American Bank of Oklahoma pays $7,500 for flood insurance violations
Collinsville, OK
Fine Amount:
$7,500
Penalty Type:
Issued by:
The FDIC determined that the Bank engaged in a pattern or practice of committing ten (10) violations of section 102(b)(1) of the FDPA, 42 U.S.C. § 4012a(b)(1), and section 339.3(a) of the FDIC Rules and Regulations, 12 C.F.R. § 339.3(a), by failing to obtain sufficient flood insurance coverage at or before loan origination, increase, extension, or renewal on loans secured by a building or mobile home that is located or to be located in a special flood hazard area.
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