Law and regulation

Under fire from New York's top banking regulator, Ocwen Financial took a $100 million charge for a potential settlement for servicing violations and posted a third-quarter loss.

As regulators heighten their scrutiny of Bitcoin businesses, several digital currency supporters are looking for business models that do not subject them to the cumbersome requirements they would face as money services businesses or money transmitters.

WASHINGTON — The Office of the Comptroller of the Currency has tightened up the process it uses to document and track banks that are flagged by examiners for having problems.

Embattled nonbank servicer Ocwen took a $100 million charge for a potential settlement of foreclosure violations and posted a third-quarter loss, but warned the final cost to settle allegations that it backdated foreclosure notices could be higher.

The Supreme Court is slated to hear arguments Tuesday in a case that could determine when and how borrowers are allowed to cancel their mortgages.

Small lenders are hoping a new representation and warranty framework by Fannie Mae and Freddie Mac will offer them alternatives to loan repurchases.

WASHINGTON — A smaller percentage of U.S. households in 2013 were unbanked compared with two years earlier, just as less traditional financial services products such as prepaid cards grew in usage among those without a bank account.

Policymakers are closing in on developing rules key to ensuring the ability of the government to take over failing behemoths, but the ultimate success of their plan may depend on how fast regulators can act.

A former Georgia community banker who faked his own death two years ago was sentenced on Tuesday to serve 30 years in prison for committing fraud that led to a bank's failure.

The Federal Reserve Board on Tuesday issued a final rule establishing common risk management standards for all financial market utilities subject to central bank supervision.

The Consumer Financial Protection Bureau released a report Tuesday highlighting illegal servicing practices in the $1.2 trillion student lending market, including charging illegal late fees, allocating payments to maximize late fees and misrepresenting minimum payments.

A senior lawmaker's bid to take the Financial Services Committee gavel next year from Chairman Jeb Hensarling, R-Texas, is unlikely to prove successful, but the effort could still have far-reaching implications for House Republicans.

Many of the checking accounts offered on U.S. military bases come under criticism in a new report from the Pew Charitable Trusts.

Board members at smaller banks tend to dismiss the importance of the annual self-assessment process. But as board governance attracts growing regulatory scrutiny, directors should embrace the chance to identify areas for improvement.

Housing policy needs to be refocused on strengthening household balance sheets, especially by making borrowersmore resilient to home price declines. A new 15-year fixed-rate mortgage that allows borrowers to use the down payment to buy down the interest rate on the loan is designed to do just that.

What initially appeared to be a listening session by a key federal regulator about access to checking accounts has sparked concerns that the agency may be seeking to go much further in dictating how and when banks open accounts for consumers.

The agency is now using Fincen guidance that was designed to make banks and credit unions more comfortable with the pot industry's risks. Such actions are encouraging more banks — but still not many — to do business with this emerging industry.

WASHINGTON — Federal Deposit Insurance Corp. Chairman Martin Gruenberg said Monday that federal regulators are keeping a close eye on the nonbank financial sector and how it is affecting banks.

A final piece of Bank of America Corp.'s record $16.7 billion toxic-mortgage settlement is being held up by an internal fight at the U.S. Securities and Exchange Commission, said four people familiar with the case.

The Consumer Financial Protection Bureau's report on private student loans should prompt lenders, regulators and universities to take action to help troubled borrowers and prevent future defaults.