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Federal Reserve Board issues flood insurance enforcement action against New York bank

September 5, 2018

On August 28, the Federal Reserve Board (Board) announced an enforcement action against a New York state bank for allegedly violating the National Flood Insurance Act (NFIA). The consent order assesses a $16,000 penalty against the bank, but does not specify the number or nature of the alleged violations.  The maximum civil money penalty under that NFIA is $2,000 per violation.