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Reliabank Dakota pays $30K flood insurance penalty

Estelline, SD
06/10/2021
Fine Amount: 
$30,000
Issued by: 

The FDIC has issued an assessment of a $30,000 civil money penalty against Reliabank Dakota, Estelline, South Dakota, after finding that the bank:

  1. 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;
  2. 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 adequate flood insurance;
  3. Made, increased, extended or renewed a loan secured by a building or mobile home located or to be located in a special flood hazard area without notifying the borrower and/or the servicer whether flood insurance is available for the collateral.

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