Law and regulation

As Washington starts to look at the rapidly emerging sphere, some in the industry are calling for regulators to level the playing field, while others are warning that regulation may stifle innovation.

It's been more than a month since James Freis, the director of the Financial Crimes Enforcement Network, was abruptly dismissed from that position.

The Financial Services Forum announced Friday that it has named Laena Fallon as its vice president for communications, effective in August.

The government plans to collect $137 million from some of the nation's biggest banks and financial firms to help cover the cost of a new research office officials hope can help prevent future financial calamities.

Regulators revealed on Friday this year's list of communities where banks can receive credit under the Community Reinvestment Act for working in those areas.

Regulators have entered into a consent order with First Bank of Miami that requires the Coral Gables, Fla., company to maintain certain capital levels and ensure compliance with the Bank Secrecy Act.

American Express plans to begin issuing secure chip cards in the U.S. this year, and it has released a timeline for merchants to follow in accepting those cards. Like every other network's roadmap, Amex sticks closely to the plan Visa announced last August.

American Banker readers share their views on the most pressing banking topics of the week. As excerpted from the Comments sections of AmericanBanker.com articles.

Nine of the most systemically important banks will submit their resolution plans to the FDIC and Federal Reserve by Tuesday, with the public portion of the so-called living wills expected to be released that afternoon.

Brian Sack, the head of the New York Fed's markets group, has rescinded his resignation and will stay with the bank as a senior adviser to President William Dudley.

Alleged panaceas abound for the banking industry's ills. Unfortunately, many are likely to prove less effective than advertised, cause collateral damage, or both. Here's a look at some of the most popular silver-bullet proposals and their shortcomings.

The high court declined to rule this week in a case involving the right of consumers to sue banks for failing to post ATM fees. That leads banks back to Capitol Hill in their quest for relief from a costly spate of nuisance lawsuits.

Robert Maddox, who negotiated the $25 billion national mortgage settlement on behalf of Ally Financial, insists that the penalty far exceeds the damage done to borrowers.

Many borrowers with great credit can't get financing rates commensurate with their low risk. There's a major opportunity for banks to generate attractive returns by providing fairly priced student loans to these customers.

Rep. Barney Frank says the Supreme Court's ruling on Thursday to uphold President Obama's healthcare reform legislation gives a bleak outlook for legal opposition to Obama's other major piece of legislation: the Dodd-Frank Act.

The Consumer Financial Protection Bureau, which is required under Dodd-Frank to study the reverse mortgage sector, has found that the products "are not being used as intended, with increasingly younger borrowers taking out larger pots of money rather than gradual income streams to help finance their later years," writes American Banker's Joe Adler in his coverage of the bureau's report.

Eighteen institutions (and counting) are accused of violating the Americans with Disabilities Act.

In a case that could have narrowed the ability to sue under numerous consumer protection laws, the Supreme Court decided Thursday not to issue a ruling, saying that it was wrong to hear the case in the first place.

The CFPB finalized a rule Thursday that seeks to ensure that information banks give the bureau through supervision retains attorney-client privilege.

The Federal Reserve Bank of Richmond has ordered Village Bank and Trust Financial in Midlothian, Va., to serve as a source of strength for its ailing bank subsidiary.