WSFS agrees to pay $85K to National Flood Insurance Program
WSFS Financial Corp. has agreed to pay $85,265 to the National Flood Insurance Program as part of its efforts to address a violation of the Flood Disaster Protection Act. The bank did not have a process in place to provide timely notification of loan servicers’ identities to insurance providers when loans are transferred or sold that involve improved real property located in a flood zone.
WSFS has fixed the administrative deficiency, which it says did not result in any impact to customers.
WSFS, which is the parent company of Wilmington Savings Fund Society, FSB, said it has agreed to a consent order from the Office of the Comptroller of the Currency and paid the civil monetary penalty.
A WSFS spokesman declined further comment beyond the 8-K filing.