{{9-30-01 p.C-5181}}
[¶11,821] In the Matter of Western State Bank, Waterloo, Nebraska, Docket No.
01-074k (7-30-01)
Respondent agrees to pay civil money penalty assessed by the FDIC in
the amount of $6,000.
In the Matter of
WESTERN STATE BANK,
WATERLOO, NEBRASKA
(Insured State Non-member Bank)
ORDER TO PAY CIVIL MONEY PENALTY
FDIC-01-074k
Western State Bank, Waterloo, Nebraska ("Bank"), has been
advised of the right to receive a NOTICE OF ASSESSMENT OF CIVIL MONEY
PENALTY, FINDINGS OF FACT AND CONCLUSIONS OF LAW, 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, and has been further advised of the
right to a hearing on the alleged charges under the Flood Act, 42
U.S.C. §4012a(f), section 8(i)(2)(H) of the FDI Act, 12 U.S.C.
§1818(i)(2)(H), 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 THE ISSUANCE OF AN 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 $6,000 related to violations
of the Flood Act and Part 339 of the FDIC Rules and Regulations, 12
C.F.R. Part 339 in that it has made, increased, extended or renewed
loans secured by a building or mobile home located or to be located in
a special flood hazard area ("SFHA") without requiring that the
collateral including personal property be covered by flood insurance;
it has made such loans without sufficient flood insurance coverage; it
has allowed the flood insurance coverage to lapse during the term of
certain loans; and it has failed to mail or deliver the required
written notice.
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 $6,000 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.
ORDER TO PAY CIVIL MONEY PENALTY
IT IS HEREBY ORDERED that Western State Bank, Waterloo Nebraska,
be, and hereby is, assessed a civil money penalty of $6,000 pursuant to
the Flood Act, 42 U.S.C.
{{10-31-01 p.C-5183}}
§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.
This Order to Pay shall be effective upon issuance.
Pursuant to delegated authority.
Dated at Washington, D.C., this 30th day of July, 2001.