Skip to content

Fortifi Bank pays $15,375 flood insurance penalty

Berlin, WI
09/24/2020
Fine Amount: 
$15,375
Issued by: 

The FDIC has issued a consent order to the bank for the payment of a $15,375 civil money penalty for engaging in a pattern or practice of committing violations of the Flood Disaster Protection Act and/or the notice requirements under the National Flood Insurance Act, by violating:

  • Section 339.3(a) of the FDIC Rules and Regulations, 12 C.F.R. § 339.3(a), by allowing flood insurance to lapse during the term of the loan in one instance; and failing to obtain adequate flood insurance in four instances;
  • Section 339.5(a)(4) of the FDIC Rules and Regulations, 12 C.F.R. § 339.5(a)(4), by failing to escrow funds for insurance premiums in nine instances; and
  • Section 339.9(a)(4) of the FDIC Rules and Regulations, 12 C.F.R. § 339.5(a)(4), by failing to provide written notice of flood insurance at renewal in thirteen instances.

Penalties View All

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Penalties