Law and regulation

Federal Reserve's Beige Book shows U.S. consumers continued to take steps to refinance their homes just as commercial mortgages saw an uptick in demand — a strong reversal from this summer's economic readout.

There are signs that community bankers and regulators are trying to thaw relations. But uncertainly over the Dodd-Frank Act and longstanding distrust remain impediments to tangible progress, observers say.

Acquirers representing merchants such as coffee shops and quick-service restaurants may be paying more in interchange for some small-ticket transactions under the Federal Reserve Board’s reduced debit rates than they are for cards exempt from the new rate cap, notes an attorney who frequently deals with clients in the payments industry.

The SEC isn't likely to accede to foreign pressure and adopt international accounting standards anytime soon, but its actions are steadily bringing U.S. rules in line.

The consumer agency said Wednesday it plans to begin taking consumer complaints related to mortgages on or around Dec. 1. The CFPB plans to use those complaints as a basis for new rules.

Associated Bank in Green Bay, Wis., has agreed to pay $13 million to exit a class-action lawsuit that accuses it and other issuers of processing debit card transactions in a manner that maximized fees from overdrafts.

The Federal Reserve Board named Michael Gibson as the new director of bank supervision. Current director Patrick Parkinson set to retire, ending his 30-year career.

An Illinois man filed a lawsuit in St. Clair County (Ill.) Circuit Court seeking a judgment of more than $1.5 million in punitive and compensatory damages against several banks and collection agencies.

"It would be hard to imagine a more thorough rebuke of how America's Securities and Exchange Commission … tries to discipline financial firms," The Economist’s Schumpeter blog says of New York District Judge Jed Rakoff's rejection of Citigroup's settlement with the SEC.

Edward DeMarco, acting director of the Federal Housing Finance Agency, on Tuesday named Richard Hornsby as chief operating officer and Jon Greenlee as deputy director of enterprise regulation.

The House Financial Services Committee is asking the new consumer bureau for a detailed account of its spending to date, and plans for funds it has received but not yet spent.

Most people did not observe Bank Transfer Day, a survey found, but customers who follow through on plans to close accounts could still sting banks.

The Office of the Comptroller of the Currency released a proposal Tuesday that would remove references to credit ratings from its regulations, and posted guidance to help banks evaluate investment risks.

The banking industry is strongly supporting a bill that would allow independent appeals of examinations — an idea anathema to banking regulators.

An OWS subgroup discusses what would constitute a truly “alternative bank,” how much could be borrowed from the credit union, community bank and mutual models, and how to take it several steps beyond.

The Consumer Financial Protection Bureau is seeking input on ways to streamline regulations under the consumer financial laws it inherited from other regulators under the Dodd-Frank Act.

By purchasing Bonneville Bank, prepaid company Green Dot will be putting itself under the scrutiny of traditional banking regulators. But it may escape increased oversight from the Consumer Financial Protection Bureau.

Three Republican-sponsored bills that would amend the derivatives provisions of the Dodd-Frank Act are scheduled for a committee vote in the House on Wednesday.

The Federal Reserve's Janet Yellen urged Congress not to delay making $1.2 trillion in cuts to the federal budget deficit, warning doing so may put the economic recovery in even greater jeopardy.

Democratic Sen. Jack Reed is pushing to tighten a five-year-old law that prohibits lenders from charging members of the military more than 36% interest on certain loans.