Release Date: June 16, 2010
For immediate release
The Federal Reserve Board on Wednesday announced the issuance of a Consent Order of Assessment of a Civil Money Penalty against Monarch Bank, Chesapeake, Virginia, a state member bank. Monarch Bank, without admitting to any allegations, consented to the issuance of the Order in connection with its alleged violations of the Board's regulations implementing the National Flood Insurance Act.
The Order requires Monarch Bank to pay a civil money penalty of $7,215, which will be remitted to the Federal Emergency Management Agency for deposit into the National Flood Mitigation Fund.
A copy of the Order is attached.