Oriental Bank pays $40,500 flood violation penalty

On March 2, 2021, the FDIC assessed a $40,500 civil money penalty on Oriental Bank, San Juan, Puerto Rico, after determining that the bank had engaged in a pattern or practice of violations of the Flood Disaster Protection Act and Part 339 of the FDIC’s Rules and Regulations, 12 C.F.R. Part 339, which implements the FDPA, by failing to timely force place insurance in connection with loans secured by a dwelling located within a special flood hazard area as required by 12 C.F.R. § 339.7(a) on twenty seven (27) occasions.