Law and regulation

In back-to-back hearings this week, lawmakers acknowledged the promise of virtual currencies like Bitcoin and the risks of overregulation along with the danger of abuse. Laws on the books may suffice to address the latter, for now.

Payday lender Cash America International will pay up to $19 million to settle allegations that it robo-signed court documents in collection lawsuits, overcharged members of the military and took steps to impede an examination by the Consumer Financial Protection Bureau.

Cash America will pay up to $19 million to settle allegations that it robo-signed documents, overcharged military borrowers and destroyed documents during a CFPB exam.

The Consumer Financial Protection Bureau on Wednesday unveiled an enforcement action against Cash America International for robo-signing and other violations. American Banker editors discuss what the action says about the future of the small-dollar loan market and the CFPB's future enforcement activities.

The Center for Plain Language has issued report cards for the Consumer Financial Protection Bureau, Small Business Administration, the Treasury Department and others for how well they adhere to a 2010 law urging clearer communication in government.

The CFPB is calling the two new mortgage forms "Know Before You Owe," an apt description since a hodge-podge of federal mortgage disclosures that the new forms will replace have long been considered duplicative and confusing.

WASHINGTON — Federal Reserve Board Chairman Ben Bernanke on Tuesday detailed efforts by policymakers to bring better clarity to the central bank's monetary policy decision making process.

Despite complaints from bankers that the controversial legal theory is unfair, many lawmakers said it has been a useful tool in combatting discrimination.

Two key senators are seeking further details from Janet Yellen, President Obama's nominee to head the Federal Reserve Board, on her approach to a number of supervisory issues, including plans to hire more staff.

JPMorgan Chase reached a $13 billion deal with the U.S. Justice Department that ends probes into the bank's sale of mortgage bonds, the largest amount paid by a financial firm in a settlement with the government.

Government officials hope to squeeze the giants down to size while executives are counting on thriving with modified business models. Reality lies somewhere in the middle.

The risk retention provision remains one of the top unfinished items for regulators implementing the 2010 Dodd-Frank Act. Regulators' second proposal may be more popular than the original, though it still leaves banks wary.

Just as U.S. policymakers are taking a more supportive approach to Bitcoin and other virtual currencies, countries that have taken a hands-off approach may soon weigh in with regulations that mirror those of the U.S.

WASHINGTON — Regulators released a tool on Tuesday that community banks can use to estimate how their capital matches up with new global standards.

Portugal's fourth-largest bank has received approval to open two representative offices in the United States.

JPMorgan Chase and the Justice Department reportedly have finalized the bank's $13 billion settlement of a civil inquiry into the sale of low-quality mortgage-backed securities that sunk in value during the 2008 financial crisis.

Rigorous capital standards have helped U.S. banks nearly recover from the financial crisis as many of their European counterparts continue to flail, according to a new study from the Boston Consulting Group.

JPMorgan Chase has resolved the last obstacles to a record $13 billion settlement of civil state and U.S. probes over the sale of mortgage bonds, clearing the way for a deal today after months of negotiations, two people briefed on the matter said.

WASHINGTON -- The Senate Banking Committee is scheduled to vote Thursday on Janet Yellen's nomination to become the first woman to lead the U.S. central bank, according to the committee's schedule..

JPMorgan Chase agreed to drop litigation against the FDIC over some mortgage bonds sold by Washington Mutual Inc., clearing the way for a $9 billion accord with state and federal officials, a person briefed on the matter said.