share$447,125
Oriental Bank pays $447,125 for flood insurance violations
Issued by FDIC
§ 1041.15 Effective and compliance dates.
(a) Effective date. The effective date of this part is January 16, 2018.
(b) April 16, 2018 application deadline. The deadline to submit an application for preliminary approval for registration pursuant to § 1041.11(c)(1) is April 16, 2018.
(c) August 19, 2019 compliance date. The compliance date for §§ 1041.2, 1041.3, 1041.7 through 1041.9, 1041.12(a), (b) introductory text, (b)(4), and (b)(5), and 1041.13 is August 19, 2019.
Editor's comment
The "compliance date" given in paragraph (c) has been stayed by an order of the U.S. Court of Appeals for the Fifth Circuit, until 286 days after an appeal from a decision of the U.S. District Court for the Western District of Texas (Austin Division) — which established a compliance date of June 13, 2022, for the rule — is finally resolved. The case was appealed to the Supreme Court of the United States, which ruled that the funding mechanism for the CFPB is constitutional. SCOTUS entered its judgment on June 17, 2024, which means the effective date should be corrected to March 30, 2025, 286 days from June 17, 2024. See the explanation provided HERE.First published on:
06/12/2019