The Consumer Financial Protection Bureau's action against Flagstar Bank on Monday marked a series of firsts for the agency, including the first time it enforced its new mortgage servicing rules and the first time it banned a servicer from servicing new loans until fixes are made.
WASHINGTON Michigan-based Flagstar Bank will be required to pay $37.5 million in restitution and fines over regulatory allegations it blocked struggling homeowners from receiving foreclosure relief, the Consumer Financial Protection Bureau said Monday.
Regulatory actions taken against U.S. Bank on Thursday proved once again that vendor relationships, even former ones, can cost a bank for years to come.
Officials sitting on the Basel Committee announced progress on a Net Stable Funding Ratio and other measures being developed by the international regulatory body.
Speaking at American Banker's Regulatory Symposium, Federal Deposit Insurance Corp. Vice Chairman Thomas Hoenig said complex firms should not discount regulators' warnings of heightened supervision if their 2015 resolution plans fail to impress.
A panel at American Banker's Regulatory Symposium about the Department of Justice program featured a spirited debate about whether it is prudently fighting fraud or cooling banks' relationships with legal businesses.
Industry groups have urged the bank regulators to implement more wholesale changes in the second review mandated by a 1996 law, saying the outcome of the first review was disappointing.
U.S. regulators are continuing to send a clear message about global financial services standards forged with other countries: they're not strong enough.
National Credit Union Administration board member Rick Metsger said a Federal Housing Finance Agency proposal to restrict Federal Home Loan Bank membership could give banks an unfair advantage over some smaller credit unions.
House Republicans warned Wednesday that bank examiners are going to continue to pursue small institutions as part of a government crackdown on certain merchants such as payday lenders, pawn shops and gun dealers.
The Federal Reserve Boards Beige Book said that lenders are cautious on residential lending but "fiercely competitive" over commercial lending.
WASHINGTON Regulators were set Wednesday to consider a final liquidity rule for large banks that makes a number of concessions to the industry.
WASHINGTON Friends of Traditional Banking, a banking SuperPAC, has narrowed its congressional elections "watch list" for the November midterm races to four tight Senate contests.
Banks and other lenders appear to be waiting on a regulatory signal from the Federal Housing Finance Agency before approving loans for borrowers with less than stellar credit profiles.
Consumer Financial Protection Bureau Director Richard Cordray told House lawmakers on Wednesday that allegations of discrimination and retaliation among agency employees were due to its efforts to rapidly build itself up following its creation three years ago.