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Washington Federal pays flood penalty

Seattle, WA
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The OCC has imposed a $40,500 civil money penalty on Washington Federal Bank, N.A., for a pattern or practice of violation of the Flood Disaster Protection Act and its implementing regulations, specifically 12 C.F.R. § 22.3(a):

"A national bank or Federal savings association shall not make, increase, extend, or renew any designated loan unless the building or mobile home and any personal property securing the loan is covered by flood insurance for the term of the loan...."

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