Law and regulation

In a letter to Attorney General Eric Holder, lawmakers suggest banks have colluded in announcing their fee increases after implementation of the interchange cap.

Savannah Bancorp Inc. in Georgia said earlier this week that its bank had entered into a written agreement with the Office of the Comptroller of the Currency that reflects an "elevated level" of classified assets.

WASHINGTON — Credit unions appear to be facing an uphill battle in their ongoing effort to pass legislation that would double their cap on business lending.

A bipartisan bill in the House seeks to repeal the Durbin Amendment. But for now, at least, its prospects in the Senate appear dim.

Putting a commission in charge of the bureau would at best produce partisan gridlock, and risks handing the young agency over to financial institutions.

Consumers are understandably angry that their debit cards and checking accounts will be subject to new fees. No one likes price increases, especially when they appear suddenly and without apparent justification. However, the current backlash against the nation's large banks is misdirected, and the rationale for these new fees is generally misunderstood.

When banks attempt to mark up the transaction involving a dollar, the fee for the service is stark. It stands out in a manner that makes it both obvious and occasionally controversial.

As lawmakers consider an overhaul to the housing finance system, the banks and their allies are lobbying to be kept out of the process.

U.S. Congressman Jason Chaffetz (R-Utah) and Congressman Bill Owens (D-New York) today plan to introduce legislation aimed at repealing the debit card interchange rate-control provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the lawmakers announced.

An ongoing tug-of-war between compensation and regulation has spread to retirement packages at community banks after a Michigan company opted to withhold about half of a payout to a retiring executive until an outstanding enforcement action is lifted.

The Securities and Exchange Commission unanimously issued a proposal Wednesday for implementing the so-called Volcker Rule.

In a move that could speed up investors’ market moves, Airtel Ghana Ltd. has announced it is offering a new mobile funds-transfer service in collaboration with Databank Financial Services Ltd., a local stock-trading portal.

The president of a small Atlanta-based bank testified to Congress on Wednesday that the derivatives provisions in the Dodd-Frank Act could hinder the bank's ability to manage risk and serve its clients.

Taking a constructive approach as he wades into the thorny Basel debate, Citi CEO Vikram Pandit advocates benchmarking as way to compare firms' risk appetites.

The Obama Administration expects to roll out a plan to lower barriers to refinancing in "the next couple of weeks," HUD Secretary Shaun Donovan told mortgage bankers at their annual convention in Chicago.

The Government National Mortgage Association is making it easier for MBS issuers to pledge their servicing rights to obtain financing from warehouse lenders.

A common theme running through several news items should give bankers pause on their current tactics for arriving at a new regulatory world.

Participants in a large international credit card-skimming ring allegedly stole credit card data from thousands of U.S. and European consumers over a 16-month period, resulting in at least $13 million in losses, the Queens, N.Y. district attorney’s office announced.

Three former United Commercial Bank executives misled investors by concealing at least $65 million in loan losses before the San Francisco-based lender collapsed in 2009, the U.S. Securities and Exchange Commission said.

Under a proposal issued by the Financial Stability Oversight Council, nonbanks with more than $50 billion in consolidated assets could be subject to designation as systemically important if they meet one of five other thresholds.