May 25, 2017 / 7:34 PM / 4 months ago

Fed fines SunTrust Bank $1.5 million for violating Flood Insurance Act

WASHINGTON (Reuters) - The Federal Reserve has fined SunTrust Bank $1.5 million for violations of the National Flood Insurance Act, the central bank said on Thursday.

When SunTrust pays the fine, the Fed will have the money deposited to the National Flood Mitigation Fund.

No further details of the violation were given in the three-page Fed order.

The National Flood Insurance Program gives government backing to consumer flood insurance.

Reporting By Patrick Rucker; Editing by Phil Berlowitz

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