The civil monetary penalty allows for bank employees to be held financially responsible for their work at the bank in the event of violations. Fines for the civil monetary penalty continue to increase year to year, meaning your potential liability is higher with each passing day. If you find yourself on the wrong side of a civil monetary penalty ruling you could be looking at fines in excess of $100,000. Carrying coverage for civil monetary penalties is the responsible way to make sure you’re prepared and protected.
Don’t Be Caught Unprepared
The banking industry is still suffering under the constraints put in place following the last banking crisis, including the increased financial jeopardy brought about by civil monetary penalty findings. If you do not carry coverage for civil monetary policies you may be on the hook for the entirety of a civil monetary penalty assessed against you. As the CMP fines are personal assessments, if your bank does not provide civil monetary penalty insurance for you then you will be left without any protection.
Purchasing coverage for civil monetary penalties ensures that one ruling won’t leave you financially devastated. Just as you wouldn’t leave your home uninsured while living in a flood zone, you should not leave yourself unprotected against civil banking fines. Get covered today, before it’s too late.