Law and regulation

More than a dozen bipartisan lawmakers urged the Federal Reserve to scale back its emergency lending authority in a pending rule required by the Dodd-Frank Act.

The industry is objecting to a recent Consumer Financial Protection Bureau blog post that calls into question the transparency of agreements between colleges and financial institutions that offer student products.

The Financial Services Roundtable is accusing the Consumer Financial Protection Bureau of potentially spreading misinformation through the bureau's consumer complaint database.

"Cold storage" of cryptographic private keys, private theft insurance, and audited full reserves can prevent another Mt. Gox-like debacle, says Jeremy Allaire, the CEO of Bitcoin startup Circle Internet Financial.

If megabank CEOs aren't themselves informed of all the pieces of their companies that have evolved over nearly a half century of financial conglomeration, how can they possibly inform regulators?

PricewaterhouseCoopers LLP was fined $25 million after sanitizing a report to regulators on sanctions and money-laundering controls for Bank of Tokyo-Mitsubishi UFJ Ltd., New York’s top bank regulator said Monday.

Each bank has tended to tackle financial crime on its own — in effect, inventing its own wheel. The result: ballooning costs and redundancies. But compliance is not a competition.

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Federal regulators are aiming to finalize a rule in early September that would establish the first-ever liquidity requirement for banks, but some in the industry have launched a last-ditch effort to delay it.

WASHINGTON — Regulators provided more instruction Friday to smaller firms required under the Dodd-Frank Act to simulate their own failures.

New York Attorney General Eric Schneiderman has settled with debt collector Forster & Garbus regarding the firm's collection of payday loans.

In ordering large banks to revise their living wills, federal regulators proved that they are taking very seriously their mandate to never again use taxpayer dollars to rescue large banks, writes Mayra Rodríguez Valladares.

Doral Financial, the Puerto Rico bank that hasn't posted an annual profit for almost a decade, fell as much as 4.7% after disclosing it received a subpoena from the Securities and Exchange Commission.

Bill Ackman's Pershing Square Capital Management sued the U.S. government claiming revised terms of the 2008 bailout of Fannie Mae and Freddie Mac cheat investors of the profit from the mortgage-financing entities.

Chicago Federal Home Loan Bank has received regulatory OK to start pilots for its jumbo and government loan conduits.

The coming year expects to be hectic for banks' regulatory teams as a bottleneck of new rules come due, including everything from the proprietary trading ban to Basel III to a new mortgage disclosure framework.

While Fannie Mae should have a smooth transition to a new system, Freddie Mac might find the path more treacherous.

The U.S. Treasury Department said it will cut its stake in Ally Financial Inc. (ALLY) by selling stock on the open market in its first divestiture since an initial public offering in April.

Several institutions said their underwriters already exclude paid and unpaid medical debt from their calculation, raising questions about what kind of impact the new model will have on lenders.

Regulators should be focusing on the greatest risks to the system and the safety and soundness of financial institutions, rather than pushing lawful businesses to the shadow banking system, says consultant and former California regulator Walter Mix.