General World News

Flagstar to pay $3.6M over flood insurance violations

The Office of the Comptroller of the Currency (OCC) issued a consent order against Michigan-based Flagstar Bank that levies a $3.62 million civil penalty over violations of the Flood Disaster Protection Act,
the regulator said on Thursday.

The consent order states that between a three-year period – from February 2017 through February 2020 – the bank’s risk assessment, internal controls, and training led to various violations. It also said that the bank had an inadequate third-party risk management program for its loan servicing.

A Flagstar Bank spokesperson declined to comment on the consent order.

According to details ⇒

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