Regions Financial Corp., Alabama's biggest bank, reached a preliminary agreement with the Department of Justice to resolve an investigation into allegations involving Federal Housing Administration-insured loans.
"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," the Birmingham-based lender said Friday in its quarterly regulatory filing. Regions didn't disclose a settlement amount, but said it has previously set aside money to cover the costs.
The 10-Q filing said the inquiry involved the origination, underwriting and quality control practices for FHA loans.
Regions said in 2013 that it had
