insurance violations

Monroe, MI
03/09/2018
Fine Amount: 
$46,800
Issued by: 

The FDIC assessed a civil money penalty against Monroe Bank & Trust, after determining that the bank has engaged in a pattern or practice of committing violations of the FDPA and/or the notice requirements under section 1364 of the National Flood Insurance Act of 1968, 42 U.S.C. 4104a, and/or Part 339 of the FDIC's Rules and Regulations, 12 C.F.R. Part 339 as follows:

  • 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 two (2) 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 for twenty two (22) loans;
  • section 339.3(a) of the FDIC Rules and Regulations, 12 C.F.R. § 339.3(a), by failing to maintain flood insurance for two (2) loans; and
  • section 339.7 of the FDIC Rules and Regulations, 12 C.F.R. § 339.7, by failing to follow force placement flood insurance procedures for thirteen (13) loans.

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