Violation Tracker Individual Record

Company: 
Regions Bank
Current Parent Company: 
Regions Financial
Penalty: 
$7,500,000
Year: 
2015
Date: 
April 28, 2015
Primary Offense: 
consumer protection violation
Secondary Offense: 
banking violation
Violation Description: 

The Consumer Financial Protection Bureau took action against Regions Bank for charging overdraft fees to consumers who had not opted-in for overdraft coverage. The bank also charged overdraft and non-sufficient funds fees on its deposit advance product despite claims that it would not. Regions has already refunded hundreds of thousands of consumers approximately $49 million in fees, and the consent order required the bank to fully refund all remaining consumers. The Bureau also fined the company $7.5 million for its illegal actions.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Consumer Financial Protection Bureau
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
Alabama
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking & securities
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.