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

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.

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