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Flood CMPs in 2020

Answered by: 

Question: 
What has happened to flood penalties in 2020?
Answer: 

Flood penalties have skyrocketed. By mid-November, the penalties imposed in 2020 are already nearly $19 million. That is more than what was imposed from 2005 through 2019- combined! Nearly $18 million of that was in one single penalty. Excluding that, we are below a 5-year average, but flood has to be on your compliance radar as management won’t have a penalty amount that is acceptable for your bank.

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First published on 12/13/2020

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