Law and regulation

Banks and credit unions in California plan to participate in a new working group that will focus on the cannabis industry's lack of access to the mainstream financial system, according to state officials.

While the designation of the retired neuroscientist Ben Carson to run the Department of Housing and Urban Development appears to be an unusual choice, lenders are hoping he can bring a fresh perspective to the industry.

In a wide-ranging interview with American Banker, Cleveland Fed President Loretta Mester talks about what should be kept in the push to deregulate banking regulation, as well as her view on reforming the Fed, ending "too big to fail," the future of Basel and the effect of a Trump administration on financial services.

President-elect Trump faces legal questions over his idea to hold remittances ransom to fund a wall in Mexico, but the industry should take the threat seriously.

Ben Carson accepted Donald Trump's offer to lead the U.S. Department of Housing and Urban Development, according to a statement from the president-elect's transition office Monday.

Key details — like exactly how many regulations companies will face — remain to be worked out on the Office of the Comptroller of the Currency's new limited-purpose charter for fintech firms, leaving the industry divided on whether the charter is a good idea.

WASHINGTON – House Republicans are urging the Consumer Financial Protection Bureau to process a deluge of comment letters on the bureau's proposal to restrict small-dollar lending.

President-elect Donald Trump announced Friday that he is assembling a team of top business executives to provide input on how regulations and government policies are impacting economic growth and job creation.

Federal Reserve Gov. Daniel Tarullo strongly defended bank regulators’ responses to the 2008 financial crisis and faulted competing Republican proposals to replace the Dodd-Frank Act with a simpler, single leverage requirement as shortsighted.

The Office of the Comptroller of the Currency will start granting limited-purpose bank charters to fintech companies, but intends to maintain high standards for new entrants.

With the anti-globalism sentiment growing in parts of Europe and the U.S., a "my country first" approach to international bank regulation will hurt financial institutions and their local economies.

WASHINGTON – The House passed a bill Thursday 254-161 that would remove the strict $50 billion-asset threshold that subjects banks to tougher supervisory requirements, giving regulators more flexibility over what institutions are considered systemically important.

Democratic lawmakers introduced legislation Thursday that would prevent Wells Fargo from using arbitration agreements to settle claims made by victims of a fake account scandal that came to light in September.

American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.

Steven Mnuchin's confirmation hearing is likely to be dogged by stories of homeowners who claim his bank, OneWest, illegally foreclosed on them. While the stories are unlikely to prevent President-elect Donald J. Trump's pick from being confirmed, it could weaken Mnuchin politically and rehash grievances from the financial crisis.

Privatizing the government-sponsored enterprises is a priority for Treasury Secretary-designate Steven Mnuchin. Here's a look at what it will take to pull off and the potential implications for the mortgage industry of unwinding the conservatorship.

As the outgoing administration stresses the need for stricter regulatory requirements on new fintech companies, technology companies are urging President-elect Donald Trump to lower the barriers to entry for new financial industry players.

WASHINGTON – The debate over housing finance reform appears to have new life as both Democrats and the next administration appear ready to take up the issue.

Citi's Debby Hopkins is retiring at the end of this year and Fidelity's Abigail Johnson is taking over for her father as its new chairman. Beth Mooney, Morgan Cambern, Claire Calmejane, and other execs talk about the impact fintech has had in their jobs and why technology should be embraced and not feared. Meanwhile, Citi faces a suit from a former trader over its alleged "Bro's Club" practices.

Despite a robust anti-money-laundering regime imposed on banks and money services businesses in the U.S., a number of loopholes are allowing other companies to skate by without performing basic due diligence to curb the flow of illicit funds, according to a report by the Financial Action Task Force.