South Shore Bank Slapped With $71,000 Penalty

Weymouth MA

12 August, 2021

3:42 PM

Description

WEYMOUTH, MA —Federal Regulators have slapped Weymouth's South Shore Bank with a $71,000 civil penalty for flood insurance regulation violations. The enforcement action was made public Thursday, with the board saying it was "in connection with the bank's pattern or practice of violations" of regulations implementing the National Flood Insurance Act. The Federal Reserve board of governors issued the order, which was signed by South Shore Bank President James Dunphy. According to the Patriot Ledger, the penalty revenues will eventually be deposited into the National Flood Mitigation Fund. Enforcement actions can be searched for here.