Law and regulation

WASHINGTON — The Federal Deposit Insurance Corp. issued a $140 million enforcement action against Banamex USA, a Citigroup subsidiary, on Wednesday for having Bank Secrecy Act and anti-money laundering deficiencies.

Discover Financial Services will refund $16 million to consumers and pay a $2.5 million penalty to resolve U.S. Consumer Financial Protection Bureau claims that the bank engaged in illegal student loan servicing practices.

Identity theft protection company LifeLock is coming under fire from the Federal Trade Commission for failing to adequately protect customers' credit card and bank account data, Social Security numbers and other sensitive personal information, among other allegations.

Two Florida men with connections to a $200,000-asset New Jersey credit union are being investigated by the FBI for running an unlicensed Bitcoin exchange for the purposes of money laundering.

A growing number of regulators have indicated their support for raising the asset thresholds at which banks face new regulatory requirements. That's welcome news — but time is of the essence in implementing any changes.

Rep. Nydia Velazquez, D-N.Y., ranking member of the House Small Business Committee, introduced a bill Tuesday that would allow the Small Business Administration to provide backing for more loans.

Citibank has joined a growing list of banks and vendors that have paid a stiff penalty for allegedly using deceptive marketing and billing tactics in selling credit card add-on products. It agreed to pay $770 million in fines and restitution charges, falling just short of a record fine issued last year.

Citibank has joined a growing list of banks and vendors that have paid a stiff penalty for allegedly using deceptive marketing and billing tactics in selling credit card add-on products. It agreed to pay $770 million in fines and restitution charges, falling just short of a record fine issued last year.

Key proponents and critics of the 2010 financial reform law commemorated its anniversary by keeping the debate over its legacy front and center.

Rolling back unnecessarily burdensome and costly regulations is the only way to ensure credit unions’ survival. To that end, lawmakers should pass a bill that would give credit unions relief from annual privacy notice requirements and grant safe harbor qualified-mortgage status for certain loans held in their portfolios.

The new regulations are meant to close loopholes in an interest rate cap that applies to active-duty soldiers and sailors. But financial institutions won at least one important concession.

Porter Bancorp in Louisville, Ky., has agreed to pay $1.1 million to settle a lawsuit alleging mismanagement of a former client's employee stock ownership plan.

The Federal Reserve Board issued an enforcement action against one of the biggest banks in China on Tuesday, ordering its New York branch to undergo broad restructuring of its anti-money-laundering compliance program.

Citigroup is facing $770 million in charges after two federal regulators said the megabank engaged in deceptive marketing and unfair billing practices related to its credit card add-on products.

Citigroup is facing $770 million in charges after two federal regulators said the megabank engaged in deceptive marketing and unfair billing practices related to its credit card add-on products.

On the five-year anniversary of Dodd-Frank, it's time to increase accountability and transparency at the CFPB. Congress should start by passing a bill that would overhaul the agency's organizational structure from a single-director model to a bipartisan, five-person commission appointed by each incoming president.

Five years after the Dodd-Frank Act was signed into law by President Obama, it remains as controversial as when it was enacted. While partisans may debate whether the changes are good or bad, there is no doubt they’ve had a sizable impact. Following are the biggest ways the system has changed.

The Obama administration on Tuesday finalized new regulations designed to crack down on high-cost loans to members of the military.

If Congress fails to act swiftly, most lending supported by the SBA will shut down for much of the next two months. This would undermine recent strength in a vital component of the American economy.

WASHINGTON — Treasury Secretary Jack Lew said Monday that the Obama administration will continue to defend the Dodd-Frank Act amid Republican efforts to water down the law, even as one of its namesakes suggested changes to it may be necessary.