Ian McKendry

One of the top anti-money-laundering regulators warned credit unions Tuesday that many do not appear to be properly following reporting requirements.

WASHINGTON — One of the top anti-money laundering regulators warned credit unions Tuesday that many do not appear to be properly following reporting requirements.

The digital currency industry reacted warily to a model framework for regulating such firms released Tuesday by the Conference of State Bank Supervisors, arguing the language is too vague and treats digital assets like normal money.

WASHINGTON — Virtual currency made another significant step Tuesday toward becoming legitimate in the eyes of regulators as the Conference of State Bank Supervisors finalized a model regulatory framework for the nascent industry.

Under the Dodd-Frank Act, the agency must issue a proposal that would require large banks to bear the brunt of raising the DIF reserve ratio higher once it reaches a statutorily imposed minimum. With the fund rapidly increasing, the agency is likely to put out a plan by the end of 2015 — sparking a debate over what the FDIC might do.

WASHINGTON – Federal bank regulators said Tuesday that they are taking steps to ease the regulatory burden on community banks by eliminating or revising certain call report line items.

The New York licensing process for virtual currency companies is stoking fears that firms which do apply could inadvertently open themselves up to prosecution.

The Federal Deposit Insurance Corp.'s second-quarter industry update showed steadily rising loan balances making up for persistently tight net interest margins.

U.S. banking earnings in the second quarter rose 7.3% from a year earlier to $43 billion as institutions enjoyed higher revenues and lower noninterest expenses, the Federal Deposit Insurance Corp. said Wednesday.

A foreign bank that sued the U.S. Treasury's Financial Crimes Enforcement Network won a preliminary injunction suspending an action that would have cut off the bank's access to dollar funding.