Law and regulation

JSC Federal Credit Union is the latest of a growing list of credit unions that have agreed to set aside funds to settle consumers’ claims the credit union violated provisions of the notification provisions of the Electronic Funds Transfer Act.

WASHINGTON - Two failures Friday evening cost the Federal Deposit Insurance Corp. an estimated $160 million.

A top official at rating firm Standard & Poor's said Friday the company's decision to downgrade U.S. government debt for the first time in 70 years was due in part to Washington's political paralysis surrounding raising the debt ceiling.

Standard & Poor's downgrade of the U.S. government's debt will not affect the risk-based capital requirements for U.S. banks, federal regulators said Friday evening.

Faced with an influx of money that could stream out as suddenly as it arrived, banks are being forced to maintain big pools of liquid assets, and potentially earn negative returns on deposits.

We wonder if it's the same individual who talked to CNBC and ABC News, but it's hard to tell since ABC identified their source as "a government official," while CNBC's is merely "someone familiar with the matter." But the information is essentially the same: the federal government is expecting and preparing for a downgrade by Standard & Poor's Corp.

A coalition of bipartisan lawmakers, aided by industry and housing groups, faces an uphill battle to extend the increase against unlikely allies: House Republican leadership and the White House.

Banks face a big challenge in performing the high degree of analysis required under new security rules for payments initiated online. National Penn Bancshares claims to have had significant success fighting fraud using technology and human interaction.

The buzz word "duplicative" has been making the rounds lately, employed by watchdog groups and politicians to describe government programs which overlap and offer redundant services at taxpayer expense.

GAO says agency should document how it estimates impact of loss-share deals.

Even while his nomination stalls, executives from his home state push are lobbying for his confirmation.

WASHINGTON — After leaving Washington at the end of July, Elizabeth Warren started August as the object of "Doonesbury" cartoonist Garry Trudeau's affections.

WASHINGTON — Twenty small banks will receive a total of $253 million in the latest round of funding from the Small Business Lending Fund, according to the Treasury Department.

The industry's giants have received most of the flows generated by tidal shifts in money markets, and have been impelled to shore up core funding by new liquidity rules.

The Federal Deposit Insurance Corp. is suing a Georgia law firm and one partner for legal malpractice in connection with a $2.8 million loan that was among a portfolio of bad loans held by Integrity Bank when it failed.

Global Credit & Collection Corp, a New York-based collection agency, is facing a lawsuit for allegedly threatening to sue a Louisiana woman when it did not plan to do so.

VeriFone finished its purchase of the rival terminal maker Hypercom after it reached a settlement with the Justice Department to sell Hypercom's U.S. terminal business to the private-equity firm Gores Group.

President Obama has finally nominated a director for CFPB, but the move came at least a year too late to do the agency any good.

Agency unveils new pilot program for smaller investors wanting to bid on loans.

Recent regulatory developments in the U.S. and the U.K. attempt to reverse efforts to stamp out rating agencies. Their role must be trimmed back and banks must be encouraged to develop standardized methods of calculating risk and capital as a substitute for external ratings.