The Federal Reserve Board on Tuesday fined Birmingham-based Regions Bank approximately $2.95 million for unsafe and unsound practices in its flood insurance compliance program and for flood insurance regulatory violations.

Regions agreed to the fine without admitting or denying the allegations on Aug. 14.

It is believed to be the largest penalty issued against a bank by the Federal Reserve for an infraction of this kind, according to American Banker.

In a statement, the Board said it fined Regions for its “failure to effectively monitor a portfolio of home equity loans for compliance with flood insurance regulations due to changes in loan servicing platforms and third-party service providers.”

The board also fined Regions for individual violations of flood insurance regulations.

In a statement, the bank said the issue was self-identified several years ago.

“We took corrective action and remediated the issue by 2017,” Regions Vice President, Media and Public Relations Manager Jeremy King said. “There was no customer impact as the matter was confined to our own internal monitoring of flood insurance policies on certain properties. Today, years after correcting the issue, we are pleased to now fully resolve this legacy matter.”