------------------ Andy Zavoina Opinions stated are not necessarily that of my employer.
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AndyZ CRCM My opinions are not necessarily my employers. R+R-R=R+R Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell
Well, can't tell what the exact violations, but from the amount ($10,500), we know they had 30 violations of the flood requirements, since they are $350 a pop.
Last month, the FDIC fined a bank in Waterloo, NE $6000 for not requiring borrowers to purchase flood insurance or require them to continue to purchase insurance each year. This MAY be the same thing.
Without more information, I would simply evaluate current practices and procedures in their enntirety and ensure that all is in order.
------------------ Andy Zavoina Opinions stated are not necessarily that of my employer.
_________________________
AndyZ CRCM My opinions are not necessarily my employers. R+R-R=R+R Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell
Basicly,, the bank obtains life of loan corverage through a third-party flood vendor. The vendor informed the bank of a major flood map change in the area. The notices arrived at the bank in November and December of 1999 - Prime time Y2K- and the notices to borrowers did not go out in a timely manner. Overall, the bank has a sound flood program in place and all violations were immediately corrected..
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