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New York financial watchdog Benjamin Lawsky is stepping down, and his successor is likely to follow a similar strict yet innovative approach to Wall Street oversight. However, the next head of NYDFS would likely benefit from better industry relations.
June 8
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A recap of the informed opinions (and the discussions they generated) on BankThink this week, including the debate over how to expand access to mortgage credit and the dangers and opportunities presented by large-scale corporate data mining.
June 5 -
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Guarantee Mortgage Corp. has agreed to pay a $228,000 fine to the Consumer Financial Protection Bureau on allegations that it violated rules dealing with loan originator compensation.
June 5 -
With GOP and Democratic leaders far apart on respective visions for regulatory relief, the spotlight is even brighter on moderate Democrats the GOP may try to win over to support a broad relief package.
June 5 -
U.S. banks are poised to score a victory in their fight to keep regulators from pinching the billions of dollars in fees they charge consumers who overdraw their accounts.
June 5 -
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 from our social media platforms.
June 5
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PHH Corp. has been ordered to pay $109 million over allegations that it illegally accepted kickbacks on reinsurance premium payments after Consumer Financial Protection Bureau Director Richard Cordray partially overruled a decision previously made by an administrative law judge.
June 4 -
Federal Reserve Gov. Daniel Tarullo laid out his vision for identifying and addressing any possible risks in the asset management industry, which he said centers around run risks and potential for creating excessive leverage.
June 4 -
Nearly three dozen Senate Democrats are pushing the Consumer Financial Protection Bureau to adopt "the strongest possible" payday lending rules, including a requirement that lenders assess consumers' ability to repay the loan.
June 4 -
The Consumer Financial Protection Bureau issued a consumer advisory on Thursday warning older consumers about misleading advertisements promoting reverse mortgages.
June 4 -
MetLife Chief Financial Officer John Hele said financial watchdogs failed to define what they mean by systemic before working on new rules for companies that are designated a risk to the financial system.
June 4 -
RPM Mortgage and its chief executive are facing $20 million in fines on allegations that the company violated the loan originator compensation law enforced by the Consumer Financial Protection Bureau.
June 4 -
Bank of America has been sued by military veterans who say the bank charged them excessive interest rates while they served in Iraq, the Triangle Business Journal reported.
June 4 -
In the wake of a report that the Financial Crimes Enforcement Network has identified more than 50 credit unions at risk of serving as a conduit for money laundering activities, the CU trades and regulators alike were scrambling to respond to what the NCUA suggested could be a "regulatory blind spot."
June 4 -
JPMorgan Chase won the latest round in its long-running dispute with the Federal Deposit Insurance Corp. after a judge ruled the bank doesn't have to shoulder certain liabilities tied to its 2008 takeover of Washington Mutual's banking operations.
June 4 -
The U.S. Postal Service strongly criticized a recommendation from its inspector general that the agency expand remittances, check cashing and other banking services. The services would be potentially riskier and costlier than the impression left by IG David Williams' report, the USPS said.
June 3 -
Rep. Edward Royce, R-Calif., urged fellow House members Wednesday to support a Senate proposal that would make significant reforms to Fannie Mae and Freddie Mac.
June 3 -
The House approved a measure Wednesday that would bar the Department of Justice from using federal funding to apply a controversial legal theory on price discrimination in litigation.
June 3 -
BB&T has received regulatory approval for its acquisition of Bank of Kentucky Financial, with the Federal Reserve providing a blueprint for approvals of future deals.
June 3
