Fed assesses $15K civil money penalty over flood insurance violations

A $15,000 civil money penalty (CMP) was assessed against The First State Bank of Dongola, Dongola, Ill., (a state member bank), under a consent order issued by the Federal Reserve Board Nov. 7 over the bank’s “pattern or practice” of violations of rules implementing the National Flood Insurance Act, according to the order released Tuesday.

In the case of a pattern or practice of violations, the act provides for a CMP of up to $2,000 for each violation.

The First State Bank of Dongola had $24.8 million in assets as of June 30, according to data from by the Federal Deposit Insurance Corp. (FDIC.)

Federal Reserve Board issues enforcement action with The First State Bank of Dongola

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