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Marine Bank & Trust Company pays $17,625 flood penalty

Vero Beach, FL
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The FDIC has issued a consent order to pay a $17,625 civil money penalty to Marine Bank & Trust Company, Vero Beach, Florida, for as pattern or practice of violating the Flood Disaster Protection Act and section 339.7(a) of part 339 of the FDIC Rules and Regulations, after finding that the bank:

  • failed to notify the borrower to obtain flood insurance, at the borrower’s expense, in an amount at least equal to the amount required under section 339.3, for the remaining term of the loan, upon determining that the building or mobile home or any personal property securing the designated loan is not covered by flood insurance or is covered by flood insurance in an amount less than the amount required under section 339.3 in 25 of 37 loans; and
  • failed to purchase flood insurance on the borrower’s behalf upon the borrower’s failure to obtain flood insurance within 45 days after notification for 14 of 37 loans.

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