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Citizens Bank

Mukwonago, WI
09/17/2019
Fine Amount: 
$15,500
Issued by: 

Citizens Bank was issued an order to pay a civil money penalty of $15,500 for a pattern or practice of flood insurance law and regulations violations, after the FDIC found that the bank:

  • In two cases, failed to obtain flood insurance at the time of loan origination
  • in eight cases, failed to obtain adequate flood insurance
  • in three cases, failed to require escrow of premiums of premiums and fees for flood insurance when it required escrow of taxes, insurance premiums, etc. on those loans
  • in three cases, by failing to follow force placement flood insurance procedures
  • in 5 cases, failing to provide to borrowers a notice of special flood hazard when making, increasing, extending or renewing a loan.

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