Michael P. NortonState House News ServiceBOSTON — South Shore Bank in Weymouth has been slapped by federal regulators with a $71,000 civil penalty for flood insurance regulation violations. The Federal Reserve Bank announced the enforcement action last week, saying it was "in connection with the Bank's pattern or practice of violations" of regulations implementing the National Flood Insurance Act. The assessment order was issued by the Federal Reserve Board of Governors. The penalty revenues will eventually be deposited into the National Flood Mitigation Fund, according to the order, which was signed by South Shore Bank President James Dunphy. A full-service mutual savings bank, South Shore Bank was formed in 1833 and employs more than 200 people.

Source: MetroXpress August 16, 2021 14:03 UTC