NY bank assessed $36,500 penalty for flood insurance violations

A New York bank was assessed a $36,500 penalty for violations related to flood insurance coverage of real estate loans, the Federal Reserve said Thursday. Alden State Bank (of Alden, N.Y.) was assessed the civil money penalty (CMP) for a “pattern or practice of violations” of Regulation H (which sets requirements for state-chartered, member banks in the Fed system – and which also implements sections of the National Flood Insurance Act). The order by the Fed for the penalty was dated Jan. 24.

Federal Reserve Board issues enforcement action with Alden State Bank

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