SunTrust Bank will pay a fine of more than $1.5 million for the bank’s “pattern or practice of violations” of a portion of the National Flood Insurance Act, the Board of Governors of the Federal Reserve announced on Thursday. Details on the fine are scarce, as the three-page announcement from the Fed does not list any of the facts that led to the fine.
The Fed announcement simply states that SunTrust’s $1.501 million fine will be paid to the National Flood Insurance Program.
When contacted by HousingWire, a spokesperson for SunTrust said that the bank is not providing any more details on the violations, adding that issues are in the past.
“We have made various enhancements to our flood insurance program since these issues occurred in 2012-2013,” the SunTrust spokesperson said.
To read the Fed’s announcement in full, click here.