PA bank fined $105,000 over flood insurance rule violations

A “pattern or practice of violations” of rules implementing the National Flood Insurance Act resulted in a $105,000 civil money penalty assessment against Bryn Mawr Trust Company (Bryn Mawr, Pa.) by the Federal Reserve Board, according to the consent order released by the Fed Thursday.

The March 16 order states that the bank violated the Fed’s Regulation H, which implements the flood insurance act requirements. The $105,000 penalty was to be payable to the National Flood Insurance Program (NFIP). It states that each violation can bring a penalty of up to $2,000.

Federal Reserve Board issues enforcement action with Bryn Mawr Trust Company