Farmers & Merchants Bank of Craig County (VA) assessed $9,500 fine for flood insurance violations

A civil money penalty of $9,500 was assessed against Farmers & Merchants Bank of Craig County (New Castle, Va.) this week over violations of federal flood insurance rules, according to a consent order announced Thursday by the Federal Reserve Board.

The order, dated Feb. 4, states the bank had engaged in a “pattern or practice” of violations of Regulation H, the Fed regulation that implements National Flood Insurance Act requirements.

Federal Reserve Board issues enforcement action with Farmers & Merchants Bank of Craig County

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