Federal Reserve Board – Federal Reserve Board issues enforcement action and fines Regions Bank approximately $2.95 million for unsafe and unsound practices in its flood insurance compliance program and for flood insurance regulatory violations




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August 22, 2023

Federal Reserve Board issues enforcement action and fines Regions Bank approximately $2.95 million for unsafe and unsound practices in its flood insurance compliance program and for flood insurance regulatory violations

For release at 11:00 a.m. EDT

The Federal Reserve Board on Tuesday issued an enforcement action and fined Regions Bank, of Birmingham, Alabama, approximately $2.95 million for unsafe and unsound practices in its flood insurance compliance program and for flood insurance regulatory violations.

The Board fined Regions for its failure to effectively monitor a portfolio of home equity loans for compliance with flood insurance regulations due to changes in loan servicing platforms and third-party service providers. The Board also fined Regions for a pattern or practice of individual violations of flood insurance regulations.

Additional enforcement actions can be searched for here.

For media inquiries, please email [email protected] or call 202-452-2955.

Last Update:
August 22, 2023



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