Collins State Bank pays $2,000 for flood insurance violations

The FDIC determined that the Bank had engaged in a pattern or practice of committing violations of the Flood Disaster Protection Act, the notice requirements under section 1364 of the National Flood Insurance Act of 1968, 42 U.S.C. § 4104a, and Part 339 of the FDIC’s Rules and Regulations, 12 C.F.R. Part 339(a), by failing to obtain adequate flood insurance at the time of making, increasing, renewing, or extending four (4) loans.