Jeff Horwitz

TD Bank has agreed to settle a lawsuit over its processing of overdraft fees for $62 million, the bank and plaintiffs' attorneys stated in a court filing late Friday.

The painful and embarrassing loss at the bank's chief investment office "plays right into the hands of a bunch of pundits out there," the CEO admits.

Chris Peterson recently suggested cities should require payday lenders to describe themselves as "predatory" on storefront signs. Now he's a senior counsel to the CFPB.

The Consumer Financial Protection Bureau sees non-bank services as most in need of new regulation, Director Richard Cordray says. In a speech and subsequent interview, he discusses the progress of CFPB enforcement actions and the weakness of data on consumer finance practices.

A day after top bankers met with Federal Reserve officials, JPMorgan Chase CEO Jamie Dimon blamed policymakers for stalling banking's recovery by "shooting ourselves in the foot."

Citizens Financial Group Inc. has agreed to pay $137.5 million to end a class action over its overdraft fees.

Most major banks sell rights to soured loans to debt collectors for pennies on the dollar. Those pennies can add up to tens of millions in dollars in revenue for a large card issuer, but American Express and USAA have long left that money on the table.

Annual meetings held by Citi and Bank of New York Mellon have been shaken by investor dissent over executive pay, and observers anticipate more rebukes in the coming month.

Force-placed insurance has been taking flak from regulators, plaintiff attorneys and consumer groups. Here's how the head of the American Bankers Association's insurance unit sums up the controversy and explains the business.

Receiving Wide Coverage ...Breach Bigger Than Reported: The Global Payments security breach was bigger than initially reported, the processing company announced Sunday night. Hackers gained access to certain account details of up to 1.5 million credit cards, and managed to export account information from the company’s systems.

Accounts that B of A won't vouch for gain new life in the hands of collections firms.

Receiving Wide Coverage ...MF Money Still Gone, Congress Still Piqued: A congressional hearing today offers up JPMorgan's view of the MF Global meltdown, with a deputy counsel for the bank describing JPM's haggling over the source of the transferred funds. Diane Genova is expected to testify that, after JPM noticed that it was being paid with $200 million in customer funds, "it would be prudent and appropriate to ask MF Global to confirm that these transfers had been made in compliance" given that the company was tanking. Evidently the response was so convincing, Genova's prepared remarks say, that JPMorgan "reached out to Mr. Corzine to explain J.P. Morgan's understanding of how the London overdrafts had been covered," and to request confirmation that everything was on the up and up. When the letter was not returned signed, JPM called MF Global's deputy general counsel, Dennis Klejna, who assured that the funds were tranferred from excess money in company accounts and the leeter went unsigned because it was too broad. Meanwhile, it looks like some MF Global employees were aware of a stated shortfall in customer accounts well before the company's collapse. But key officials say they were assured it was just an accounting mishap. Wall Street Journal, New York Times

Fannie Mae has delivered a second blow to standard industry practices for force-placing homeowners insurance on borrowers whose policies have lapsed.

How a whistleblower's allegations about mishandled credit card debt and shoddy recordkeeping at JPMorgan Chase snowballed into the shutdown of a multi-billion dollar credit card litigation operation and an OCC review.

The insurance regulator in the nation's largest state says underwriters are paying an insufficient amount in claims, suggests commissions paid to banks are part of the problem.

Following an American Banker article casting doubt on the reliability of JPMorgan Chase's recordkeeping, the bank said Tuesday that an internal review had identified procedural issues related to collections but defended the overall integrity of its recordkeeping.

Robo-signed affidavits and sloppy legal work led the bank to halt court claims. The errors cast doubt on billions of dollars in judgments.

Fannie Mae intends to acquire coverage for uninsured borrowers through a carrier of its choosing, it announced on Tuesday. The move would "significantly reduce costs to homeowners, taxpayers, and Fannie Mae," the GSE says, but harm a profitable business for mortgage servicers.

Wells Fargo & Co. unveiled specific new terms in the national mortgage servicing settlement on Tuesday, providing the most detailed summary to date of what concessions banks did and did not win from federal and state officials.

Bank of America Corp. has stopped selling some residential mortgages to Fannie Mae, saying that it let its contract expire in part due to ongoing disputes over mortgage repurchase claims.