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Crest Savings pays flood violation penalty

Wildwood, NJ
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The FDIC assessed a $10,100 civil money penalty on Crest Savings Bank, Wildwood, NJ, having determined that the Bank 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 Pant 339 of the FDIC's Rules and Regulations, 12 C.F.R. Part 339, by reason that the Bank

  • on 9 occasions violated the FDPA and 12 C.F.R. § 339.3(a), which requires that the building, mobile home, or personal property securing a designated loan be covered by flood insurance for the term of the loan
  • on 14 occasions violated the FDPA and 12 C.F:R. § 339.7, which provides that if a bank or servicer acting on behalf of the bank determines at any time during the terrn of the designated loan that the building or mobile home is not covered by flood insurance that meets the requirements referenced in 12 C.F.R. § 339.3(a) the bank or its servicer must notify the borrower that the borrower should obtain, at the borrower's expense, flood insurance that meets such requirements for the remaining term of the loan and, if the borrower fails to obtain such flood insurance within 45 days after notification, the bank or its servicer must purchase such insurance on the borrower's behalf.

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