Skip to content

United Bank of Iowa hit with flood penalty

Ida Grove, IA
Fine Amount: 
Issued by: 

The FDIC issued a consent order to pay a civil money penalty of $8,000 to United Bank of Iowa, Ida Grove, Iowa, having determined that the bank had engaged in a pattern or practice of committing violations of the Flood Disaster Protection Act and the notice requirements under section 1364 of the National Flood Insurance Act of 1968, 42 U.S.C. 4104a, and Part 339 of the FDIC’s Rules and Regulations, 12 C.F.R. Part 339, because the bank:

  • Made, increased, extended or renewed loans secured by a building or mobile home located or to be located in a special flood hazard area without requiring that the collateral be covered by flood insurance;
  • Failed to timely notify the borrower that the borrower should obtain flood insurance, at the borrower’s expense, upon determining that the collateral was not covered by flood insurance at some time during the term of the loan; and
  • Failed to timely purchase flood insurance on the borrower’s behalf when the borrower failed to do so within 45 days of being advised to obtain adequate flood insurance.

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