Law and regulation

Knee-jerk reactions by investors to news about the European debt crisis and the shrinking value of the euro have sent stock markets on a roller coaster ride globally. And a new treaty signed by euro zone countries giving the European Union authority to reject a country’s national budget and order a redraft if it does not meet targets designed to ease the debt crisis has heightened their apprehension.

The number of new foreclosures increased 21.1% in the third quarter as mortgage servicers lifted voluntary moratoria implemented late last year, according to a report released Wednesday by the Office of the Comptroller of the Currency.

The Federal Housing Finance Agency has again delayed implementation of an initiative to update and streamline the loan and appraisal data collected by the government-sponsored enterprises.

The Justice Department today will announce a settlement with Bank of America Corp. involving allegations of discriminatory lending practices by its Countrywide Financial Corp. unit, people familiar with the matter say.

Daniel Mudd, the former Fannie Mae CEO who is the subject of a new, massive SEC fraud suit, announced Wednesday morning that he is taking a leave of absence from his current employer, Fortress Investment Group, New York.

Bank of America is close to settling a Justice Department probe into whether its Countrywide unit violated fair-lending practices, said two people with knowledge of the discussions.

Nothing lasts forever as evidenced by the short term marriage of Hollywood stars. Differences in attitudes, status and in some cases just irreconcilable differences often cause breakups following many years of being together. One of fraying relationship is the 100 year plus association between the 6,000 plus smaller community banks and the nation's largest banks. This long standing relationship between big and small is on the rocks as the two groups have drawn apart, rarely working together or supporting one another anymore.

First Premier Bank has for decades offered credit cards with higher rates and fees than almost any other bank. For instance, if you borrowed $250 on one of their cards and held that balance for a year, you'd pay roughly 75% of that amount, $187.50, in finance charges and fees—assuming no late payment or other charges.

The central bank unveiled a 173-page proposal on Tuesday detailing how it will regulate systemically important banks and nonbanks. While the plan offered a lot of specifics, some burning questions, including how much certain firms will pay as a capital surcharge, were left unanswered.

California Attorney General Kamala D. Harris filed suit against Fannie Mae and Freddie Mac on Tuesday, seeking to force the companies to answer a detailed list of questions after the firms' federal regulator sought to block an open-ended inquiry by the state.

The Obama administration is considering nominating Jeremiah Norton, an executive director for JPMorgan Chase & Co.'s investment bank, to sit on the Federal Deposit Insurance Corp.'s board of directors.

Most executives in the prepaid debit card market agree any future federal regulations that demand better disclosures on products are good for the industry. But if the government starts messing with fee structures, it could lead issuers to leave the market altogether.

The future of institutionalized, imprudent mortgage lending to people who could not otherwise afford the loans was foretold in 1999.

The average checking account costs banks about $350 annually, American Banker reported this month. But whether banks should use that estimate in determining individual customer profitability remains up for debate.

Most executives in the prepaid debit card market agree any future federal regulations that demand better disclosures on products are good for the industry.

The central bank on Tuesday released a 173-page proposal governing how it plans to supervise systemically important banks and nonbanks. The plan covers everything from capital requirements to stress tests.

The state Attorneys General need to get a deal done soon, or they — and by extension American homeowners and those who have lost their homes — lose.

A Stanford University professor has filed a letter with the Federal Communications Commission urging it to investigate Verizon Wireless’s blocking of Google Wallet on its new smartphone.

Senate GOP leaders moved to block the confirmations of Marty Gruenberg, Tom Hoenig and Thomas Curry because the Obama administration refused to promise it wouldn't use its recess appointment powers for the CFPB and other agencies.

Iowa Attorney General Tom Miller has said the state attorneys general may be ready to announce a deal with the top five mortgage servicers by Christmas. But industry observers, sources and recent news reports suggest the two sides are still ironing out the final details, raising doubts about a deal announcement this week.