SunTrust fined $1.5 million by Federal Reserve for violations of Flood Insurance Act

SunTrust Bank will pay a fine of more than $1.5 million for the bank’s “pattern or practice of offenses” of a part of the National Flood Insurance coverage Act, the Board of Governors of the Federal Reserve revealed on Thursday. Information on the fine are limited, as the three-page statement from the Fed does not note any of thats caused the fine.

The Fed statement just specifies that SunTrust’s $1.501million fine will be paid to the National Flood Insurance coverage Program.

When gotten in touch with by HousingWire, a representative for SunTrust stated that the bank is not supplying anymore information on the offenses, including that problems remain in the past.

” We have actually made different improvements to our flood insurance coverage program considering that these problems happened in 2012-2013,” the SunTrust representative stated.

To check out the Fed’s statement completely, click here.

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