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Mainland Bank flood pays flood penalty

Texas City, TX
Fine Amount: 
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The FDIC issued a consent Order to Pay a Civil Money Penalty of $2,700 to Mainland Bank after determining that the bank has engaged in a pattern or practice of committing violations of section 102(b)(l) of the Flood Disaster Protection Act (FDPA) and section 339.3(a) of the FDIC Rules and Regulations, by failing to obtain flood insurance coverage at or before loan origination, increase, renewal, or extension on twenty-five (25) loans secured by a building or mobile home that is located or to be located in a special flood hazard area, as designated by the Administrator of the Federal Emergency Management Agency, in which flood insurance is available under the National Flood Insurance Act of 1968.

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