Law and regulation

WASHINGTON — The Senate Banking Committee voted Tuesday to advance three nominations to the Federal Reserve Board.

The Senate Banking Committee will delay a vote on its highly anticipated legislation to overhaul the housing finance market, a Senate aide confirmed Tuesday morning, just hours before the markup was scheduled to begin.

The deal’s approval following months of uncertainty represents a significant milestone in the DOJ’s controversial Operation Choke Point probe.

The debit networks and card brands have largely resolved two years of debate over routing EMV debit cards, but an ongoing court battle over debit fees and routing makes the full scope of their responsibilities unclear.

General Motors CEO Mary Barra has been out front and center during the auto manufacturer's massive recalls this year. Most bank chiefs appear less willing to be the public face of a disaster — with the notable exception of HSBC USA's Irene Dorner.

Observers expressed alarm over Monday's announcement that Bank of America submitted incorrect information to the Federal Reserve Board for its stress tests, saying it raises doubts about the credibility of the test.

The OCC plans to increase examination fees for the first time in nearly 20 years for institutions with over $40 billion in assets, a step the agency says is necessary because of its expanded role under the Dodd-Frank Act.

The Justice Department is grabbing the spotlight with Operation Choke Point, a controversial investigation that's drawing U.S. banks deeper into the fight against consumer fraud. But below the radar, another federal agency is tiptoeing in the same direction, and again drawing stiff opposition from the banking industry.

Other payments fights are grabbing more headlines, but banks are pushing hard against the Federal Trade Commission's proposed ban on the use of remotely created checks by telemarketers.

WASHINGTON — The Office of the Comptroller of the Currency plans to raise supervisory assessments for large banks and thrifts by as much as 14% starting in the fall to account for the agency's added regulatory responsibilities following passage of the Dodd-Frank Act.

Institutions become comfortable with the nominal profit increases from higher risk and ignore the warning signs. It is hard to recognize a problem when you are paid not to see it.

The Federal Reserve Board on Monday asked Bank of America to resubmit its capital plan and halt any planned distributions.

Small business investment companies offer bigger returns than traditional loans, along with the opportunity for new business relationships and even CRA credit. Now banks are rediscovering this SBA program as a way to make equity investments in startups, while avoiding the Volcker Rule vortex.

The deal’s approval following months of uncertainty represents a significant milestone in the DOJ’s controversial Operation Choke Point probe.

Sens. Sherrod Brown, D-Ohio, and David Vitter, R-La., filed a handful of "too big to fail" amendments Friday to a pending Senate Banking Committee bill to overhaul the housing finance market.

State regulators in South Carolina closed the $54 million-asset Allendale County Bank late Friday.

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The Federal Deposit Insurance Corp. took action against six lenders and ended orders against 14 firms in the FDIC's latest monthly roundup of enforcement actions.

Senate Banking Committee leaders want to win as much support as possible for their housing finance reform legislation before a panel vote on Tuesday, but it's possible that a failure to win over certain members could ultimately assist their cause.

Swift, the financial messaging service, has launched a new version of its Bankers World Online directory, which includes added information to aid international payments.