Law and regulation

WASHINGTON — Frustrated by recent losses on Capitol Hill, American Bankers Association President Rob Nichols said Wednesday that the industry needs to drastically rethink its lobbying strategy.

The House Financial Services Committee argues that the CFPB ignored a Justice Department request to narrow the list of potential consumers harmed in the Ally case, purposely casting a wider net for political purposes.

Federal Deposit Insurance Corp. Vice Chairman Thomas Hoenig reiterated his strong opposition Wednesday to a Federal Reserve Board proposal that would direct large banks to raise additional unsecured debt as a cushion against a potential failure.

The Current Expected Loss Credit model will help to quantify bankers' intuition and can be built with readily available data.

JPMorgan Chase will provide $75 million for the creation of a career and technical education program to address youth unemployment.

International money transfers have not enjoyed the improvements in transparency and cost that are benefiting other products. That must change to move the remittance market forward.

In one corner are groups like the Community Home Lenders Association and the major credit union groups, which are hoping the administration will further cut premiums after a reduction a year ago. In the other are the MBA and the ICBA, which argue a cut now would be too soon.

International events like the Davos economic forum should remind business leaders of the importance of being stewards and of having workforce diversity.

JPMorgan Chase won a judge's preliminary approval of a deal to pay $150 million to settle investor claims that it hid from them as much as $6.2 billion in losses caused by a trader dubbed the London Whale.

Sen. Bernie Sanders and former Gov. Martin O’Malley pledged to reinstate the Glass-Steagall Act to separate commercial and investment banking, while former Secretary of State Hillary Clinton said her reform plan was the only one to go after the nonbanks like AIG that caused the crisis.

Overlapping missions and jurisdictions are fueling competition between the Consumer Financial Protection Bureau and the Federal Trade Commission, according to former officials at both agencies.

The Federal Deposit Insurance Corp. outlined the succession plans for several key offices on Friday, including the heads of its legislative affairs and San Francisco offices.

The former chief marketing officer of the failed Mirae Bank in Los Angeles was arrested following an eight-count indictment stemming from alleged loan fraud.

WASHINGTON – The public portions of resolution plans submitted by three systemically important nonbanks and certain midsize banks were published Friday by the Federal Deposit Insurance Corp. and Federal Reserve Board.

Drafting internal honor codes, and having employees pledge to follow them, could be a good first step to reversing negative opinions about banking.

Goldman Sachs Group Inc. said it agreed to settle a U.S. probe into its handling of mortgage-backed securities for about $5.1 billion, cutting fourth-quarter profit by about $1.5 billion and closing out a year of record legal and litigation costs.

Several Republican presidential candidates called for a rollback of regulations on Thursday, saying that over-regulation is choking off job growth and the economy.

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.

An international regulatory body said this week that they are looking at setting new, enhanced leverage ratio requirements for the largest global banks, a move that echoes the higher standards in the U.S.' supplemental leverage ratio and demonstrates why going beyond international accords can influence the rest of the world.

Roughly 28% of Swift's correspondent bank users have signed up for the cooperative's KYC Registry, defying early skepticism about financial institutions' willingness to share information.