Law and regulation

The leak of documents from the surveillance software and "ethical hacking" firm Hacking Team revealed that some foreign banks were clients. Had any U.S. banks been on the list, the last two weeks would have been … interesting.

WASHINGTON — Steven Antonakes, the No. 2 official at the Consumer Financial Protection Bureau, is resigning from the agency, according to an internal agency memo obtained by American Banker.

House Financial Services Committee Chairman Jeb Hensarling is planning to push legislation that would rein in the Federal Reserve Board.

The Treasury Department launched an inquiry into the marketplace lending industry on Thursday, seeking information on its business models, customers and whether such firms should be forced to keep some "skin in the game."

Final guidelines for dealing with failing institutions from the international Basel Committee include direct capital injections — something the Dodd-Frank Act tried to end in the U.S. — as a last-ditch option.

A recent CFPB study lays the groundwork to roll back financial firms' use of arbitration clauses. But rather than protecting consumers, such a measure could wind up forcing people into costly and time-consuming lawsuits.

Wall Street's favored bank-resolution strategy would virtually guarantee future bailouts while imposing the costs on taxpayers and ordinary investors. At the very least, the damage can be mitigated with three key reforms.

Although overall lending was a bright spot in the Federal Reserve Board's report on economic activity released Wednesday, some bankers surveyed said excessive regulation is crimping commercial lending.

Federal Reserve Board Chair Janet Yellen sounded at least open to the idea that new regulations have contributed to potential liquidity problems, but said more study is needed.

The Consumer Financial Protection Bureau's massive collection of consumer data continued to raise concerns with lawmakers on Wednesday despite assurances from the agency's director that the data is anonymized. Lawmakers also voiced worries that the agency is inappropriately targeting auto dealers.

WASHINGTON — Senate Democrats unveiled a bill Wednesday that would require banks and debt buyers to ensure that a consumer's credit report is updated when debt is extinguished through bankruptcy.

Federal Housing Administration endorsements continue to rise following the 50-basis point cut in January.

Nobody wants a big-bank bailout, but compared to the risk of contagion, it's the lesser of two evils.

Banks often complain that the Federal Reserve's zero percent interest rate policy has been hard on profits. But they may not be as informed about the long-term negative effects of the Fed's annual inflation target of 2%.

Three Democratic members of Congress called on the Department of Housing and Urban Development to reissue the proposal for public comment with changes.

Sens. Elizabeth Warren and Sherrod Brown called for continued vigilance to counter efforts to undermine the 2010 law.

The onetime track star was a fixture at the Mortgage Bankers Association for nearly 20 years and a familiar face at industry conferences.

WASHINGTON — The House passed a bill Tuesday that could ease the regulatory burden on community and regional banks with mortgage servicing businesses.

American Honda Finance Corp. has agreed to pay $24 million to consumers and lower the dealer price caps to settle federal charges that minorities received higher-cost auto loans than white borrowers.

Treasury Deputy Secretary Sarah Bloom Raskin told a group of bankers that law enforcement and regulators need to declassify more information so banks can protect themselves.