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Law firms, compliance specialists, lobbyists and even startups are all trying to get a piece of the burgeoning billion-dollar industry aimed at navigating, modifying or complying with the Volcker Rule.

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The Consumer Financial Protection Bureau's plans for revamping payday lending set off a fierce debate Thursday over whether the agency had gone too far or not far enough, proving that this is likely to be one the trickiest rulemakings the agency will ever attempt.

After releasing successive studies on the payday industry over the past two years, the Consumer Financial Protection Bureau is finally set to unveil Thursday sweeping proposals that could fundamentally change the business of short-term loans and other products.
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Senate Democrats have now joined the fight over the Financial Stability Oversight Council's designation process, calling for "systemically important" firms to be able to shed the label.
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Subprime auto lending has become a top priority for the CFPB, said Steven Antonakes, the agency's deputy director on Wednesday. He also revealed that it was open to making changes to its complaint portal, which the agency recently said would allow consumers to post detailed narratives of their problems with financial institutions.

Deron Smithy, executive vice president and treasurer of Regions Financial, said compliance costs across the 20 regional banks that are above the target have jumped by $2 billion, with his bank alone spending roughly $200 million.

Under tough questioning on Capitol Hill, Federal Deposit Insurance Corp. Martin Gruenberg said the agency accepts blame for fallout over its "high risk" businesses list as an internal FDIC watchdog is still investigating.
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Regulatory approval of Primary Bank in New Hampshire does not make a trend, but observers are hopeful it signals a more promising near future for the chartering of new banks.
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Federal regulators on Tuesday pushed back against the perception that they are cracking down harder on Bank Secrecy Act violations, saying they have not made recent changes to the rules or how they enforce them.

While many small banks are hoping Congress will grant regulatory relief this year, mutual institutions are seeking two specific changes they hope can bolster their struggling business.

Former Federal Reserve Board Chairman Paul Volcker laid out the framework Friday for a proposal to consolidate many of the duties of the various U.S. financial regulatory authorities, a move that he said would improve oversight and financial stability.

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