Ian McKendry

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.

Bank regulators plan to release their self-assessment tool later this quarter to gauge institutions' cyber readiness, but many see it as sign of more prescriptive measures down the road.

As the industry's recovery boosts hopes of new-bank activity, some are already focused on what the greater stability could mean for the embattled industrial loan company charter.

President Obama lauded the Consumer Financial Protection Bureau Thursday for cracking down on high interest rate, short-term loans while defending the agency against attempts to defang it.

A top Democratic lawmaker said Wednesday that the compliance burdens placed on small and medium sized banks outweigh the risks they pose to the financial system.

Under tough questioning on Capitol Hill, Federal Deposit Insurance Corp. Martin Gruenberg said the agency accepts blame for fallout over its "high risk" businesses list as an internal FDIC watchdog is still investigating.

As lawmakers consider federal notification and information-sharing measures, a state official expressed jurisdictional concerns about creating national standards.

WASHINGTON — NCUA is working to streamline the exam process and reduce the burden for credit unions, according to Larry Fazio, director of the agency's Office of Examination and Insurance.

Observers fear state regulator Benjamin Lawsky's proposal to model anti-laundering reviews after Sarbanes-Oxley requirements could thin ranks of compliance specialists and slow monitoring.

WASHINGTON — The Federal Housing Administration's recent premium reduction is undercutting the private sector and expanding the government's role in the housing market, housing finance industry representatives told a House subcommittee on Thursday.

The Federal Housing Administration's recent premium reduction is undercutting the private sector and expanding the government's role in the housing market, housing finance industry representatives told a House subcommittee on Thursday.