Answer:
Flood penalties are down in dollars and up in the count. By mid-November, the penalties imposed in 2021 are nearly $1.5 million. That is down from the 2020 anomaly but higher than the recent median amount. 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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Learn more about Andy Zavonia’s Annual Lending Compliance Recap webinar.
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