Press Release

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 Share 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. Attachment (PDF)

Federal Reserve (2023, August 21). Press Release. Press Releases, Federal Reserve. https://whenthefedspeaks.com/doc/press_release_20230822_federal_reserve_board_announces_approval_of

@misc{wtfs_press_release_20230822_federal_reserve_board_announces_approval_of,
  author = {Federal Reserve},
  title = {Press Release},
  year = {2023},
  month = {Aug},
  howpublished = {Press Releases, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/press_release_20230822_federal_reserve_board_announces_approval_of},
  note = {Retrieved via When the Fed Speaks corpus}
}