More (Though Not New) Thoughts on Bank Civil Money Penalties Insurance

A client asked about my knowledge of the history of civil money penalties against bank board members. The question was prompted by a note I sent about AmTrust's CMP insurance policy. My Reply: CMP against banks seems to be mostly for issues of lack of flood insurance on loan collateral that is in flood areas. CMP against directors is exceedingly … [Read more...]

Summary of Bank Civil Money Penalty Issue As Of Now

I just sent the following to a bank client. We had completed a coverage review and thought that the issue of Civil Money Penalties should be in a separate email - making it easier to forward on to his board. John Smith, In our conversation yesterday I recommended that the bank consider removing civil money penalties insurance from the directors' … [Read more...]