Sussex Bank pays $5,000 Flood Act penalty
Franklin, NJ
Fine Amount:
$5,000
Penalty Type:
Issued by:
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. ยง 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.