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Fed fines 2 Brookline Bancorp units for violating flood insurance law

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Fed fines 2 Brookline Bancorp units for violating flood insurance law

The Federal Reserve Board of Governors fined Ipswich, Mass.-based First Ipswich Bank and Brookline, Mass.-based Brookline Bank for violations of the National Flood Insurance Act.

The regulator ordered First Ipswich Bank to pay a $20,000 fine and ordered Brookline Bank to pay $36,000. The Fed will then remit the amounts in order to be deposited in the National Flood Mitigation Fund.

Both banks are subsidiaries of Brookline Bancorp Inc.