Sussex Bank pays $5,000 Flood Act penalty
Sussex Bank, Franklin, NJ, was issued a Stipulated Order to pay a civil money penalty of $5,000 for engaging in a pattern or practice of committing violations of the Flood Disaster Protection Act (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, because the Bank on 20 occasions violated the FDPA and 12 C.F.R. § 339.3(a), which requires that the building, mobile home, and personal property securing a designated loan be covered by flood insurance for the term of the loan.
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