More Flood Enforcement

The Federal Reserve continues to find banks in violation of flood hazard insurance requirements. When it comes to these violations, there really is no mercy. Penalties are mandatory at $385 per violation. Recent penalties include $7,750 imposed on First Bank and Trust Company of Lebanon, Virginia, and $32,550 imposed on the Bank of Pontiac of Pontiac, Illinois. Make sure your flood hazard insurance compliance is in good shape.

Copyright © 2005 Compliance Action. Originally appeared in Compliance Action, Vol. 10, No. 8, 7/05