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OCC fines WSFS Financial unit over untimely notices to flood insurance providers

The Office of the Comptroller of the Currency ordered Wilmington, Del.-based Wilmington Savings Fund Society FSB to pay $85,265 for violating the Flood Disaster Protection Act.

The regulator said the bank did not provide timely notices of the servicer's identity after a transfer of servicing rights. Parent company WSFS Financial Corp. said the bank's management implemented an action plan to ensure that insurance providers will be given timely notices on servicing transfers for all loans transferred or sold that involve improved real properties in a flood zone.

WSFS Financial said the deficiency, which has already been addressed, did not impact its customers.

The fine will be paid to the National Flood Insurance Program.