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River Cities Bank pays $4,600 flood insurance penalty

Wisconsin Rapids, WI
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River Cities Bank was ordered by the FDIC to pay a civil money penalty of $4,600 for a pattern or practice of violating the Flood Disaster Protections Act, the National Flood Insurance Act, and Part 339 of the FDIC's regulations by:

  • failing to maintain adequate flood insurance during the term of the loan in 2 cases
  • failing to properly force place insurance in 2 cases
  • failing to provide written notice to the borrower concerning flood insurance prior to extending a loan in four cases before extending, increasing or renewing a long

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