American Bank of Beaver Dam pays $800 flood penalty
American Bank of Beaver Dam was order to pay an $800 civil money penalty for engaging in a pattern or practice of violating flood insurance laws and regulations by failing:
- to require escrow of flood insurance premiums when it required escrow of taxes, insurance, etc., for a loan secured by residential improved property, for two loans
- to provide the borrowers a Notice of Special Flood Hazard and Availability of Federal Disaster Relief Assistance on four occasions.
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