Law and regulation

Recent guidance from the Justice Department and Treasury was intended to clarify federal policy. Policy statements, however well meaning, do not provide true legal protection. Only legislation can do that.

Treasury's Bank Secrecy Act Advisory Group will include a member of the virtual-currency community to help make regulations "better informed and more effective," David S. Cohen, the undersecretary for terrorism and financial intelligence, said today.

Virtual currencies will benefit from government oversight that lends credibility to the market, according to the U.S. Treasury Department's top official targeting money laundering.

The settlement monitor gave the banks credit for $20 billion in relief — less than half the total provided, since only partial credit was given for breaks other than principal reduction.

Most banks and payment processors are in no hurry to help marijuana sellers accept credit card payments where the substance can be legally sold, despite a clear opportunity to modernize what is largely a cash-based market.

The bill released by Sens. Tim Johnson and Mike Crapo would create a reinsurance fund to recoup losses on securities, establish a common securitization platform for the secondary mortgage market and open access to the secondary market for smaller lenders through a cooperative.

Once thought of as cheap capital, Tarp is getting more expensive as the dividend rate jumps from 5% to 9%. Banks that are still in the program could see the increase as one more force pushing them to consider their options.

Two House Democrats joined Sen. Elizabeth Warren in asking for a meeting with Attorney General Eric Holder about an inspector general's finding that his department’s focus on mortgage fraud has not been as strong as advertised.

Executives and senior management officials at the nation's largest banks must be held accountable for Bank Secrecy Act violations, Comptroller of the Currency Thomas Curry said Monday.

When the Target Corp. data breach was reported in December, soon followed by retailers Neiman Marcus and Michaels, public officials pounced and the financial industry took a hard look in the mirror. Federal and state officials immediately launched investigations and held hearings. Meanwhile, the industry questioned how well its electronic systems were protected, and banks and retailers squabbled. Here's a look at how government and business leaders responded to the latest scourge of computer data breaches.

With the DOJ's increasing profile as a bank enforcement agency, policymakers should seriously consider whether the benefits of continually increasing the number of regulators and the scope of regulation justify the impact on the availability and cost of credit in this country.

NewBridge Bancorp (NBBC) in Greensboro, N.C., has issued nearly $16 million in subordinated debt to redeem all the preferred stock it issued under the Troubled Asset Relief Program.

These 20 women have reached impressive heights in a traditionally male dominated industry and have played a vital role in helping their organizations stay ahead of the curve.

Senate Banking Committee leaders released their highly anticipated legislation to overhaul the mortgage finance market Sunday afternoon, after announcing they had reached agreement on a plan last week.

The Federal Housing Administration is struggling with a high premium structure and competition from VA and GSEs.

The legislation grandfathering certain CLOs and clarifying which commercial loan securities are exempt from the Dodd-Frank Act trading ban were part of a package of bills approved by the House Financial Services Committee.

American Banker on Friday received the 2014 Jesse Neal Award for Best Website from the Association of Business Information and Media Companies.

A lawsuit alleges that Democratic Gov. Jerry Brown violated state law by diverting hundreds of millions of dollars from the national mortgage settlement into California's general fund.

The Senate Banking Committee has forged a strong bipartisan agreement to reform the housing finance market, but how — and whether — that effort gets picked up in 2015 is still very much in question.