Law and regulation

Bank of New York Mellon has agreed to pay $3 million to settle an investigation into its handling last year of a major software system crash.

Treasury Secretary Jack Lew cast doubt Tuesday on whether recent moves by large nonbank firms to sell assets were driven by a desire to shed their regulatory label of "systemically important."

The agency may finally be reaching resolution on whether Fannie Mae and Freddie Mac will allow principal reductions, two years into Director Mel Watt's tenure as agency director and nearly a decade after the mortgage bubble burst.

The House passed a bill late Monday to extend foreclosure relief for military service members through the end of next year.

The Clearing House Association, a trade group including some of the largest U.S. banks, said in a comment letter Tuesday that the Fed’s proposed countercyclical capital buffer plan potentially violates administrative procedure laws.

Bangladesh's central bank has suggested the Federal Reserve Bank of New York had a "major lapse" in allowing hackers to transfer $101 million in transactions that it later flagged as suspicious, according to an internal document seen by Bloomberg.

The sheer volume of regulations adds time and expense to closings without much benefit when consumers’ main interest is to get funds as quickly as possible.

The Supreme Court on Monday asked the executive branch for its views on a legal case that has sparked worry within the financial industry. That opinion is expected to have a big impact on whether the justices decide to hear Madden v. Midland Funding.

Federal financial regulators have instructed banks to extend procedures for collecting customer identification information to certain holders of prepaid cards.

Capital Bank Financial in Charlotte, N.C., will record a first-quarter $5.5 million net loss, after it agreed to an early termination of its loss-share agreements tied to three failed banks.

The Consumer Financial Protection Bureau faces a tough balancing act as it seeks to issues a proposal to rein in high-cost payday loans. A chief concern is what will replace payday lenders if federal regulations force many of them to shut down.

Some believe the capital markets need prudential regulation to protect the system from danger, but here's why that is a false assumption.

In a blow to community groups that had opposed the acquisition, the Federal Reserve on Monday approved the application by Goldman Sachs to acquire roughly $17 billion in online deposits from GE Capital.

The Supreme Court on Monday asked the Obama administration to express its views in a case that has raised doubts about the business model used by many online lenders.

In an interview with American Banker, KeyCorp Chief Executive Beth Mooney discusses why the bank struck a $16.5 billion agreement to expand low- and moderate-income lending, and details of the negotiations involved.

The Federal Reserve Board has terminated enforcement actions issued in 2010 against American Bank of Baxter Springs in Kansas and CB Financial in Wilson, N.C., and issued an enforcement action against Hazard Bancorp in Kentucky.

As servicers downsize their loss mitigation units, housing counselors are finding the companies' designated points of contact are less experienced, making it more difficult to get packages approved for troubled borrowers.

The Consumer Financial Protection Bureau claimed victory Friday in resolving a long-standing lawsuit against the bankrupt Nevada debt-relief company Morgan Drexen, which preemptively sued the agency in 2013.

Rep. Patrick McHenry, R-N.C., is readying a package of bills, one of which could provide financial tech firms with national standards, so that they wouldn't have to comply with the various state regulations.

Comptroller of the Currency Thomas Curry said today that the existing framework for assigning Community Reinvestment Act assessment areas based on branches will have to be reconsidered "sooner or later."