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.
The law imposes up to $2,000 per violation.
SunTrust, a “state member bank,” agreed to pay $1.5 million to the National Flood Insurance Program, the consent order said.
SunTrust and the Fed agreed to the consent order “solely for the purpose of settlement of this matter without a formal proceeding being filed and without the necessity for protracted or extended hearings or testimony.”
More details about the violations were not discussed in the Fed’s order.
The order is
Docket No. 16-021-CMP-SM.