Law and regulation

Regulators and banks worldwide agree that universal implementation of Legal Entity Identifiers, or LEIs, is essential to prevent contagion during the next financial crisis. So why is it taking so long to roll it out?

Created under the guise of a program to root out fraud and illegal activity, this initiative has been used by Obama administration bureaucrats to pressure banks to end relationships with businesses they consider objectionable or "high risk."

A chief financial officer's workday is booked solid dealing with regulatory issues, risk assessments and finding places to cut costs. If they could find an extra hour, bank CFOs say they would use that time to consider how to improve their banks' strategies, employees and communities.

If banking is under attack, then chief financial officers are the defenders of the realm. Equipped with the numbers, they are uniquely positioned to bring the credible answers their stakeholders seek and the changes their companies need.

WASHINGTON — The Consumer Financial Protection Bureau has taken its enforcement authority to the streets — literally.

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A recap of the informed opinions (and the discussions they generated) on BankThink this week, including a case for the CFPB's debt collection regulations and the dangers of "real-time" transaction monitoring.

Regulators' latest guide for examining anti-laundering procedures lacks wholesale changes, but institutions still must decipher minute changes with potentially big impacts.

The Consumer Financial Protection Bureau has taken its enforcement authority to the streets — literally.

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.

Banks want all loans held in portfolio to be classified as ultrasafe regardless of the underwriting characteristics or of a bank's asset size. But consumer activists and independent mortgage lenders are raising red flags ahead of possible Senate Banking action.

WASHINGTON — Federal banking regulators are putting pressure on a dozen or more states to begin regulating appraisal management companies within their borders.

WASHINGTON — Rep. Sean Duffy, R-Wisc., introduced a bill Thursday that would require regulators to be more transparent as they negotiate global insurance standards.

The SAFE Transitional License Act would allow registered lending officers to work at independent mortgage banks for 120 days while they complete state testing and licensing requirements.

One of the most powerful officials in the Federal Reserve System announced Thursday she plans to leave the central bank by the end of the year.

The financial industry and the White House are gearing up for a fresh battle this spring over investment advice for retirement savings.

Executives from two insurance companies, Prudential Financial and Country Financial, warned Thursday that the Financial Stability Oversight Council should be more transparent with the institutions it oversees, despite recent reforms.

A GOP-led measure would have forced the Defense Department to do more study before finalizing regulations on high-cost loans to service members. It was quashed when five Republicans voted with Democrats on the House Armed Services Committee.

The Los Angeles bank, which is in the process of being sold, vows to fight a Labor Department complaint that it overcharged employees for administering their retirement plan.

The compliance costs associated with the CFPB's proposed reforms to the payday lending would force many small businesses to close shop, reducing access to short-term credit for many Americans.