Regions Financial Corporation (NYSE:RF) is in early talks about yet another potential nonbank acquisition, continuing a strategy that has helped diversify its revenues and is expected to make up for lost overdraft fees. The company announced January 20, 2022 that it will eliminate both nonsufficient funds fees and charges incurred when overdrafts are covered by transfers from a linked account. The bank is also capping daily overdrafts at three, providing early access to direct deposits and offering small-dollar lines of credit.

But Regions Chief Financial Officer David Turner said the bank has plans to compensate for the lost revenue. "We'll make it up," he said in an interview. The $163 billion-asset company has recently made a series of nonbank deals that have boosted fees and revenue from new lending channels, and it's open to more of them, according to Turner.

Turner said the bank is currently looking at opportunities in wealth management and corporate banking, and also considering adding some consumer products where there are gaps. In reference to another potential nonbank acquisition, Turner said, "We have one in part we're working on," though he would not identify the target company's line of business.