Bank Regulation, Washington Bank Reform News

Wells, Citi Halt Most Foreclosure Sales as OCC Ratchets Up Scrutiny

In a sign of renewed pressure on mortgage servicers, a number of big banks have ceased or dramatically slowed the final step in the foreclosure process.

Consumer Finance

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Breaking News

OCC's April Enforcement Actions Hit 11 Banks01:30PM ET

Wells, Citi Halt Most Foreclosure Sales as OCC Ratchets Up Scrutiny01:22PM ET

Fed Hits BMO with Money Laundering Enforcment Action10:00AM ET

FDIC Sues Management of Failed Fla. Bank for $48M04:21PM ET

Wall Street Wins Rollback in Dodd-Frank Swap-Trading Rules02:56PM ET

Payday Loans by Credit Unions Come Under Fire

The regulator of federal credit unions is promising to take steps to curtail high-cost, short-term loans, in the wake of tough action by banking regulators.

Community Banking

Consumer Finance

Payday Loans by Credit Unions Come Under Fire

The regulator of federal credit unions is promising to take steps to curtail high-cost, short-term loans, in the wake of tough action by banking regulators.

Community Banking

Consumer Finance

One key question is whether Reid will use the 'nuclear' option to force a confirmation of Cordray.(Image: Bloomberg News)

The Politics Behind the Senate's Vote on Cordray: FAQ

Senate Majority Leader Harry Reid is bringing the battle over the Consumer Financial Protection Bureau back to the forefront next week with a long-awaited confirmation vote on Richard Cordray, the agency's director.
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Washington

Housing, Fiscal Policy Still Drag on Economy: Fed's Raskin

Federal Reserve Gov. Sarah Bloom Raskin warned Thursday that the government's tightening fiscal policies and a slow housing recovery will continue to restrain a U.S. economic recovery.

Consumer Finance

CFPB Driving Banks to Drop Auto Dealer Incentives

The Consumer Financial Protection Bureau's focus on discrimination in the auto loan business will likely force the banks it targets to stop paying bonuses to car dealers that originate high-interest loans. Changing practices in the rest of the industry could prove tougher.

Consumer Finance

Payday Lenders to CFPB: Back Off

Director Richard Cordray sat silently at a public hearing as a room full of the industry's customers and employees argued that Americans should be allowed to make their own borrowing choices.

Community Banking

Consumer Finance

'There may be meaningful ways to strengthen the leverage ratio,' Gruenberg said. (Image: Bloomberg News)

FDIC Chief Signals Support for Higher Leverage Ratio

In a speech Wednesday, FDIC Chairman Martin Gruenberg moved closer to the views of other top officials who have already backed a higher ratio, and provided an update on global coordination of resolution plans.

Community Banking

Consumer Finance

Crop insurance is critical for agricultural lenders, the ABA's John Blanchfield said.

Why Bankers Should Care About the Farm Bill

Lawmakers in both chambers are working to pass a major farm bill that will determine agricultural policy for the next five years, legislation that could have implications for rural lenders.

Community Banking

Consumer Finance

'There's no bank ... that cannot be prosecuted by the U.S. Department of Justice,' Attorney General Eric Holder says now. (Image: Bloomberg News)

AG Holder Changes Tune, Says No Bank Is 'Too Big to Jail'

Attorney General Eric Holder tried on Wednesday to walk back earlier comments that some financial institutions are "too big to jail" during a House Judiciary Committee hearing.

Community Banking

Consumer Finance

Legal Fight Delayed the Failure of Central Arizona Bank

Central Arizona Bank, a unit of Capitol Bancorp, was set to be shut down with two sister banks last Friday, but a legal challenge bought it a few extra days.

Community Banking

Consumer Finance

Fed Chairman Ben Bernanke (Image: Bloomberg News)

Fed Ready to Raise Capital Standards If TBTF Remains Unsolved

Top Federal Reserve Board officials appear to have reached a consensus on how to deal with the "too big to fail" dilemma: wait for the current reform process to play out, but be ready to significantly increase capital standards if the problem remains unsolved.
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