The operating subsidiary of SunTrust Banks Inc. has been ordered to pay more than a million dollars for violating the National Flood Insurance Act.

An order of assessment of a civil money penalty was issued on Wednesday against SunTrust Bank by the Board of Governors of the Federal Reserve System.

The Atlanta-based financial institution had a pattern or practice of violating of Regulation H, which implements the Flood act, according to the Fed.


Source: Mortgage Daily