Relatively small fines were assessed to two small banks in Montana and Kansas, the Federal Reserve said Thursday, for penalties related to violations of flood insurance regulations.
The Fed said that The Halstead Bank of Halstead, Kansas, and Belt Valley Bank of Belt, Mont., were assessed civil money penalties (CMPs) of $6,000 and $6,750, respectively. According to the orders signed by the banks, the National Flood Insurance Act requires that civil money penalties be imposed of up to $2,000 for each violation of the statute.
Both banks signed consent agreements to the orders to pay the CMPs.
While the orders were released Thursday, they were signed by both banks on Sept. 12.
Federal Reserve Board issues enforcement actions with Belt Valley Bank and The Halstead Bank
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