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Range Bank pays $4K for Flood Insurance violations

Marquette, MI
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The FDIC issued a consent order for the payment of a $4000 civil money penalty after a determination 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 Rules and Regulations, 12 C.F.R. Part 339 as follows, which implements section 102 of the FDPA, 42 U.S.C. § 4012a: Specifically, on loans secured by property located in a flood hazard area in which flood insurance has been made available under the National Flood Insurance Act of 1968, the Bank violated 12 C.F.R. § 339.5, by failing to require the escrow of all premiums and fees for required flood insurance when it required the escrow of taxes, insurance premiums, fees, or any other charges for a loan secured by residential improved real estate for four (4) loans.

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