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Financial Services Law Insights and Observations

Fed issues enforcement action for flood insurance violations

Federal Issues Federal Reserve Enforcement Flood Insurance National Flood Insurance Act

Federal Issues

On June 9, the Federal Reserve Board announced an enforcement action against a California-based bank for alleged violations of the National Flood Insurance Act (NFIA) and Regulation H, which implements the NFIA. The consent order assesses a $129,108 penalty against the bank for an alleged pattern or practice of violations of Regulation H, but does not specify the number or the precise nature of the alleged violations. The maximum civil money penalty under the NFIA for a pattern or practice of violations is $2,000 per violation.

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