Flood Insurance

Federal Reserve Board Announces Penalty Against State Bank for Alleged Violation of the National Flood Insurance Act

​On September 14, the Board of Governors of the Federal Reserve System announced the execution of a settlement with a state bank concerning alleged violations of the National Flood Insurance Act (“NFIA”), 42 U.S.C. § 4012a(f)(4).  The Board of Governors asserted that where a pattern or practice of violations of NFIA…

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Federal Reserve Board Announces Settlement Agreements with Two Regional Banks for Alleged Violations of the National Flood Insurance Act

On November 24,​ the Board of Governors of the Federal Reserve System announced the execution of two settlement agreements in enforcement actions against two regional banks concerning alleged violations of the National Flood Insurance Act (“NFIA”), 42 U.S.C. § 4012a(f)(4).  The Board of Governors asserted that where a pattern or practice of violations of the NFIA is found, civil money penalties can be…

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Federal Reserve Board Announces Enforcement Action Against Regional Bank for Alleged Violation of the National Flood Insurance Act

On September 22, 2015, the Board of Governors of the Federal Reserve System announced the execution of a settlement in an enforcement action against a regional bank concerning an alleged violation of the National Flood Insurance Act (NFIA), 42 U.S.C. § 4012a(f)(4). ​The Board of Governors asserted that where a pattern or practice of violations of…

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FDIC Penalizes Louisiana Bank For Alleged Violation of the National Flood Insurance Act

​On August 28, 2015, the Federal Deposit Insurance Corporation (FDIC) announced the release of its July 2015 administrative enforcement actions against banks and individuals.  Among these was an Order to Pay Civil Money Penalties​ assessed against ​a Louisiana bank for $123,000 for alleged violations of the Flood Disaster Protection Act of 1973 (FDPA), the National Flood Insurance…

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FDIC Penalizes Ohio Bank For Alleged Violation of the National Flood Insurance Act

On August 28, 2015, the Federal Deposit Insurance Corporation (FDIC) announced the release of its July 2015 administrative enforcement actions against banks and individuals.  Among those actions was an Order to Pay assessed against an Ohio bank for $9,600 for alleged violations of the Flood Disaster Protection Act of 1973 (FDPA) and Part 339 of the FDIC Rules and Regulations.  Specifically, the FDIC…

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FDIC State-Member Bank Agrees to Civil Money Penalty to Resolve Flood Insurance Enforcement Action by the Federal Reserve

​On May 12, the Board of Governors of the Federal Reserve System announced the execution of a settlement in an enforcement action against a state member bank concerning alleged violation of Section 102(f) of the National Flood Insurance Act (NFIA). The settlment noted that where a pattern of practice of…

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