Skip to main content

Alabama Lender in Settlement of Mortgage Probe

Phil Hall
Aug 08, 2016
Birmingham, Ala.-based Regions Financial Corp. has quietly—and somewhat mysteriously—announced that it has entered into a preliminary agreement with the U.S. Department of Justice (DOJ) that will resolve a federal probe into its mortgage practices

Birmingham, Ala.-based Regions Financial Corp. has quietly—and somewhat mysteriously—announced that it has entered into a preliminary agreement with the U.S. Department of Justice (DOJ) that will resolve a federal probe into its mortgage practices.

According to a Bloomberg report, the lender reported the news of the agreement in its quarterly regulatory filing—no press release on the subject was found on either the Regions or DOJ websites. Regions was vague on the exact nature of the probe, stating only that was subpoenaed in 2013 by the Department of Housing and Urban Development regarding to mortgages that it originated with backing by the Federal Housing Administration, and the settlement sum was not publicly identified.

“The settlement, which is subject to final review and approval by the Department of Justice, will not have a material effect on Regions’ consolidated financial position,” said Regions in its regulatory filing. 

Published
Aug 08, 2016
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021
CFPB Finds Evidence Of Redlining And Deceptive Acts In 2020

Enforcement actions resulted in more than $124 million in consumer remediation and civil money penalties in 2020

Regulation and Compliance
Jun 29, 2021