Law and regulation

Basel III aims to hold global banks to a common capital standard but since Dodd-Frank will require an even stronger system here, should U.S. regulators waste time writing rules to implement the international capital accord?

Michelle Korsmo will become the new chief executive of the American Land Title Association, replacing Kurt Pfotenhauer, who is leaving at the end of the month to become executive vice president and vice chairman of First American Title Insurance Co.

WASHINGTON — In the battle over Dodd-Frank implementation, large U.S. banks may do well to remember the story of the boy who cried wolf.

In attempting to prevent abuses of the interchange cap exemption for reloadable prepaid cards, the Fed may have inadvertently scuttled an opportunity for banks to serve low-balance account holders.

WASHINGTON — The Treasury Department said Tuesday that Elizabeth Warren is stepping down as the special advisor to the secretary effective August 1.

Massachusetts Attorney General Martha Coakley told the state's Register of Deeds Association that she will not sign a multistate settlement with large mortgage servicers that includes a widespread release of liability for claims against the Mortgage Electronic Registry Systems.

FinCEN's final rule to prevent prepaid accounts from being used to launder money attempts to balance the concerns of many parties.

WASHINGTON — In its first annual report to Congress, the Financial Stability Oversight Council warned that increasing the federal debt limit is vital to the stability of the financial system.

Legal experts say the placement and wording of the CFPB's form for credit card complaints may put an unwelcome spotlight on issuers' risk management strategies.

A final rule the Financial Crimes Enforcement Network established July 26 to prevent prepaid products from being used to launder money appears to have struck a balance between the concerns of retailers, program providers and law-enforcement officials.

The Consumer Financial Protection Bureau’s credit card industry actions since opening its doors July 21 so far appear to be relatively benign to many observers, who expect the agency to focus at first on ensuring that credit card agreements are clear and easy for consumers to understand.

If the debt ceiling isn't raised, the Treasury Department could give Fannie Mae and Freddie Mac payment priority. But without a spending deal, the threat of downgrades would loom.

While Martin Gruenberg's path to succeed Sheila Bair as FDIC Chairman seems assured, less clear was whether Thomas Curry would win bipartisan support as OCC chief.

Despite pressure from the Obama administration, banks are not going public with their concerns if the debt ceiling isn't increased, instead quietly urging members to wrap it up as they prepare contingency plans.

The former House Speaker opines on how small institutions were damaged by Dodd-Frank, and what he would do differently if elected president.

In an interview at his Washington office, Gingrich showed he hasn't lost his touch for a barbed one-liner as he attacked the Dodd-Frank law from every angle. Following is an edited transcript.

The Office of the Comptroller of the Currency definitely got the better end of its merger with the Office of Thrift Supervision. But among the downsides: The OCC is now on the legal hook for closing a thrift it never regulated.

Wells Fargo & Co. will have to pay an $85 million civil penalty for misleading borrowers into costly subprime loans, the Federal Reserve Board reported this week.

As we say in New York, the new agency is going to be a first-class “noodge” – pushing and cajoling the industry to simplify, clarify and and modify some of its practices.

WASHINGTON — Two failed banks in Florida went to one acquirer Friday, and regulators also shut a $1 billion-asset bank in Colorado, as the year's failure total reached 58.