Skip to main content
Menu Icon Menu Icon
Close

InfoBytes Blog

Financial Services Law Insights and Observations

Fed announces enforcement action against Minnesota bank

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

Federal Issues

On October 7, the Federal Reserve Board announced an enforcement action against a Minnesota-based bank. In the consent order, the Fed alleges that the bank violated the National Flood Insurance Act (NFIA) and Regulation H. The order assesses a $11,00 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.

Share page with AddThis