Regions Financial Corp. is facing a Consumer Financial Protection Bureau investigation into its overdraft practices.
The Birmingham, Ala.-based bank said in its earnings report released Thursday that it’s responding to a CFPB civil investigative demand for documents related to its overdraft policies and practices. Regions said it doesn’t expect any potential litigation or settlement related to the CFPB’s probe to have a material effect on earnings.
Regions said it had about $20 million set aside as of Sept. 30 to cover all of its litigation expenses, including a potential CFPB enforcement action.
The CFPB has been looking closely at banks’ ...
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