Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     

REGIONS FINANCIAL CORPORATION

(RF)
  Report
Delayed Nyse  -  04:00 2022-12-02 pm EST
23.16 USD   +0.74%
12/02Regions Bank Named Military Friendly Employer and Military Spouse Friendly Employer
AQ
12/01Wolfe Research Upgrades Regions Financial to Outperform From Peer Perform, Price Target is $24
MT
11/29Regions Next Step Survey Finds Many Americans Aren't Prepared for Medical Expenses
BU
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

U.S. consumer bureau orders Regions to pay $191 million for surprise overdraft fees

09/28/2022 | 11:20am EST
Signage is seen at the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C.

WASHINGTON (Reuters) - The U.S. Consumer Financial Protection Bureau has ordered Regions Financial Corp to pay $191 million in fines and refunds, after the regulator said the Birmingham, Alabama-based bank charged customers illegal overdraft fees for years.

From 2018 to 2021 Regions charged roughly $141 million in illegal fees, which will be refunded, the CFPB said in a statement on Wednesday. The bank will also pay a $50 million fine.

A bank spokesperson did not immediately respond to a request for comment. The bank did not admit or deny the CFPB's findings.

The CFPB said regulators have long discouraged banks from charging so-called "authorized positive" fees, which are fees a bank charges when a customer has enough funds at the time of a transaction, but ends up overdrawing their account when the transaction clears the following day due to other activity.

The agency said that the bank could have scrapped the fee earlier, but while building an alternate fee structure, it kept in place "unintelligible and manipulative processes" that made it difficult for customers to know if they had enough funds to cover transactions. The CFPB order bans the bank from charging the fee going forward.

"Regions Bank raked in tens of millions of dollars in surprise overdraft fees every year, even after its own staff warned that the bank's practices were illegal," CFPB Director Rohit Chopra said in the statement. "Too often, large financial firms make a calculation that continuing to break the law is more profitable than following it."

(Reporting by Pete Schroeder; Editing by Paul Simao)

By Pete Schroeder


ę Reuters 2022
All news about REGIONS FINANCIAL CORPORATION
12/02Regions Bank Named Military Friendly Employer and Military Spouse Friendly Employer
AQ
12/01Wolfe Research Upgrades Regions Financial to Outperform From Peer Perform, Price Target..
MT
11/29Regions Next Step Survey Finds Many Americans Aren't Prepared for Medical Expenses
BU
11/28Regions Bank Launches Multi-Assets Solutions Group, Combining Investment Research Stren..
BU
11/22North American Morning Briefing: Stock Gains Seen -2-
DJ
11/21Raymond James Downgrades Regions Financial to Market Perform From Outperform
MT
11/18Regions Bank Announces ATM Agreement With Community Development Financial Institutions
AQ
11/16U.S. Industrial Production Declined Slightly in October
DJ
11/16Regions Bank Introduces Tuition-Free Education Benefits to All Associates through Guild
BU
11/15Regions Financial : 3Q22 Basel III Regulatory Capital Disclosure Report -
PU
More news
Analyst Recommendations on REGIONS FINANCIAL CORPORATION
More recommendations
Financials (USD)
Sales 2022 7 182 M - -
Net income 2022 2 129 M - -
Net Debt 2022 - - -
P/E ratio 2022 10,4x
Yield 2022 3,21%
Capitalization 21 642 M 21 642 M -
Capi. / Sales 2022 3,01x
Capi. / Sales 2023 2,78x
Nbr of Employees 19 950
Free-Float 95,2%
Chart REGIONS FINANCIAL CORPORATION
Duration : Period :
Regions Financial Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends REGIONS FINANCIAL CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 26
Last Close Price 23,16 $
Average target price 24,46 $
Spread / Average Target 5,60%
EPS Revisions
Managers and Directors
John M. Turner President, Chief Executive Officer & Director
David Jackson Turner Head-Internal Audit Division
Charles Douglas McCrary Independent Chairman
C. Dandridge Massey Chief Enterprises Operations & Technology Officer
David R. Keenan Chief Administrative & Human Resources Officer
Sector and Competitors