Law and regulation

Smartphones are an important window into understanding underbanked customers, the Federal Deposit Insurance Corp. said in a report released Wednesday in conjunction with a meeting of the agency's advisory committee on economic inclusion.

Regulators appear to have made the right call in failing most of the largest banks' living wills, but it's hard to tell given the dearth of publicly available information, a new government report suggests.

The Department of Housing and Urban Development is telling lenders that down payment assistance programs still qualify for FHA backing despite concerns raised last year by HUD's inspector general.

A report by the Conference of State Bank Supervisors found that consolidated companies with money transmitter licenses fell more than 10% from 518 in the first quarter of 2015, to 456 this year.

As a top Republican lawmaker nears the release of a plan aimed at rolling back and replacing the Dodd-Frank Act, bankers are being cautious about offering any support, fearing it may open the door to changes they oppose.

Wells Fargo & Co. agreed to pay a $70 million penalty in ending the bank's five-year fight to settle legal claims over foreclosure missteps after the 2008 credit crisis.

The compliance technology company Trace International has launched what it bills as the first global, commercial beneficial ownership registry.

Citigroup will pay $425 million to resolve U.S. Commodity Futures Trading Commission claims that the bank attempted to manipulate global benchmarks for interest rate products multiple times from 2007 to 2012.

The debate over speeding up payments transactions should consider the necessity of allowing consumers time to rethink and abort their purchases.

Better coordination and information sharing needs to be fostered between financial regulators worldwide in order to reduce risks posed by so-called shadow banking sector, a group of international supervisors said Wednesday.