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[¶11,730] In the Matter of Pilgrim Co-operative Bank, Cohasset, Massachusetts,
Docket No. 00-052k (8-2-00)
Respondent agrees to pay civil money penalty assessed by the FDIC in
the amount of $2,800.
In the Matter of
PILGRIM CO-OPERATIVE BANK
COHASSET, MASSACHUSETTS
(Insured State Nonmember Bank)
ORDER TO PAYCIVIL MONEY PENALTY
FDIC-00-052k
PILGRIM CO-OPERATIVE BANK ("Bank") has been advised of the
right to receive a NOTICE OF ASSESSMENT OF CIVIL MONEY PENALTY,
FINDINGS OF FACT AND CONCLUSIONS OF LAW, ORDER TO PAY, AND NOTICE OF
HEARING ("NOTICE") issued by the Federal Deposit Insurance
Corporation ("FDIC") detailing the violations for which a civil
money penalty may be assessed against the Bank pursuant to the Flood
Disaster Protection Act ("Flood Act"), as amended, 42 U.S.C.
§ 4012a, section 8(i)(2) of the Federal Deposit Insurance Act
("FDI Act"), 12 U.S.C. § 1818(i)(2), and Part 339 of the FDIC
Rules and Regulations, 12 C.F.R. Part 339,
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of the right to a hearing on the alleged charges under the Flood Act,
42 U.S.C. § 4012a(f), section 8(i) of the FDI Act, 12 U.S.C.
§ 1818(i), and the FDIC Rules of Practice and Procedure, 12 C.F.R.
Part 308.
Having waived those rights, the Bank entered into a STIPULATION AND
CONSENT TO ORDER TO PAY CIVIL MONEY PENALTY ("AGREEMENT") with a
representative of the Legal Division of the FDIC, whereby solely for
the purpose of this proceeding and without admitting or denying any
violations, the Bank consented and agreed to pay a civil money penalty
in the amount of $2,800.00 related to its failure to complete flood
hazard determinations on all qualifying real estate, as required by
Part 339 of the FDIC Rules and Regulations, 12 C.F.R. Part 339.
The FDIC considered the matter and determined it had reason to believe
that the Bank has engaged or participated in violations of law or
regulations for which a civil money penalty of $2,800.00 is appropriate
to be assessed against the Bank, pursuant to the Flood Act, 42 U.S.C.
§ 4012a, section 8(i)(2) of the FDI Act, 12 U.S.C. § 1818(i)(2),
and Part 339 of the FDIC Rules and Regulations, 12 C.F.R. Part 339.
The FDIC, therefore, accepted the AGREEMENT and issued the following:
ORDER TO PAY CIVIL MONEY PENALTY
IT IS HEREBY ORDERED,. that the Bank be, and hereby is, assessed a
civil money penalty of $2,800.00, pursuant to the Flood Act, 42 U.S.C.
§ 4012a, section 8(i)(2) of the FDI Act, 12 U.S.C. § 1818(i)(2),
and Part 339 of the FDIC Rules and Regulations, 12 C.F.R. Part 339, the
receipt of which is acknowledged.
Pursuant to delegated authority.
Dated at Washington, D.C., this 2nd day of August, 2000.
