Hurricane’s bank slammed with flood insurance violations penalties

A West Virginia bank is the latest financial institution to face penalties from federal regulators for violations of flood insurance requirements.

Ironically, the bank is located in Hurricane, W.Va.

The Federal Reserve Friday said that Putnam County Bank (of the aforementioned Mountain State town) has been assessed a $24,500 civil money penalty (CMP) for up to 12 violations of National Flood Insurance Act violations. The bank has consented to pay the penalty, which was imposed after the Fed discerned a “pattern or practice of violations” under the law, which requires that the penalties be assessed.

Order of assessment of civil money penalty, Putnam County Bank, Hurricane, W.Va.