A “pattern or practice” of violations of the regulation that implements the National Flood Insurance Act (NFIA) drew combined civil money penalties of $82,000 for South Shore Bank of Weymouth, Mass., and Dime Community Bank of Hauppauge, N.Y., according to consent orders announced Thursday by the Federal Reserve.
South Shore Bank was assessed $71,000 in an Aug. 10 order, while Dime Community Bank was assessed $11,000 on Aug. 11. The Fed noted that violations of the flood insurance act (which the Fed implements through its Regulation H) can bring penalties of up to $2,000 each.
Federal Reserve Board issues enforcement actions with South Shore Bank and Dime Community Bank