Fed Issues Enforcement Action, Fines Regions Bank Approximately $2.95 Million for Unsafe, Unsound Practices in Its Flood Insurance Compliance Program

WASHINGTON, Aug. 23 -- The Federal Reserve issued the following news release on Aug. 22, 2023:

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 media@frb.gov or call 202-452-2955.

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View enforcement action at: https://www.federalreserve.gov/newsevents/pressreleases/files/enf20230822a1.pdf

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Original text here: https://www.federalreserve.gov/newsevents/pressreleases/enforcement20230822a.htm