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Southwest Capital Bank pays $10,800 flood penalty

Albuquerque, NM
Fine Amount: 
Issued by: 

The FDIC issued a consent order for a $10,800 CMP against the bank for:

  • 4 failures to obtain flood insurance at or before loan origination or renewal
  • 2 failures to maintain flood insurance for the term of the loan
  • 3 failures to notify the borrower to obtain flood insurance when the bank determines a designated loan is not covered by flood insurance
  • four failures to purchase force-placed coverage within 45 days after notification

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