Law and regulation

Credit card collection efforts appear to be more successful than before the recession, controversial practices notwithstanding. This interactive graphic shows recovery and chargeoff data for large lenders.

The CFPB's issued a $200 million penalty against Discover in the agency's second enforment action. Cordray says expect more of the same, and he's sending a clear message that financial institutions should make sure they're not doing anything deceptive or misleading in marketing.

Assistant Attorney General Thomas Perez pressured the city of Saint Paul to withdraw a Supreme Court case that was supported by banks and threatened to undercut a key way the government targets lenders over fair lending laws. Republicans are crying foul.

The National Restaurant Association said Tuesday morning that it is joining the growing opposition to the proposed $7.2 billion antitrust settlement with Visa and MasterCard over fees for credit card transactions, another major setback to the endangered deal.

Fincen must be independent enough to be an honest broker in its rulemaking and enforcement network roles, while remaining responsive to the policy objectives of Treasury and statutory mandates from Congress.

Discover’s $200 million payout is substantially higher than the typical settlement between a lender and a banking regulator, suggesting the CFPB wants to significantly raise the financial cost of violations.

The banking system should not be used to hide the cost of Congress's social programs.

In former FDIC Chairman Sheila Bair's insider account of the financial crisis and its aftermath, Bair provides a detailed look at regulatory battles and delivers a scathing portrayal of Treasury Secretary Tim Geithner. She also offers key recommendations for reform, including abolishing the OCC.

Discover Financial Services has agreed to refund hundreds of millions of dollars to settle a regulatory probe of its credit card marketing practices.

The Catbird PCI Solution Guide, co-published with cloud software provider VMware Inc., is an auditor-reviewed reference to help organizations interpret updated PCI DSS requirements as they relate to cloud-based systems.

Mortgage firms including Bank of America that repeatedly ignored rules meant to improve service for struggling homeowners said they're on the verge of complying with standards ordered in a $25 billion settlement.

San Diego has joined a growing list of major cities requiring banks to provide detailed data to show that they are adequately serving low- and moderate-income consumers.

The Consumer Financial Protection Bureau issued its second enforcement action on Monday, hitting Discover with a $200 million fine. Observers said it was clear violations will carry a steep price tag.

Adequate communication, data retention, requests for approval and, ultimately, cooperation can minimize a company's risk of being investigated by the CFPB or state attorney general's office.

The SEC has lost many rulings in the U.S. Court of Appeals for the District of Columbia, often hinging on cost-benefit analysis issues. New York Times columnist Floyd Norris is concerned about the vacancies on this court and warns it is poised to doom the SEC's implementation of Dodd-Frank.

The money will be used for housing counseling and legal services programs that were scheduled to lose state funding this year.

Regulators released a calculator Monday that is designed to help community bankers project how much capital they will need to hold under Basel III.

A group of state attorneys general is looking at the possibility that banks have sold credit card accounts to debt collection firms that were supported by inaccurate and robo-signed documents.

It's in consultants' best interests to extend the foreclosure review engagements as long as possible without coming up with an estimate for each servicer of its total liability to borrowers.