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Financial Services Law Insights and Observations

Fed announces flood insurance violations

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

Federal Issues

On July 1, the Federal Reserve Board announced an enforcement action against a Tennessee-based bank for alleged violations of the National Flood Insurance Act (NFIA) and Regulation H. The consent order does not specify the number or the precise nature of the alleged violations of the NFIA or Regulation H, and the bank was assessed a $8,000 civil money penalty for an alleged pattern or practice of violations.

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