(Bloomberg) --The US Federal Reserve fined Regions Bank about $3 million over its compliance with rules related to flood insurance.
The Fed said on Tuesday that Birmingham, Alabama-based Regions failed to properly monitor home equity loans and lines of credit, in part because of changes in servicing platforms.
"Regions did not effectively monitor a significant number of home equity loans and home equity lines of credit subject to the Flood Act," the Fed said in an order. The bank didn't admit or deny the allegations in agreeing to settle the matter.
