Farmers & Merchants pays for flood insurance violations
Milford, NE
Fine Amount:
$24,000
Penalty Type:
Issued by:
The FDIC has issued a consent order for the payment of a civil money penalty of $24,000 to Farmers and Merchants Bank, Milford, Nebraska, 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; 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.