Law and regulation

Consolidation is increasing risk to the Federal Deposit Insurance Corp. while reducing diversification in the industry.

Endorsements from lawmakers such as Bernie Sanders and Elizabeth Warren of the U.S. Postal Service providing banking services overlook how a similar plan faltered after the Panic of 1907.

Lawmakers sharply criticized the Federal Deposit Insurance Corp. on Wednesday over a watchdog report that said the agency used abusive tactics to stop banks from offering refund anticipation loans.

W.J. Bradley Mortgage Capital shut its doors after it was stuck with nonagency loans with TILA/Respa integrated disclosure issues that it couldn't sell.

In what has become almost a grim ritual, Consumer Financial Protection Bureau director Richard Cordray faced a barrage of hostile questioning from Republican members of the House Financial Services Committee, who hammered him over everything from payday lending to regulatory relief for small banks.

Federal Reserve Chair Janet Yellen said Wednesday that the raft of rules and regulations brought on by Dodd-Frank and other international agreements since the financial crisis have made the banking sector and the public safer, but she said work to make those changes apparent to the public is continuing.

The chairmen of the House and Senate banking committees appear to agree that banks that hold higher capital should get a significant break on other regulatory requirements. But the odds of enacting a bill this year remain long.

Members of a House Energy subcommittee had many basic questions for technologists, entrepreneurs and legal experts testifying at a hearing on digital currency Wednesday.

The Federal Reserve recently announced that it had released five community banks from enforcement actions.

MasterCard Inc., the second-largest U.S. payments network, received a finding of violation from the Treasury for failing to report accounts held by two Iranian banks that were placed on a list in 2007 that prohibits U.S. entities from dealing with them.

MasterCard received a finding of violation from the Treasury for failing to report accounts held by two Iranian banks that were placed on a list in 2007 that prohibits U.S. entities from dealing with them.

The Consumer Financial Protection Bureau on Tuesday asked a federal court to shut down a California company accused of running a student debt relief scam that allegedly charged borrowers millions in illegal fees.

The Federal Housing Administration said Tuesday that it has revised its proposed lender certification requirements in an effort to provide more clarity and reassure lenders they won't be penalized for minor loan defects or mistakes.

The FDIC allegedly rigged exam reports, selectively leaked information to a competitor and hampered a firm's acquisition plans in order to force banks from offering refund anticipation loans.

The Federal Deposit Insurance Corp. approved a final rule Tuesday that will reconfigure bank assessments once federal reserves reach a statutory threshold.

House Financial Services Committee Chairman Jeb Hensarling signaled an aggressive assault on the Dodd-Frank Act on Tuesday, outlining a bill that would allow banks to be released from some of the 2010 reform law's regulations and Basel III requirements if they hold sufficient capital.

Ginnie Mae needs more, and better-paid, staff to keep up with growing risks on nonbank seller/servicers, the watchdog agency head said.

Risk is building in nonbank companies that are closely linked with regulated institutions but that have not faced the kind of stiff rules imposed on banks since the financial crisis.

Three-fourths of House lawmakers signed a bipartisan letter that calls on the Consumer Financial Protection Bureau to take more steps to carve out community banks and credit unions from onerous regulations. But will it make a difference?

Republicans currently hold a 54 — 46 advantage over Democrats in the Senate, making the GOP grip on the Senate precarious at best. With the election a little less than eight months away, Republicans also have more vulnerable seats up for reelection, leaving many analysts speculating the Democrats will retake the chamber. Following are the races bankers need to watch.