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The Federal Savings Bank pays $193K flood penalty

Chicago, IL
Fine Amount: 
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The OCC has issued an order for a civil money penalty of $193,105.50 to The Federal Savings Bank, Chicago, Illinois, for a pattern or practice of violations of the Flood Disaster Protection Act and its implementing regulations, specifically 12 CFR § 22.10 (Notice of servicer's identity).

That section of the regulation requires a national bank or federal savings association that makes, increases, extends, renews, sells, or transfers a loan secured by a building or mobile home located (or to be located) in a special flood hazard area to notify the insurance provider in writing of the identity of the servicer of the loan, and to notify the insurance provider of any change in the servicer of the loan within 60 days of the effective date of the change.

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