Law and regulation

Wells Fargo and a Rhode Island government agency were sued by a U.S. regulator for allegedly misleading investors about how much money a company led by former Boston Red Sox pitcher Curt Schilling needed to develop a video game.

WASHINGTON — The Consumer Financial Protection Bureau is taking aim at marketplace lenders, announcing Monday that it is accepting complaints about the developing industry and releasing a bulletin to inform the public about such firms.

Having banks hold fortress balance sheets and be limited to traditional intermediation would require giving them monopoly status over certain products.

The news is full of debate over a replacement for Antonin Scalia on the Supreme Court, but the delays in filling seats on another important government panel — the Federal Reserve Board — should get more attention.

A federal judge has allowed to proceed a lawsuit in which a Belgian investor blames Bank of New York Mellon for about $1.1 billion of losses related to its role as trustee for residential mortgage securities.

The Federal Reserve Board unanimously voted to release a proposal Friday to limit the exposures between systemically risky bank holding companies in a move that reflects not only an evolution in the agency's finesse but a change in the pressures it is facing.

Despite billions in revenue annually, legal marijuana businesses have yet to find a solution to the industry’s lack of reliable payments, banking and other financial services.

Contrary to claims of anticompetitive practices, manufactured housing industry leaders want to increase the number of lenders offering financing.

Regulators are quick to laud "core" deposits and so-called stickiness, but the reality is that brokered deposits — especially CDs — have become some of the most stable and cost-effective funding available.

American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.

While regulators and law enforcement agencies are beginning to strike a more conciliatory tone with respect to digital currency, industry players complain the technology is still being stifled by its pariah status.

WASHINGTON — The House Financial Services Committee approved a bill this week that would increase the mobility of mortgage originators who take a new job across state lines or move from a federally regulated bank to a nonbank.

The regulatory system is "broken from start to finish" and is allowing banks and other big firms to wear down regulators until they get what they want, Sen. Elizabeth Warren said in a speech Thursday.

The agency recently cited providing equal access to small-business loans as one of nine top priorities for the next two years, saying it plans to build a team dedicated to the issue and infrastructure "to intake and analyze small-business lending complaints." But bankers worry it may go too far.

Lenders are becoming more reluctant to share closing documents with real estate agents now that they have more responsibility for them, the National Association of Realtors claimed Thursday.

Bank of America's mobile app can do almost everything that used to require a branch visit, says Michelle Moore; Lebenthal and four other women-owned firms land a big deal on Wall Street; Sallie Krawcheck joins the board of Blythe Masters' blockchain startup; Morgan Stanley's Carla Harris says both skills and spirituality contributed to her success. Also, the woman Obama is considering for the Supreme Court seat.

Oversight of the four largest mortgage servicers' compliance with the national mortgage settlement is officially over, the watchdog overseeing the process said Thursday.

Complying with legal and credit bureau criteria for data furnishers is just one of the compelling reasons why a marketplace lender may take a pass on reporting credit data.

WASHINGTON — The Financial Stability Oversight Council said Wednesday that it would not rescind its designation of the insurance giant MetLife as a systemically important financial institution, a move that comes as the firm's legal challenge to that label is being mulled in federal court.

The House Financial Services Committee approved a bill 34-22 Wednesday that would require financial regulators to tailor rules to ensure they are appropriate for small banks — but the measure continues to face significant Democratic opposition.