M&T Bank of Buffalo, N.Y., was assessed a $546,000 civil money penalty Oct. 14 by the Federal Reserve over what the Fed called the bank’s “pattern or practice of violations” of Fed rules implementing the National Flood Insurance Act.
The Fed’s order, dated Wednesday, notes that a CMP of up to $2,000 may be imposed for each violation. The penalty payment will go to the Federal Emergency Management Agency, Federal Insurance and Mitigation Administration for deposit into the National Flood Mitigation Fund, it notes.
The bank neither admitted nor denied the Fed’s allegations of violations, the order states.
Federal Reserve Board issues enforcement action with M&T Bank