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Brighton Bank pays $4,125 flood insurance penalty

Salt Lake City, UT
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The FDIC issued a consent order for the payment of a $4,125 civil money penalty after it determined that the bank had engaged in a pattern or practice of committing violations of the Flood Disaster Protection Act and Part 339 of the FDIC’s Rules and Regulations, 12 C.F.R. Part 339, 12 C.F.R. §§ 339.3(a), 339.9(a), and 339.7(a), by: 1) originating loans without adequate flood insurance; 2) failing to provide required notices when increasing or extending loans; and 3) failing to provide required force-placed insurance notices when loans were secured by properties and contents located in Special Flood Hazard Areas.

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