PNC Bank Fined $2.6M by OCC for Flood Insurance Mistakes, More News

Published by
Peter Kavinsky
(Photo: Jonathan Weiss/Shutterstock)

Overview of PNC Bank OCC Flood Insurance Penalties:

  • Who: The Office of the Comptroller of the Currency fined PNC Bank more than $2.6 million.
  • Why: The OCC imposed the fine after it said PNC Bank violated the Flood Protection Act by failing to punctually “enforce” flood insurance on homeowners.
  • Where: PNC Bank operates in 27 US states and the District of Columbia.

PNC Bank was fined more than $2.6 million by the Office of the Comptroller of the Currency in connection with allegations that the financial institution had violated the rules. Flood protection law (FPDA).

The OCC accused PNC Bank of failing to comply with FDPA regulations by allegedly not “enforcing” flood insurance on homeowners quickly enough.

PNC Bank subsequently agreed to pay the fine imposed on it by the OCC without admitting or denying its guilt or wrongdoing, according to Law360.

The OCC claimed that PNC Bank allowed the third-party service provider to extend the 45-day period that was supposed to be the limit for notifying and providing flood insurance for homeowners who did not have adequate flood coverage.

The OCC accused PNC Bank of allowing a third-party service provider to extend the time period due to insufficient flood coverage.

PNC Bank has allowed its third-party service agent to extend a mandatory period during which a homeowner can go without flood protection that the FDPA has deemed sufficient, according to Law360.

OCC says it found that PNC Bank allegedly failed to comply with regulations, which the agency says led to homeowners being given late “forced placement” flood insurance, while examining the company’s FPDA compliance program in 2020 year.

According to the agency, PNC Bank had already identified and started fixing the alleged issue when OCC began looking into its compliance program, according to Law360.

A separate class action lawsuit against PNC Bank was filed earlier this month by three former employees alleging the financial institution failed to stop them overpayment of fees for your retirement plan.

PNC Bank reportedly agreed with its former employees that pursuing the complaint as a class-action lawsuit is the best way to resolve the claims.

In January, the OCC fined Flagstar Bank $3.6 million after the agency similarly accused the banking company of violating the FDPA, according to Law360.

Do you think PNC Bank violated the FDPA with the way it provided flood insurance for homeowners? Let us know about it in the comments!

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