Wisconsin River Bank pays $18.5K flood penalty
The FDIC issued a consent order to pay a $18,500 civil money penalty to the bank for having engaged in a pattern or practice of committing violations of the Flood Disaster Protection Act, the notice requirements of the National Flood Insurance Act, and Part 339 of the FDIC's Rules and Regulations as follows:
- 12 C.F.R. § 339.3(a), by failing to obtain adequate flood insurance at the time of the origination of twenty five (25) loans; and
- 12 C.F.R. § 339.9(a), by failing to provide to borrowers a Notice of Special Flood Hazards and Availability of Federal Disaster Relief Assistance when making, increasing, extending or renewing a loan on twenty four (24) occasions.
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