Citizens Bank
Mukwonago, WI
Fine Amount:
$15,500
Penalty Type:
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.