Law and regulation

House Republicans raked Federal Deposit Insurance Corp. Chairman Martin Gruenberg over the coals during a hearing on Thursday, repeatedly calling into question his knowledge of the agency's cybersecurity problems and the handling of those concerns.

Santander Bank will pay a $10 million fine for charging illegal overdraft fees and for signing up consumers for overdraft services without their consent, the Consumer Financial Protection Bureau said Thursday.

Lobbyists for the credit union industry are decrying a proposal to limit forced arbitration clauses despite ample evidence that credit unions don’t use such clauses in the first place.

Federal Deposit Insurance Corp. Chairman Martin Gruenberg was contrite during a House cybersecurity hearing Thursday, acknowledging that the agency failed to protect key bank data.

Congress should abandon the idea of repealing a section of the Dodd-Frank Act that has helped make pricing for payment processing more competitive.

WASHINGTON — President Obama announced Wednesday his intention to nominate John Herrera, who serves on the board of one credit union and works for another, to fill the vacancy on the National Credit Union Administration's board.

The investigation into the lack of new bank charter applications has turned into a proxy battle over the Dodd-Frank Act, with Republicans and many industry players pointing a finger at the 2010 law.

The companies agreed to divest the branches, along with nearly $738 million in deposits, to secure Justice Department approval.

Lawmakers investigating a slate of cybersecurity breaches at the Federal Deposit Insurance Corp. have accused agency staff of purposefully muddying the waters in an effort to evade Congressional scrutiny.

WASHINGTON — Republican lawmakers put Department of Housing and Urban Development Secretary Julian Castro on the hot seat Wednesday, criticizing his decision to allow nonprofit community groups to bid on more nonperforming Federal Housing Administration loans.