Law and regulation

The House approved an extension of the Terrorism Risk Insurance Act on Wednesday by a wide margin, but the financial industry is also poised to win several other possible legislative battles this week.

The battle over the nomination of Antonio Weiss, a relatively unknown investment banker, is less about him and more about the legacy and continuing influence of former Treasury Secretary Robert Rubin.

Morgan Stanley agreed to pay $4 million to settle U.S. regulatory claims that it lacked adequate risk controls, allowing a rogue employee at a client firm to engage in fraudulent trading.

The Rural Housing Service, an agency within the Department of Agriculture, is working to speed up loan processing and make other changes to boost lending in rural communities.

New York banking regulator Benjamin Lawsky provided details Wednesday about his plan to require the state's financial institutions to strengthen their cyberdefense systems.

TD Bank has settled with the state of Massachusetts after a data breach exposed the personal information of as many as 260,000 customers.

House leaders released a proposed six-year extension of a federal program to insure property against the risk of terrorism, including a Republican proposal to revise a bank regulatory law.

Earlier opposition to the idea appears to have eased in the wake of a new proposal that would use interbank fees to cover the cost of technological upgrades.

The Federal Reserve Board issued a proposal Tuesday detailing how it will charge the biggest banks more in capital, while saying it would keep exact figures secret. Still, a Fed governor revealed that JPMorgan Chase is the only institution that will need to raise capital if the plan is finalized in its current form.

WASHINGTON — The Federal Reserve Board released a proposal Tuesday laying out how it would institute capital surcharges on the country's biggest banks, saying it plans to be tougher than an international agreement on the issue.

Sen. Elizabeth Warren challenged the credentials of President Barack Obama's nominee for a top Treasury job, saying a "well-oiled" revolving door between Wall Street and its regulators favors banks' interests at the expense of consumers.

International regulators proposed a common template Tuesday for banks to use when disclosing their long-term liquidity compliance plans, which regulators say will help market participants assess and compare banks' plans to one another.

Bank directors and officers who agree to settle claims brought by the Federal Deposit Insurance Corp. in its capacity as receiver may find themselves next confronting a lifetime ban from the industry.

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.