Law and regulation

Regulators on Friday closed Eastside Commercial Bank in Conyers, Ga., the 13th institution to fail this year.

The financial services industry and others are seeking better metrics for analyzing the economic impact of the regulatory reform law, with some saying it is hampering the recovery and having other unintended effects.

The Justice Department's Operation Choke Point isn't really about combatting fraud, says Jason Oxman, CEO of the Electronic Transactions Association. Federal regulators simply don't like high-risk merchants, such as payday lenders and guns dealers, he says.

The California Republican, who's one of the most vocal critics of Operation Choke Point, trained his sights Thursday on Assistant Attorney General Stuart Delery.

The Senate overwhelmingly passed a bill Thursday to extend the Terrorism Risk Insurance Act, as divisions over a competing measure continue to stymie House leaders.

The government hit JPMorgan Chase hard in its mortgage settlement last year, but that history did not stop President Obama from using a JPMorgan credit card to purchase barbecue after a recent economic speech in Texas.

The banking industry is pushing back against a plan released this week by the Consumer Financial Protection Bureau to publicize more details about consumers' individual complaints about financial companies.

The New York Department of Financial Services has released proposed framework for its much-anticipated BitLicense. Though the agency describes its proposal as a balanced approach that does not stifle innovation, its rules might be considered too strict for many companies.

New York's financial regulation chief is proposing a "BitLicense" regulatory regime that he says will protect consumers and root out wrongdoing without stifling innovation by virtual-currency businesses in the state.

A recent article by Thad Woodard proposed slashing the number of Federal Home Loan Banks in order to free up funds for community lending. But the Home Loan Banks' member institutions are already empowered to push for consolidation any time they choose, writes the FHLBanks' Steven F. Rosenbaum.

Nonbank mortgage lenders pose greater risks to Fannie Mae and Freddie Mac because they have limited government oversight and generally weaker finances than banks, according to a government watchdog report.

Under a measure passed Wednesday, the use of federal funds to punish banks for providing accounts to pot businesses would be prohibited.

Bank of America Corp. reiterated an offer to pay about $13 billion to settle federal and state probes of mortgage-backed bond sales, a deal prosecutors had previously rejected, a person with knowledge of the matter said.

A Senate Banking Committee hearing looked at whether some regional banks that meet the Dodd-Frank Act's "systemically important" threshold belong in the same group as global giants.

The push to expand banking services at the country's post offices continues to gain momentum, though numerous questions remain about the design and scope of such an effort.

Ocwen Financial (OCN) has created a community advisory council to address the needs of distressed borrowers amid regulatory scrutiny of the mortgage servicer.

WASHINGTON — Banks across the country continued to see widespread signs of increased lending to consumers and businesses in the third quarter, according to a Federal Reserve report released Wednesday.

Federal Reserve Board Chair Janet Yellen on Wednesday defended the credibility of living will plans submitted by the country's largest banks, saying it was a complex but useful process.

The Consumer Financial Protection Bureau issued a proposal Wednesday that would allow it to publish more information about individual complaints made by consumers about financial companies.

Borrowers with a first-lien modification and home equity line of credit could face a spike in their monthly mortgage obligations when the interest rates on both loans reset next year.