Law and regulation

Following a shift of its Treasury services function to another Federal Reserve bank, the Federal Reserve Bank of Cleveland has eliminated all but a handful of job at its Pittsburgh branch and is selling its 80-year-old building in that city's downtown.

A Virginia lawmaker is urging his colleagues in Richmond to consider creating a state-owned bank that would use deposits from residents and state agencies to lend to local businesses and stimulate economic growth.

Zil Bareisis knows all too well why the British government is considering a ban on credit card surcharges that shock consumers purchasing tickets or products online.

The Consumer Financial Protection Bureau hit the ground running in 2011, despite being hobbled by the lack of a permanent director, and enjoyed support from the industry for most of its early initiatives. That isn't likely to last next year, when observers expect it will take on a handful of controversial agenda items and begin using its enforcement powers.

Add NorthEast Community Bank in White Plains, N.Y., to the growing list of federally chartered thrifts converting to state charters.

Banks are starting to take a closer look at the Foreign Account Tax Compliance Act, though its rules do not take effect until 2013.

Banks are starting to take a closer look at the Foreign Account Tax Compliance Act, though its rules do not take effect until 2013. And even though FATCA is focused on companies based outside the U.S., its effects may gradually influence domestic financial institutions.

With the failure rate expected to decline next year, the FDIC is getting the chance to focus on other priorities, including finishing implementation of Dodd-Frank and ensuring it is ready for the next crisis.

President Obama announced Tuesday that he intends to nominate Jerome H. Powell and Jeremy Stein to the two vacancies on the Federal Reserve Board.

President Barack Obama will announce Tuesday that he plans to nominate a Harvard University finance professor and a former private-equity executive to fill the two vacancies on the seven-member Federal Reserve Board, a White House official said.

The Federal Home Loan Bank of Chicago has received the go-ahead from its regulator to begin repurchasing stock from its member banks.

The Federal Reserve Bank of Atlanta has ordered First St. Charles Bancshares Inc. in Boutte, La., to use whatever resources necessary to ensure that its bank subsidiary, First National Bank USA, remains well capitalized.

How wide should credit card lenders open the gates to borrowers after slamming them shut during the recession when losses soared? It depends on their analytics.

WASHINGTON — The Consumer Financial Protection Bureau is seeking comments on whether and how to revise Regulation E, which governs implementation of the Electronic Fund Transfer Act.

Former comptroller Eugene Ludwig talks about the competitive threat from unregulated financial firms and why banks should want the new consumer protection bureau to have a permanent director soon.

The Securities and Exchange Commission has closed a loophole that previously allowed individuals to artificially inflate net worth before investing in unregistered securities offerings. Advisors are generally supportive of the change.

Commerce Bancshares Inc.'s banking unit has agreed to pay $18.3 million to settle a class action involving overdraft fees.

The Federal Reserve has fined two banks for violations of the National Flood Insurance Act.

Move now gives public until mid-February to weigh in on Dodd-Frank trading restrictions.

The Housing Policy Council of the Financial Services Roundtable announced last week that it was promoting Paul Leonard, now the council's director of government affairs, to become senior vice president of government affairs.