Law and regulation

The bank wanted to be up front with consumers about its short-lived debit card fee, senior executive Laurie Readhead said. She acknowledged a lack of initial planning, saying B of A has "a lot to learn."

Although the issue typically divides the two political parties, a new bill from Rep. Scott Garrett to establish a secondary mortgage market after the elimination of Fannie Mae and Freddie Mac appeared to have bipartisan support at a hearing on Thursday.

Executives at a payments industry conference took some jabs at the regulations slashing their long-cherished debit card interchange fees.

The latest data confirm what housing practitioners already knew: there are simply not enough home sales today to spark a housing recovery. Whether it is a recent Mortgage Bankers Association survey on purchase applications being at a 15 year low, the Federal Housing Administration's fiscal year 2011 purchase data indicating a 30% decline or Fannie and Freddie's consistently weak purchase volume, all show a market in serious trouble.

The new HARP may help. But its sister program HAMP should also be revised so more borrowers can qualify, mortgage executives and community advocates say.

Fannie and Freddie would have to file suspicious activity reports directly to Fincen under a new plan unveiled Thursday.

Senate Banking Committee Chairman Tim Johnson announced Thursday that he plans to hold a hearing on bonuses paid to executives at Fannie Mae and Freddie Mac.

Freddie Mac posted a $4.4 billion loss during the third quarter, up from a year-ago loss of $2.5 billion, marking its worst quarterly loss in more than one year.

Federal Reserve Board Chairman Ben Bernanke sought to assuage fears by the biggest banks in the United States that they may have to follow European counterparts in raising capital standards to 9% by mid-2012.

Michel Y. Dérobert of the Swiss Private Bankers Association discusses capital regulations, sovereign debt risk and Americans' perception that Swiss banks abet tax dodgers.

In an effort to curb speculation in financial markets and increase government revenue, a group of House and Senate Democrats on Wednesday introduced legislation that would tax certain financial transactions.

Consumers are complaining less about the way credit card companies treat them following the 2010 implementation of the Credit Card Accountability, Disclosure and Responsibility Act, new survey data from Consumer Reports suggest.

Raj Date, the interim head of the Consumer Financial Protection Bureau, faced pointed questions and criticisms from Republicans in his first appearance before Congress since taking over for Elizabeth Warren last August.

The FDIC tries to stay clear of being the agency that closes a bank's doors. But working behind the scenes to guard its insurance fund, the agency is often significantly involved in the decision of when to fail an institution.

The industry needs to find its way to a future in which the president isn't complaining and the Wall Street occupiers go home and disenchanted customers are content.

Lawsuits citing Fair Debt Collection Practices Act (FDCPA) violations were poised to hit 10,000 early this month after reaching 9,425 through Oct. 15, according to data from U.S. District Courts. Last year, the 10,000 mark for FDCPA lawsuits was not reached until Dec. 1.

WASHINGTON–U.S. Sen. Dick Durbin is working behind the scenes on a new effort to ensure small banks are not being hurt by the cap on debit card interchange.

Sen. Dick Durbin is working behind the scenes on a new effort to ensure that small banks are not being hurt by the cap on debit interchange fees.

On the same day that Bank of America Corp. bowed to pressure and decided to nix a $5 monthly debit fee it had planned to impose next year, a consumer financial-literacy organization released data suggesting the fee would have disastrous results.

Bank of New York Mellon Corp. the trustee that reached an $8.5 billion settlement for investors with Bank of America Corp., is requesting an appeal on a ruling that put the settlement in federal court.