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Flood CMPs in 2021

Answered by: 

Question: 
What has happened to flood penalties in 2021?
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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First published on 01/09/2022

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