Fed fines Farmers, cites flood insurance violations

Farmers Bank & Trust Company (Blytheville, Ark.) was required to pay a $12,000 civil money penalty under a Nov. 6 order by the Federal Reserve Board citing the bank for violations of federal flood insurance requirements.

The order, released Tuesday, points to a “pattern or practice of violations” by the bank of the Fed’s Regulation H, which implements requirements of the National Flood Insurance Act. Under the act, a penalty of up to $2,000 may be assessed for each violation.

Federal Reserve Board issues enforcement action with Farmers Bank & Trust Company