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Renasant Bank hit with $132,000 flood penalty

Tupelo, MS
Fine Amount: 
Issued by: 

The FDIC has, with the consent Renasant Bank, Tupelo, Mississippi, ordered the bank to pay a $132,000 civil money penalty for its pattern or practice of violations of the Flood Disaster Protection Act of 1973 (FDPA_, as amended. The FDIC determined that Renasant committed:

  • 111 violations of section 102(b)(1) of the FDPA and section 339.3(a) of the FDIC Rules and Regulations (12 CFR 339.3(a)), by failing to obtain flood insurance or obtain an adequate amount of insurance coverage, at or before loan origination, for all structures in a flood zone, including multiple structures, and failing to obtain contents coverage when required.
  • 42 violations of Section 102(b)(6) of the FDPA and section 339.9(a) of the FDIC Rules and Regulations (12 CFR 339.9(a)), for failing to mail or deliver a written notice to the borrower and to the servicer in all cases, whether or not flood insurance is available under the Act, for the collateral securing the loan.
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