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FDIC Enforcement Decisions and Orders
Respondent agrees to pay civil money penalty assessed by the FDIC in the amount of $22,330.
In the Matter of
OMNI BANK, METAIRIE, LOUISIANA ("Bank"), has been advised of
its 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 OF ASSESSMENT") 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, 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), 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 ("CONSENT 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 $22,330 related to the Bank's failure to secure or maintain flood insurance on 77 loans secured by improved real estate located in areas determined by the Director of the Federal Emergency Management Agency as special flood hazard areas in violation of section 102(b) of the Flood Act, 42 U.S.C. §4012a(b), and section 339.3(a) of the FDIC Rules and Regulations, 12 C.F.R. §339.3(a).
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 $22,330 is appropriate to be assessed against the Bank, pursuant to the Flood Act, 42 U.S.C. §4012a, and Part 339 of the FDIC Rules and Regulations, 12 C.F.R. Part 339.
After taking into account the CONSENT AGREEMENT, the appropriateness of the penalty with respect to the financial resources and good faith of the Respondent, the gravity of the violations by the Respondent, the history of previous violations by the Respondent, and such other matters as justice may require, the FDIC accepts the CONSENT AGREEMENT and issues the following:
ORDER TO PAY CIVIL MONEY PENALTY
IT IS HEREBY ORDERED that OMNI BANK, METAIRIE, LOUISIANA, be, and hereby is, assessed a civil money penalty of $22,330, pursuant to the Flood Act, 42 U.S.C. §4012a, and Part 339 of the FDIC Rules and Regulations, 12 C.F.R. Part 339.
This ORDER TO PAY shall be effective upon issuance.
Pursuant to delegated authority.
Dated at Washington, D.C., this 25th day of April, 2006.
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