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The Consumer Financial Protection Bureau is set to unveil a sweeping proposal on debt collection practices this week that would force banks and credit card companies for the first time to comply with federal restrictions. It said the plan would put an end to some of the most egregious practices in the $13.7 billion debt collection industry.

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Most banks are staying away from both the Republican and Democratic national conventions, in part because both parties are engaging in anti-bank rhetoric.

Sens. Bernie Sanders, D-Vt., and Elizabeth Warren, D-Mass., said presumptive Democratic presidential nominee Hillary Clinton will ensure big banks do not again threaten the financial system.
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The decision throws out the anti-money laundering charges against Michell Espinoza, who was arrested after agreeing to sell $30,000 to an undercover detective who declared he would use it in an illegal credit card scheme.

The United Kingdom's vote last month to leave the European Union could pose a lasting threat to the global financial system that could spill over into the U.S. economy, according to the Office of Financial Research.

Regulators are removing several items from call reports, including details on troubled-debt restructurings and loss-share portfolios. Bankers are pleased, but the absence of certain data could frustrate outsiders.

Banks typically respond to pending regulations with a mixture of fear and dread, but new cybersecurity requirements being developed by the banking agencies may be met with relief.

It's been one hell of a Republican National Convention, complete with accusations of plagiarism and a hostile reception for a rival that refused to endorse Donald Trump, but two bank sponsors see it as an unqualified success in spotlighting their home area.
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Bankers are taking the unusual step of asking the government for additional regulations — ones that can be used to block the Consumer Financial Protection Bureau from seeking more data from financial institutions.

A progressive group is up in arms against Sen. Tim Kaine, D-Va., after the possible Democratic vice presidential nominee signed letters calling on regulators to tailor rules for community banks.
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Donald Trump's decision to embrace the reinstatement of the Glass-Steagall Act is part of an effort to cast him as the champion of community banks, according to his top advisers.

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