Ian McKendry

The owner of an Ohio-based loan administrator, accused by the Consumer Financial Protection Bureau of deceptive marketing, says he is the victim of a misguided lawsuit by the agency.

Federal Deposit Insurance Corp. Chairman Martin Gruenberg, discussing progress in establishing big-bank resolution regimes, said the Federal Reserve is developing a rule "to codify" the swaps protocol involving termination rights.

The Consumer Financial Protection Bureau filed a lawsuit on Monday against an Ohio-based loan administrator and its owner for allegedly deceptively marketing services that claimed to save consumers money on their mortgage while any actual savings were offset by high fees.

WASHINGTON — Jeremiah Norton, a board member on the Federal Deposit Insurance Corp., will be stepping down on June 5, the agency said late Friday.

A statement by a foreign regulator that it might penalize banks that drop businesses due to heightened supervisory risk has spooked U.S. institutions who worry domestic agencies could follow suit.

Internal Revenue Service examiners are conducting bank-like exams of virtual currency firms for possible anti-money laundering violations, Financial Crime Enforcement Network Director Jennifer Shasky Calvery said May 6.

While the penalty is a blow to Ripple Labs, it could have significant implications for the industry at large and its efforts to legitimize itself in the eyes of regulators and banks. Here's how:

WASHINGTON — Financial Crime Enforcement Network Director Jennifer Shasky Calvery said Wednesday that Internal Revenue Service examiners are conducting bank-like exams of virtual currency firms for possible anti-money laundering violations.

Regulators' latest guide for examining AML lacks wholesale changes, but some minor changes still could pack a major punch.

Regulators' latest guide for examining anti-laundering procedures lacks wholesale changes, but institutions still must decipher minute changes with potentially big impacts.

New York Attorney General Eric Schneiderman is urging banks to reevaluate how they use credit bureaus like ChexSystems, after his investigation found that inaccurate data reported by banks is preventing some consumers from opening checking and savings accounts. Three banks already have agreed to modify their use of ChexSystems in screening potential customers.

WASHINGTON — There is a disturbing lack of data on the repo and securities lending markets that could mask a buildup of activity by nonbank lenders, according to a report published Thursday by the Office of Financial Research.

Seven years after declaring a truce in a battle with large banks over tracking their insured deposits, the Federal Deposit Insurance Corp. reopened the fight Tuesday with a new proposal that would take an even tougher stance.

WASHINGTON — The Federal Deposit Insurance Corp. was set to issue a proposal Tuesday that would require big banks to keep more detailed records on insured deposits to help expedite payouts in the event of a failure.

Former Federal Reserve Board Chairman Paul Volcker said his proposal fixes a "lapse" in Dodd-Frank, but some observers are split over its significance.

Former Federal Reserve Board Chairman Paul Volcker proposed a massive shake-up of the U.S. financial regulatory system on Monday that would consolidate oversight into three super regulators.

WASHINGTON — Sens. Thomas Carper, D-Del., and Sen. Roy Blunt, R-Missouri, introduced a bill this week that would establish national data security and notification standards.

FDIC Vice Chairman Tom Hoenig outlined a new measure to grant reg relief, one based on activity rather than size. While his vision would grant 94% of banks substantial relief, he objected, however, to exempting institutions from the Volcker Rule.

The Consumer Financial Protection Bureau filed a lawsuit Tuesday against the owner of several tax-preparation outlets that allegedly steered low-income clients into expensive loans against their anticipated refunds.

WASHINGTON — The Federal Reserve Board finalized a rule Thursday that could spur small bank deals by expanding the number of bank holding companies that qualify for an exception allowing them to carry more debt.