Law and regulation

Two of the largest consumer debt buyers on Thursday agreed to halt lawsuits against borrowers and pay fines to settle allegations they violated New York law in pursuing debtors.

Fannie Mae and Freddie Mac will pay the U.S. Treasury Department a combined $10.2 billion by June 30, an amount reflecting the profits the U.S.-owned mortgage financiers reported for the first quarter.

Colorado lawmakers on Wednesday passed a bill to establish a financial services co-operative to serve licensed marijuana dispensaries in the state.

No company should be designated as a systemically important financial institution before the Financial Stability Oversight Council knows what "more stringent" prudential standards the Federal Reserve will apply to it.

The Financial Stability Oversight Council released its annual report to Congress on Wednesday detailing steps regulators have taken in implementing financial reform and what remains on their agenda. It also specified their top concerns, including some threats that could topple the financial system. Following are their biggest worries.

The Federal Financial Institutions Examination Council announced today that it will conduct cybersecurity assessments later this year.

The Financial Stability Oversight Council on Wednesday expanded its transparency policies in an attempt to address criticism that it is a secretive group with minimal oversight.

In a first, the state's financial firms will be required to undergo regular cybersecurity assessments to ensure that they are appropriately protecting customers' data. Banks support the effort — even if it forces them to boost IT spending.

Mortgage debt held by the elderly has soared over the past decade, driven in part by the foreclosure crisis, the Consumer Financial Protection Bureau said in a report Wednesday.

Banks and financial companies must "remain vigilant" against data breaches and other threats, and "there's still a lot of work to be done" to get more cybersecurity help from the government, according to Financial Services Roundtable CEO Tim Pawlenty. In this interview, Pawlenty discusses how his trade group is working with banks, retailers, regulators and legislators to improve the industry's response to hacker attacks.

The House of Representatives on Tuesday approved a bill that aims to make it easier for Somali-Americans and other immigrants to send money to friends and relatives in their home countries.

Higher regulatory and compliance costs may push more small banks to sell themselves or merge with larger institutions. But so far, community bank consolidation rates are following historical patterns.

WASHINGTON — Federal Reserve Board Chair Janet Yellen raised financial stability concerns Wednesday about a key benchmark rate that has remained at historically low levels since 2008.

Collateralized loan obligations outperformed in the crisis. If regulators can exempt a vast swath of mortgages from risk-retention requirements, surely they can do the same for senior, secured corporate loans.

The chief operating officer of the Federal Housing Finance Agency is facing a felony charge for threatening to kill the agency’s former top official, according to Washington, D.C. police and Superior Court records.

The fate of low-income and minority families under housing finance reform remains at the heart of negotiations over a Senate bill, highlighting a longstanding split between advocates pushing for affordable rental options and those urging access to homeownership.

Nearly four years since the passage of regulatory reform legislation, policymakers have largely failed to curb risks outside the banking system, increasing the chance for another crisis in the future, according to a new paper by Federal Financial Analytics.

WASHINGTON — The Consumer Financial Protection Bureau issued a proposal Tuesday that would allow financial institutions to post their privacy notices online rather than by paper delivery under certain circumstances.

A bill scheduled for a House vote Tuesday afternoon, designed to help Somali-Americans send money home, highlights the longstanding tension between anti-money laundering regulations and global financial inclusion.

Four bank holding companies have been freed from regulatory enforcement actions, the Federal Reserve Board announced Tuesday.