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Glacier Bank pays penalty for flood insurance violations

Kallispell, MT
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The FDIC has issued Glacier Bank, Kalispell, Montana, an order to pay a civil money penalty of $16,750, having determined that the bank has engaged in a pattern or practice of committing violations of the Flood Disaster Protection Act and the notice requirements under section 1364 of the National Flood Insurance Act of 1968 and Part 339 of the FDIC's Rules and Regulations, specifically --

  1. 12 CFR § 339.3(a), by failing to obtain adequate flood insurance on buildings and/or contents securing designated loans at the time the bank made, increased, extended, or renewed the loan
  2. 12 CFR § 339.9(a), by failing to provide borrowers a Notice of Special Flood Hazard and Availability of Federal Disaster Relief Assistance when making, increasing, extending, or renewing designated loans.

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