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Biggest Compliance Penalty in 2023

Answered by: 

Question: 
What was the biggest penalty surprise this year?
Answer: 

In my view the FRB’s large flood penalty was the first I’ve seen where the assessment was split between the NFIP where the penalty amounts are usually paid ($58K) and the U.S. Treasury ($2.9M). It certainly raises awareness of flood, HELOCs and weak procedures that go on too long without corrective actions.

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First published on 01/07/2024

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