First Chatham Bank pays $12,000 flood penalty
Savannah, GA
Fine Amount:
$12,000
Penalty Type:
Issued by:
The FDIC civil money penalty was imposed after a finding that the bank had engaged in a pattern or practice of violations of the Flood Disaster Protection Act, the notice requirements under section 1364 of the National Flood Insurance Act of 1968, 12 C.F.R. Part 339 of the FDIC's Rules, because the bank made, increased, extended, or renewed loans secured by a building or mobile home located in a special flood hazard area 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.