Two MA banks hit with $57k in fines for flood insurance violations

Civil money penalties were assessed against First Ipswich Bank (Ipswich, Mass.) and Brookline Bank (Brookline, Mass.) of $20,000 and $36,000, respectively, over violations of federal flood insurance rules, according to orders executed last week by the Federal Reserve Board.

Both banks were cited for a “pattern or practice of violations of Regulation H,” which is the Fed’s regulation implementing requirements of the National Flood Insurance Act. The orders note that civil money penalties be imposed of up to $2,000 for each violation.

Order for First Ipswich Bank

Order for Brookline Bank