Law and regulation

The Consumer Financial Protection Bureau joined two attorneys general in an enforcement action against Freedom Stores for how it collected debts from service members.

Federal regulators announced Thursday that they are delaying implementation of certain aspects of the Volcker Rule's prohibition on bank ownership of private equity and hedge funds, giving institutions an additional two years to comply.

Because of a regulatory quirk, Lending Club and its competitors depend on banks to issue their loans. The set-up raises questions about the regulatory outlook for the fast-growing marketplace lending sector.

WASHINGTON — The Federal Deposit Insurance Corp. is keeping up the drumbeat on the importance of managing interest rate risk.

New York financial regulator Benjamin Lawsky revised his proposal for policing virtual-currency companies to eliminate some rules that Silicon Valley claimed would crush the fledgling industry.

The repeal of the swaps push-out provision will reduce banks' operational costs, but it makes little difference in terms of increasing the size of the government safety net. The reason: with or without the rule, the government protects the swaps contracts of the largest institutions.

WASHINGTON — A top White House adviser said President Obama will not allow any further amendments to be made to the Dodd-Frank Act through spending packages.

Big banks have successfully reversed a Dodd-Frank provision that would have required them to move swaps from their FDIC-insured depository institutions into uninsured subsidiaries. But in so doing, they have inadvertently thrust the issue of implicit subsidies back into the spotlight.

A new report from the Office of the Comptroller of the Currency finds potential industry threats from interest rate volatility, looser underwriting and other areas.

Federal Reserve Board Chair Janet Yellen fought back Wednesday against accusations that the New York Fed and its president are too close to the biggest banks, saying the central bank and William Dudley have significantly toughened oversight since the financial crisis.

The president's decision to bolster ties with the island nation will likely give banks relief from sanctions, as well as expanded opportunities for money transfers and the financing of U.S. exports.

The CFPB sued Sprint on Wednesday, claiming it allowed illegal charges onto customer's cell phone bills. The case is likely to be a test of whether the agency has the power to oversee telecommunications firms.

WASHINGTON — The Federal Deposit Insurance Corp. on Wednesday offered additional guidance to firms drafting resolution plans, this time focusing on strategies for cleaning up large subsidiaries.

The Consumer Financial Protection Bureau is suing a Dallas company that the agency says misled customers into signing up for a "sham" credit card.

The Consumer Financial Protection Bureau filed a lawsuit against Sprint Corp., alleging it illegally processed improper third-party billing charges – marking the first time the agency has pursued a telecommunications firm.

The Consumer Financial Protection Bureau said Wednesday it had filed a lawsuit against Sprint Corp., alleging it illegally processed improper third-party billing charges — marking the first time the agency has pursued a telecommunications firm.

The Office of the Comptroller of the Currency says its cybersecurity exams already include many of the same requirements New York's financial regulator recently spelled out for assessments of state-chartered banks.

The Senate approved a bill late Tuesday that would retroactively extend more than 50 expiring tax provisions for one years, including one that shields distressed homeowners from paying taxes on any mortgage debt forgiven in a short sale.

The Consumer Financial Protection Bureau said Wednesday it had filed a lawsuit against Sprint Corp., alleging it illegally processed improper third-party billing charges — marking the first time the agency has pursued a telecommunications firm.

Rigid state licensing laws have compelled some payments startups to partner with licensed money transmitters in order to get their programs off the ground. That's a good thing.