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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.

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