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.