Law and regulation

Federal Reserve Board Chairman Ben Bernanke told Congress that U.S. regulators will not deliver a final rule by July 21, as required by the Dodd-Frank Act.

WASHINGTON — The Financial Crimes Enforcement Network is seeking comment on a proposal that would require banks and other financial institutions to identify beneficial ownership of their accountholders.

The government's stick-a-finger-in-the-dike approach to the housing crisis isn't working. We need more drastic solutions if we want to turn the market around.

Fannie Mae, in a new SEC filing, says that in late January it cut off Bank of America from selling most types of loans to the GSE because of "delays" by the lender in making good on outstanding buyback requests.

Fannie Mae will request another $4.6 billion in U.S. government aid after posting a $2.41 billion loss in the fourth quarter, the mortgage finance company said Wednesday.

Republican Sen. Olympia Snowe, R-Maine, has announced she won't seek re-election for a fourth term, citing "an atmosphere of polarization" in the Senate as the reason for her decision.

Edward DeMarco, the regulator in charge of supervising Fannie Mae and Freddie Mac, was once again in the hot seat as lawmakers pressed him on his reluctance to forgive underwater borrower's debt.

During a pair of appearances Tuesday on Capitol Hill, top housing officials from the Obama administration sought to reassure members of Congress about the financial condition of the Federal Housing Administration.

North Carolina Gov. Bev Perdue said Tuesday that she has nominated Ray Grace to take over as the state's banking commissioner.

Wells Fargo & Co. unveiled specific new terms in the national mortgage servicing settlement on Tuesday, providing the most detailed summary to date of what concessions banks did and did not win from federal and state officials.

It's about time banks stop whining about increased regulation and do something to get ahead of it.

Sen. Mark Udall, a Colorado Democrat, has placed a hold on a community bank bill that would increase the 500-shareholder threshold that requires a small bank to register with the SEC. He is conditioning his support on the advancement of a separate bill that would raise the cap on credit union member business lending.

Wells Fargo & Co. said Tuesday it received a Wells notice from the Securities and Exchange Commission relating to disclosures in its mortgage-backed securities offering documents.

SunTrust Banks Inc., which has already lost hundreds of millions after repurchasing bad mortgages, could lose up to $150 million as it deals with the cost of mortgage-servicing problems.

After imposing a raft of new regulations, mortgage regulators are seeking servicing industry input to prevent the latest housing rescue bids from suffering the same dismal fate as their predecessors.

Past reports on industry health showed limited, if any, loan growth, but that changed in the most recent Quarterly Banking Profile.

As Occupy the SEC detailed in our recent comment letter, the agencies’ proposed implementation of the Volcker Rule strays from Congressional intent in several big ways.

Credit Union National Association is calling on the Consumer Financial Protection Bureau to use its new authority over the Electronic Funds Transfer Act to amend requirements that force two separate disclosures on fees to a single, on-screen disclosure.

The plans provide new details on how banks will address foreclosure errors under consent orders signed last year.

The Federal Housing Administration is following through with its pledge to increase upfront and annual insurance premiums on its forward single-family business.