Law and regulation

Tax authorities all over the world are making decisions on how to view the new and increasingly popular decentralized digital currencies such as Bitcoin.

Banks would have to upgrade their systems to accommodate faster transactions, and originating banks would pay the receiving financial institutions a fee to cover those costs, under a plan from Nacha, the industry group that sets ACH rules.

For too long, both companies and regulators have bought into a narrative that makes the financial industry dependent on the government for rescues and direction. It’s time to pen a new plot.

As the Consumer Financial Protection Bureau readies a proposal to rein in debt collectors, significant questions remain about how it plans to treat banks that collect their own debts as opposed to hiring third parties.

Banks that collect their own debt are certain that the CFPB plans to ratchet up its regulation of their activities. But it's unclear how the CFPB plans to do this, and some question whether the bureau has the authority to do it at all.

Amid huge regulatory pressure to strengthen anti-money-laundering controls, banks are grappling with a shortage of compliance talent.

Fannie said it will immediately begin accepting applications for fixed-rate 97% loan-to-value financing of borrowers with FICO scores as low as 620. Freddie, meanwhile, took a more cautious approach, delaying the start of the program, requiring credit counseling, and in some cases only allowing FICO scores as low as 660.

U.S. lawmakers may follow their European counterparts and regulate bankers' pay if reforms aimed at ending government bailouts for lenders stall, Federal Deposit Insurance Corporation Vice Chairman Thomas Hoenig said.

Fannie Mae and Freddie Mac have set terms for letting borrowers put down as little as 3% of a home's cost to get mortgages, a step criticized by Republican lawmakers as a return to risky lending.

Appointing a chief ethics officer can help banks maintain their integrity and foster public trust. Banks should also develop decision processes that explicitly address the question of whether they should do something, as opposed to whether they can.

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The Federal Housing Administration said no county in the nation will experience a decrease from this year's loan limits.

Yesterday the Financial Services Roundtable, along with the Retail Industry Leaders Association, sent a letter to Congress encouraging legislation to allow for better cooperation in combating cyberthreats.

Officials at Fannie Mae, Freddie Mac, and Ginnie Mae all heaped praise on nonbank mortgage lenders for stepping up to provide loans for home purchases at a time when many banks have scaled back.

A civil rights group is asking senators to more closely examine Mickey Barnett's work on payday loan issues before they vote on his reappointment to the U.S. Postal Service board of governors.

The financial services industry believes it has finally discovered proof that the Consumer Financial Protection Bureau uses flawed methods to detect possible discrimination in auto loans. But the CFPB argues the proof is flawed as well.

WASHINGTON — U.S. capital rules largely adhere to the Basel Committee's international standards but are "materially noncompliant" in two areas, the committee said Friday.

A recap of the informed opinions (and the discussions they generated) on BankThink this week.

Banks aren't going to be able to hide behind the Fair Debt Collection Practices Act anymore.

Borrowers who have made five years of payments on their modified loans will be eligible to earn $5,000 in the next year to reduce their outstanding balance.