SunTrust Bank (STI) - Get Report has been fined $1.5 million for violating the National Flood Insurance Act, the U.S. central bank said on Thursday, according to Reuters. There are few details available, but when SunTrust pays the fine the money will go to the National Flood Mitigation Fund.
SunTrust Bank is an Atlanta-based company whose business segments include consumer banking and private wealth management, wholesale banking, mortgage banking and corporate other.
The stock closed slightly lower this afternoon.
Stocks have rebounded following a sharp sell off last week. Jim Cramer believes the rebound is real and gives investors advice on how to play the market going forward.