Law and regulation

Bank industry representatives initially panned the concept of the Postal Service offering retail banking products. But as the government official behind the idea has made clear that he is interested in collaboration with the private sector, attitudes have begun to change.

WASHINGTON — The Consumer Financial Protection Bureau slapped Franklin Loan Corporation with a $730,000 fine on Thursday for allegedly incentivizing loan officers to guide customers into mortgages with higher interest rates.

For payment technology developers, the stakes couldn't be higher as the FCC develops new rules that could support or eliminate net neutrality, a system in which Web access is equal for most users, regardless of size.

Trade groups press federal banking regulators to make the Basel III capital rule less onerous.

Senate Democrats have tapped Sen. Elizabeth Warren, D-Mass., to join the leadership ranks next year to serve as a bridge to liberal groups.

The Financial Stability Oversight Council said this week that transparency with nonbanks and the public is a primary focus of its efforts to resolve concerns about the council's process for designating institutions as systemically significant.

Republicans are unlikely to push the ball forward on reform of the federal housing agencies, but Congress has a number of other opportunities to make changes that will encourage mortgage lending.

The Consumer Financial Protection Bureau is set to go beyond industry expectations when it unveils a long-awaited proposal Thursday that would establish new requirements for prepaid cards.

The Consumer Financial Protection Bureau is set to go beyond industry expectations when it unveils a long-awaited proposal Thursday that would establish new requirements for prepaid cards.

The more than $4 billion in fines over alleged price manipulation may seem small, but the allegations give regulators more reason to crack down on management and raise the prospect of criminal action against the banks.

Merchant and banking groups are again at odds over cybersecurity policy, sparring over who’s to blame for recent data breaches and how lawmakers can ensure greater protections.

The company cited uncertainties with industrywide litigation and the regulatory environment in the move. In August, a New York regulator questioned its purchase of the unit from an affiliated company.

The Federal Trade Commission has ordered two debt sellers—St. Petersburg Florida's Bayview Solutions, LLC and Riverside, California's Cornerstone and Company, LLC — to notify customers about alleged disclosures of their personal information.

The Office of the Comptroller of the Currency said Wednesday that Citigroup, Bank of America and JPMorgan Chase would pay a combined $950 million to settle accusations they manipulated foreign exchange trading.

Many foreign banks are confused about how the Volcker Rule applies to them and whether they are required to establish compliance programs for it in the first place.

Third-party vendors will receive a lot more security scrutiny under new Payment Card Industry security requirements taking hold next year, if merchants are vigilant in following the new compliance guidelines.

WASHINGTON — Unions and left-leaning public interest groups will meet personally with Federal Reserve Board Chair Janet Yellen on Friday to ask for greater transparency at the agency, including in its selection of new regional bank heads.

While the Federal Deposit Insurance Corp.'s reporting of growing use of prepaid products among the underserved stokes concerns about high costs, some note they can be a bridge to more traditional accounts.

Financial industry groups are planning to call on the Treasury Department and other financial regulators this week to provide more transparency to the process for designating a nonbank as a potential threat to the economy.

Most investors don't see regulation in black-and-white terms. The rest of the financial industry should follow their lead.