First Security Bank-West pays $4,500 flood penalty

The FDIC has issued a consent order for the payment of a $4,500 civil money penalty to First Security Bank - West, Beulah, North Dakota, for violations of the National Flood Insurance Act of 1968 and part 339 of the FDIC's Rules and Regulations, because the bank:

• made, increased, extended, or renewed loans secured by a building or mobile home located or to be located in a special flood hazard area without requiring that the collateral be covered by flood insurance; and
• made, increased, extended or renewed a loan secured by a building or mobile home located or to be located in a special flood hazard area without providing timely notice to the borrower and/or the servicer as to whether flood insurance was available for the collateral.