Law and regulation

Collection agencies, debt buyers and law firms with revenues exceeding $10 million per year will fall under the CFPB's supervision starting next year, the federal agency confirmed Wednesday.

Preeta Bansal, the former general counsel and senior policy advisor at the Office of Management and Budget, is joining the bank's London office as global general counsel for litigation and regulatory affairs.

A private-sector analysis of the implementation of the Dodd-Frank resolution facility outlines several tasks the FDIC needs to complete before it's ready for the next crisis.

Earnings at Flagstar Bancorp in Troy, Mich., fell 7% from a quarter earlier as credit and litigation costs offset a large gain from loan sales.

If the program ends, most TAG deposits held by community banks will quickly migrate to the biggest banks as investors still expect the federal government to protect all deposits held by these financial behemoths.

Royal Bank of Scotland (RBS) will pay $42 million to settle a probe by Nevada's attorney general into its mortgage-purchase practices before the housing crisis.

Bank of America sold defective residential mortgage loans to Fannie Mae and Freddie Mac that later defaulted, the U.S. government said in a $1 billion fraud lawsuit against the bank.

An analysis of Senate rulings indicates voters who believe in strengthening customer protections should cast their ballots for Democrats, while voters who believe banks should not have to answer to a consumer regulator should choose Republicans.

The push to roll back banking regulation has gained unlikely supporters recently. From consumer advocates to Democratic stalwarts, pressure is mounting to rein in the red tape.

"A critical mass of angst and dissatisfaction with the Dodd-Frank Act and Basel III is opening the door to change," writes Barbara Rehm. If you want to read the brightest mind on the topic, check out Karen Shaw Petrou's assessments, she says.

The Consumer Financial Protectin Bureau will publish a final rule Wednesday to supervise firms with more than $10 million in annual receipts.

The Federal Deposit Insurance Corp. has lifted a consent order against Metro Bank related to the bank's anti-money laundering and Bank Secrecy Act programs.

The flood of new regulation, demands for more capital, harsh enforcement and an unexplained three-year-old de facto moratorium on de novo charters lead one to believe Washington wants fewer community banks

Lending to companies that service the federal government have historically been safe bets, but that could change if Washington is forced to make drastic cuts early next year.

Two consumer advocates who gave advance warning of the subprime mortgage crisis are now arguing that a responsible return to less-than-prime lending can work for lenders and borrowers.

The slew of mortgage rules coming down the pike tops the list for mortgage lender angst. And it's not just lenders who are concerned. Fair lending advocates worry about tighter standards leading to a squeeze on credit.

A tipping point is coming regarding anger and dissatisfaction over Dodd-Frank. But a new assessment of the regulatory landscape points a way for policymakers to get out of the mess.

One of the largest providers of force-placed insurance, under pressure from regulators to lower prices for the coverage, has agreed to reduce premiums it charges for the product in California.

The chief executive officer of JPMorgan Chase, Jamie Dimon, hosted a lunch with 75 New York business leaders in a bid to help to steer Washington away from the fiscal cliff and toward a budget compromise akin to Simpson-Bowles.

Rep. Barney Frank is calling on state and federal officials to reconsider prosecuting banks for the sins of smaller institutions they were pressured to acquire at the height of the financial crisis.