MA bank slapped with small penalty for flood insurance violations

Violations of rules implementing federal flood insurance laws has cost a Massachusetts bank a fine of $17,000, the Federal Reserve said in an enforcement action issued Thursday.

In a release, the Fed said Easthampton Savings Bank of Easthampton, Mass., was assessed the civil money penalty (CMP) in connection with its pattern of violations of the rules applying the National Flood Insurance Act. The enforcement action did not outline the specific violations.

Federal Reserve Board issues enforcement action with Easthampton Savings Bank