Ian McKendry

Marketplace lenders are still so new that their business model is untested and unproven, raising fears both for consumers and the industry at large, Federal Deposit Insurance Corp. officials and several bankers said Thursday.

The relevant question is no longer whether new regulations will come for the fast-growing industry, but what form they should take.

WASHINGTON — The financial services sector has been sharing information on cyber threats despite potential legal ramifications, but passage of a cybersecurity bill still winding its way through Congress may put those handshake deals into writing and bolster cyber-defenses.

The Treasury Department is still struggling to understand whether some businesses are losing access to the banking system because of heightened enforcement of anti-money laundering requirements and concerns about high risk activities, a top official said Wednesday.

WASHINGTON — Federal Deposit Insurance Corp. Vice Chairman Thomas Hoenig was elected as president of the International Association of Deposit Insurers on Thursday.

Citigroup isn't the poster-child for "too big to fail" anymore, Chief Executive Michael Corbat claimed Wednesday, arguing the bank had scaled back and learned from its mistakes leading up to the financial crisis.

Several large banks have already embraced standards released Tuesday by a consumer advocacy group laying out how institutions can offer safe, entry-level financial services.

The Federal Deposit Insurance Corp. recently held meetings with state regulators in which agency officials emphasized that they are open to new applicants, responding to criticism that the standards for granting deposit insurance have been too high.

A faster than expected recovery following the financial crisis may mean that small banks see a significant reduction in premiums as early as the first quarter of next year, while larger institutions later face a surcharge required by the Dodd-Frank Act.

Furthering efforts to bring virtual currency mainstream, cryptocurrency companies and trade groups are teaming up to create a forum to aid law enforcement in weeding out criminal activity.