Law and regulation

A study released by the Federal Deposit Insurance Corp. says statistical trends suggest that community banks have been resilient and will remain relevant, despite the rapid decline in charters.

Regulators slammed Bank of America on Wednesday with their toughest enforcement action to date on shady marketing and billing practices for add-on products like identity protection, forcing it to pay $772 million in restitution and fines. But Consumer Financial Protection Bureau officials indicated more actions are on their way.

CertusBank has terminated its top executive team, effective immediately, the $1.7 billion-asset bank announced Wednesday.

If regulators really want banks to invest more heavily in their communities then they should consider giving banks some reward, such as reduced deposit insurance premiums, for achieving a top CRA rating.

WASHINGTON — Bank of America will pay $772 million to settle allegations by two regulators that it engaged in unfair fee collection and marketing related to credit card add-on products.

WASHINGTON — Bank of America will pay $772 million to settle allegations by two regulators that it engaged in unfair fee collection and marketing related to credit card add-on products.

More than a century ago, the nation's leading bankers applied their considerable political leverage to creating a central bank that would act as their backstop in times of crisis. In so doing, they institutionalized "too big to fail," created a "reckless co-dependency" and a Fed-first mantra within the banks that gives ordinary borrowers short shrift in times of financial stress. So says Nomi Prins, author of All the Presidents' Bankers.

There's drama to come as regulators finalize a proposal requiring banks to self-assess their track records on diversity.

The Federal Deposit Insurance Corp. is projecting a nearly 8% decline in deposit insurance assessments this year with improvement in the indicators that determine institutions’ rates.

Members of the House Financial Services Committee grilled chief lawyers from the banking agencies on Tuesday, airing a wide range of grievances, including some related to a temporary Volcker Rule exemption and a Department of Justice crackdown on the payday loan industry.

The nationwide trade group for community banks is asking the Department of Justice to suspend its push to keep questionable merchants out of the mainstream payments system, arguing it is impacting community banks' competitiveness.

The eight largest financial institutions will have to raise roughly $68 billion over the next several years to meet a tough new leverage ratio finalized by regulators on Tuesday.

Cozy relations between bankers and presidents have faced plenty of criticism over the decades. But they've also proven to be a vital asset during crises and enabled the U.S. to emerge as-and remain-a financial superpower. So says Nomi Prins, author of All the Presidents' Bankers.

On its surface, the initial plan for a central bank looked like a fair deal for a country as geographically spread out as the United States. What did not receive publicity was the way in which it was structured to provide an easy supply of money to the nation's biggest banks.

Stepped-up scrutiny of Internet payday lenders, online pharmacies and other merchants that regulators and law enforcement view warily is forcing the payments industry to adapt.

The Consumer Financial Protection Bureau Monday announced a partnership with libraries and other federal regulators to provide librarians with unbiased financial literacy education materials.

Barney Frank, Maxine Waters and nine other Democrats urged financial regulators in 2010 to consider Certus' charter as a way to create a large minority-run bank headed by managers of "unquestioned character." That bank's big problems since suggest that, at minimum, the vote of confidence was misguided.

The Federal Reserve's retail payments office announced Monday that it "fully supports" the most recent push within the banking industry to speed up electronic payments.

Regulators announced Monday they would extend the conformance period by two years under the Volcker Rule for banks with legacy collateralized loan obligations, but at least one lawmaker is already saying the agencies should do more.

The National Association of Realtors estimates that the Federal Housing Administration's 1.35% annual premium stopped at least 125,000 renters from buying a home last year.