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Parke Bank pays flood penalty of $22,931

Sewell, NJ
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Parke Bank was ordered to pay a civil money penalty of $32,931, after the FDIC determined that the bank had engaged in a pattern or practice of violations of the Flood Disaster Protection Act and National Flood Insurance Act, and Part 329 of the FDIC's regulations by

  • failing on 205 occasions to notify borrowers that they should obtain flood insurance, at the borrower's expense, in an amount at least equal to the amount required, for the remaining term of the loan
  • on 31 occasions by force placing flood insurance on the borrowers' behalf without providing advance notice to the borrowers to the borrowers that the borrowers should obtain flood insurance at their own expense

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