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Chillicothe State Bank pays flood insurance penalty

Chillicothe, MO
07/29/2021
Fine Amount: 
$4,000
Issued by: 

The FDIC has issued the Chillicothe State Bank, Chillicothe, Missouri, a consent order to pay a $4,000 civil money penalty for a pattern or practice of violations of the Flood Disaster Protection Act and Part 339 of FDIC Rules and Regulations, after finding that 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;
  • 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 providing timely notice to the borrower and/or the servicer as to whether flood insurance was available for the collateral; and
  • Failed to comply with proper procedures for force-placing flood insurance in instances where the collateral was not covered by flood insurance at some time during the term of the loan.

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