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Bank of the West pays $281K flood insurance CMP

San Francisco, CA
Fine Amount: 
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Bank of the West, San Francisco, California, has been issued a consent order from the FDIC for the payment of a $281,000 civil money penalty for a pattern or practice of violations of the Flood Disaster Protection Act and Part 339 of the FDIC's Rules and Regulations, in particular 12 CFR § 339.7(a), by failing to notify the borrower that the borrower should obtain flood insurance, at the borrower’s expense, in an amount at least equal to the amount required under § 339.3, for the remaining term of the loan, upon determining that the building or mobile home or any personal property securing the designated loan is not covered by flood insurance or is covered by flood insurance in an amount less than the amount required under § 339.3; and 12 C.F.R. § 339.7(a), by failing to purchase force-placed flood insurance on the borrower’s behalf upon the borrower’s failure to obtain flood insurance within 45 days after notification.

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