Mutual of Omaha Bank fined

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Posted: Wednesday, January 22, 2014 12:00 am | Updated: 11:23 am, Tue Mar 25, 2014.

Mutual of Omaha Bank has paid a $51,765 civil fine after the U.S. Comptroller of the Currency said the bank violated federal rules on mortgages in flood-prone areas.

The Comptroller said it found a “pattern or practice” of violations of the Flood Disaster Protection Act, which requires banks to make sure property in a defined flood area is covered by the National Flood Insurance Program.

The fine went to the insurance program.

In a statement, the bank said Tuesday that the challenge of integrating the staff, processes and loans of some failed institutions that it acquired contributed to “occasional and isolated violations.”

The bank said it has improved its training, controls and management oversight to ensure compliance with the rules.

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