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Financial Services Law Insights and Observations

Fed targets flood insurance violations

Federal Issues Federal Reserve Enforcement Flood Insurance National Flood Insurance Act Regulation H

Federal Issues

On March 18, the Federal Reserve Board announced an enforcement action against a Pennsylvania-based bank for alleged violations of the National Flood Insurance Act (NFIA) and its implementing Regulation H. The consent order assesses a $105,000 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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