Law and regulation

WASHINGTON — President Barack Obama used his weekly radio address to once again defend the Dodd-Frank Act in light of JPMorgan Chase's $2 billion-plus loss, which he said illustrates the need for reforms.

Credit unions must adjust soon to the impact of mobile payments, which can disrupt their revenue from traditional payment systems like credit and debit cards.

JPMorgan Chase's Jamie Dimon said Monday that the bank will suspend its planned stock repurchases after the $2 billion loss in its trading activities. Dimon said he wants to ensure the bank stays on the "glidepath" to compliance with proposed Basel III requirements.

The Arkansas Supreme Court last week overturned a judgment the state's Attorney General Dustin McDaniel won against debt collector Jack H. Boyajian.

WAUSAU, Wis. — NCUA this evening liquidated Wausau Postal Employees CU and assigned the remnants of the one-time $10 million credit union to nearby giant CoVantage CU.

The Office of the Comptroller of the Currency closed Alabama Trust Bank in Sylacauga on Friday, making it Alabama’s first bank failure in more than a year.

The fallout of JPMorgan Chase & Co.'s $2 billion trading loss has reignited old worries of just how close Wall Street is to one of its top regulators, the Federal Reserve Bank of New York. Politicians and consumer activists have called for Jamie Dimon, JPMorgan's chairman and chief executive, to resign from his position as a board director at the New York Fed.

A $2.3 billion loan temporarily pushed Emigrant's total assets over $15 billion. Because it was briefly above that threshold, the bank will be subject to a provision of the Dodd-Frank Act that prevents banks from counting trust preferred securities as part of their Tier 1 capital. Emigrant is asking Congress for an exemption.

Thomas Noto, a former associate general counsel and compliance expert at Bank of America, has joined Morrison & Foerster.

Rep. Scott Garrett is willing to defend the Securities and Exchange Commission once in a while, but he has his limits.

The upcoming congressional hearings on the trading losses at JPMorgan Chase could prove awkward for a group of lawmakers who own a piece of the bank.

Now that a proposal to give credit unions more business lending power has been tabled, banks and credit unions have resumed their long-running battle over taxes.

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.

WASHINGTON — The big question following JPMorgan Chase & Co.'s now-notorious derivative trade is whether it would have been permitted under the so-called 'Volcker Rule.' But the answer is clear cut to an advocacy group that has led calls for regulatory restrictions after the 2008 crisis.

More than two-dozen have already announced that would stop filing reports with the regulator and many more could follow as they aim to cut costs.

Allegations of kickbacks, exorbitant premiums are the focus of three days of hearings that have bankers and insurers in the hot seat.

WASHINGTON – U.S. Sen. Michael Johanns, R-Neb., on May17 introduced a bipartisan bill that would end the requirement for dual fee disclosures at ATMs and require only the on-screen disclosure.

Editor's Note, July 25, 2012: This and other BankThink opinion columns written by Joel Sucher bearing this note, published between October 2011 and June 2012, mentioned the law firm of Stephen J. Baum, Litton Loan Servicing, or both. The columns should have disclosed that Baum’s firm, working on behalf of Litton, had attempted to foreclose on the writer’s property in 2009. American Banker's editors were unaware of this history at the time the columns were published.

The Democratic senators argued Thursday that the proposal by regulators to implement the ban on proprietary trading contains a "JPMorgan Loophole."

Financial regulators told a House panel Thursday that requiring banks to admit wrongdoing as a condition of settlements could raise safety and soundness concerns.