Consumer banking

Regions Joins Banks Catering to Military Customers

By Jackie Stewart November 06, 2012, 12:15 p.m. EST 1 Min Read

Regions Financial (RF) is the latest banking company to offer specialized services for military personnel and veterans.

It has established a toll-free customer service line for those with military connections, the banking unit of the $121.3 billion-asset Regions said Tuesday.

Regions, in Birmingham, Ala., also formally pledged to recruit service members and veterans for jobs, provide them free online financial education and eliminate fees on two transactions at non-Regions ATMs per month for each of them.

It will continue its work with the Lakeshore Foundation's Injured Military Initiative. The program helps wounded combat personnel return to independent lives through physical activity, recreation and sport.

Regions has a "long history of supporting military service members and veterans," but it is now formalizing that commitment through its military and veterans pledge, Scott Peters, head of the consumer services groups, said in a news release.

Banks have been criticized for their treatment of members of the armed forces and veterans, who are afforded certain protections as such in foreclosure proceedings and limits on fees. Since 2011 Capital One (COF), Wells Fargo (WFC) and Bank of America (BAC) have agreed to pay millions to settle lawsuits or federal probes tied to claims of mistreatment of military customers.

In early 2011 JPMorgan Chase (JPM) changed its lending practices to military customers after acknowledging that it had failed to comply with the law. Wells Fargo said in September that it was broadening its services for active-duty military personnel and veterans through a new military affairs program.

Executive Editor, American Banker Magazine

mailto

For reprint and licensing requests for this article, click here.

Consumer banking

MORE FROM AMERICAN BANKER

Payments

Mastercard using open banking to spot fraud, EU warms to Apple Pay policy

Mastercard launches service to fight instant-payment fraud, EU may green-light Apple's NFC-access plan, and more.

By Kate Fitzgerald

30m ago
Consumer banking

20 banks and thrifts with the most assets

The top five banks and thrifts had combined assets of more than $13 trillion as of December 31, 2023.

By Editorial Staff

5h ago
Regulation and compliance

'Through the looking glass': Jamie Dimon sounds off on regulatory burden

The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.

By Catherine Leffert

8h ago
Litigation

If Supreme Court sides with CFPB, 'flurry' of litigation moves forward

Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.

By Kate Berry

April 23
Politics

Democrats push back against Corporate Transparency Act ruling

Lawmakers including one of the original sponsors of the Corporate Transparency Act have filed an amicus brief in the appeal against an Alabama court ruling that the law is unconstitutional, which would throw into question Treasury's newly-established beneficial ownership structure.

By Claire Williams

April 23
Commercial lending

'Credit darling' Webster Financial reports uptick in defaulted loans

The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year-over-year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.

By Allissa Kline

April 23