Extreme heat. Wild fires. Catastrophic storms.
approximately $2.95 million for unsafe and unsound practices in its flood insurance compliance program and for flood insurance regulatory violations.While this is believed to be the largest penalty issued against a bank by the Federal Reserve for an infraction of this kind, it calls for a little perspective.$141 million in penalties and refunds in a settlement with the Consumer Financial Protection Bureau.
About $58,000 of the bank’s penalty will go to the National Flood Insurance Program, with the rest paid to the Federal Reserve System and the U.S. Treasury.wondered if the Federal Reserve’s action could be an indicator of things to come. Insurers are raising rates on homeowners, while some companies have chosen to stop offering coverage in states considered to be at high risk, such as California and Florida.