Law and regulation

Regulators' evaluation of last year's "living wills" submitted by the biggest banks was touted as an important step in ending "too big to fail," but the agencies have failed to provide any feedback on previous plans just weeks before the next set are due.

The widely repeated narrative about AIG ignores or downplays a critical aspect of its downfall—the insurer’s securities lending program run for the benefit of its regulated life insurance subsidiaries.

The Supreme Court told a lower court to take another look at a ruling that let the National Credit Union Administration sue a group of banks for allegedly deceiving investors about mortgage-backed securities.

The city of Richmond, Calif., wants to team up with another municipality to implement its plan to use eminent domain to seize underwater mortgages. There have been no takers to date. The likely reasons are the FHFA and the continuing threat of litigation.

Discover Financial Services agreed with regulators to bolster its payment systems against money launderers. No financial penalty was imposed.

The Delaware bank, which issues cards for a wide swath of the prepaid industry, will have to curtail its growth as part of an agreement with the FDIC.

GreenStar Payment Solutions, a venture of SinglePoint, Advanced Content Services and GreenHouse Payment Solutions, is offering debit card acceptance to legal marijuana dispensaries through the use of cashless ATMs.

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The state of California is seeking a 12-month license suspension for CashCall, a high-cost lender that's come under fire in numerous other states.

The Delaware bank, which issues cards for a wide swath of the prepaid industry, will have to curtail its growth as part of an agreement with the FDIC.

Pushback by the Securities and Exchange Commission is complicating a regulatory effort to investigate whether large asset managers should be labeled "systemically risky."

WASHINGTON — A bank subsidiary should be able to claim tax refunds resulting from the institution's losses even if its tax returns are filed by the holding company, the federal bank regulators said in guidance issued Friday.

Sen. Sherrod Brown, D-Ohio, is pressing the Securities and Exchange Commission to revoke certain privileges from banks when they are involved in settlements or enforcement actions for illegal activity.

The Justice Department has asked Citigroup for more than $10 billion to settle a probe into the lender's sale of mortgage-backed bonds in the run up to the 2008 financial crisis, according to a person familiar with the negotiations.

Rep. Maxine Waters, R-Calif., is urging the Commodity Futures Trading Commission to examine banks' efforts to sidestep U.S. swaps trading rules.

A Consumer Financial Protection Bureau hearing meant to get feedback on mobile banking technology took a sharp turn Thursday when a majority of the audience offered complaints about payday lenders instead.

Sen. Lindsay Graham questioned payments to a senior advisor of Shaun Donovan, who currently heads the Department of Housing and Urban Development and has been nominated to lead the Office of Management and Budget.

The Federal Reserve Board on Thursday proposed changes to the capital planning and stress testing process, including giving banks an additional three months to undertake the effort.

The Senate confirmed three officials to the Federal Reserve Board Thursday, filling several key holes at the agency's helm.

Mary Miller, the Treasury Department official who led implementation of new financial regulations including the Volcker rule, is leaving the department in early September.