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Citizens Bank of the Midwest pays $2,750 flood insurance penalty

Rolla, MO
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The FDIC issued the bank an Order to Pay a $2,750 civil money penalty after determining the bank had engaged in a pattern or practice of violating the Flood Disaster Protection Act and the notice requirements under section 1364 of the National Flood Insurance Act of 1968, and part 339 of the FDIC's Rules and Regulations, because the Bank made, increased, extended or renewed a loan secured by a building or mobile home located 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.

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