Oriental Bank pays $447,125 for flood insurance violations

The bank was issued an order to pay the civil money penalty after the FDIC determined that the bank had "engaged in a pattern or practice of committing violations of the FDPA, the notice requirements under section 1364 of the National Flood Insurance Act of 1968, 42 U.S.C. 4104a, and section 339.7 of the FDIC's Rules and Regulations, 12 C.F.R. § 339.7, by failing to provide the required notice of force-placed flood insurance to the borrower in 125 instances; and the requirement to force place flood insurance under the FDPA, 42 U.S.C. 4102a, and section 339.7 of the FDIC's Rules and Regulations, 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 on 125 instances."