Narrative:

After being cleared to 2;500 feet on a vectored downwind for runway 5R; we called visual with the runway and were cleared for the visual approach to 5R/ call tower. We had discussed extending out past the FAF and how it would help with speed reduction whilst still in the descent and had agreed to turn in at [3 miles to the FAF] to give the first officer time to set up for the approach.as I checked in with the tower I did not notice we had descended below 2;500 feet and as tower gave us clearance for landing they issued a low altitude alert. For some reason the first officer had set a lower altitude before the autopilot had captured the 2;500 feet; we were still turning and outside the FAF. I called that we were correcting for altitude and watched as the first officer climbed back up with the application of throttle override.we had unrestricted visibility and recovered to a safe altitude whilst still in a position (in my experience) to safely conduct the approach; however during the recovery he had over sped the flaps by 4 knots. The rest of the procedure went fine and we were fully configured on a stable approach well above requirements for the landing.

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Original NASA ASRS Text

Title: An ERJ-175 flight crew descended below the Final Approach Fix altitude before passing the FAF. ATC issued a landing clearance as well as a low altitude alert. The co-pilot applied power to climb and in so doing; exceeded flaps 2 speed by approximately 4 knots.

Narrative: After being cleared to 2;500 feet on a vectored downwind for Runway 5R; we called visual with the runway and were cleared for the visual approach to 5R/ call tower. We had discussed extending out past the FAF and how it would help with speed reduction whilst still in the descent and had agreed to turn in at [3 miles to the FAF] to give the FO time to set up for the approach.As I checked in with the tower I did not notice we had descended below 2;500 feet and as tower gave us clearance for landing they issued a low altitude alert. For some reason the FO had set a lower altitude before the autopilot had captured the 2;500 feet; we were still turning and outside the FAF. I called that we were correcting for altitude and watched as the FO climbed back up with the application of throttle override.We had unrestricted visibility and recovered to a safe altitude whilst still in a position (in my experience) to safely conduct the approach; however during the recovery he had over sped the flaps by 4 knots. The rest of the procedure went fine and we were fully configured on a stable approach well above requirements for the landing.

Data retrieved from NASA's ASRS site and automatically converted to unabbreviated mixed upper/lowercase text. This report is for informational purposes with no guarantee of accuracy. See NASA's ASRS site for official report.