Law and regulation

Tim Howard, dismissed with former CEO Franklin Raines in late 2004, claims in a new book, "The Mortgage Wars," that the GSE was quite healthy — but was the victim of vicious attacks by a banking lobbyist group and regulators.

Timothy Howard is adamant that a private-market fix will not work, though letting GSEs keep holding mortgages is too controversial to get Congressional approval

The Consumer Financial Protection Bureau released a final rule on Wednesday that merged mortgage disclosure forms in an effort to help consumers better understand the total costs of a loan.

The Senate Banking Committee voted to advance Janet Yellen's nomination to head the Federal Reserve on Thursday, with several lawmakers breaking party lines.

Cash America International, one of the payday lending industry's biggest companies, has agreed to pay up to $19 million for alleged violations that include impeding the Consumer Financial Protection Bureau's examination process.

We can talk all we want about policies, process and technology, but in the end, financial services remains a people-based business. Having the right people in key risk management roles will yield the strong institutions of tomorrow.

A remarkably substantive debate on big banks turns up a big surprise.

Though bankers generally applauded the Consumer Financial Protection Bureau's final rule on mortgage disclosures, they are raising concerns that some of the changes need to be fixed or they'll have no choice but to assess higher fees at the closing.

"Payday lender Cash America International will pay up to $19 million to settle allegations that it robo-signed court documents, overcharged members of the military, and took steps to impede an examination by the Consumer Financial Protection Bureau," writes American Banker's Kevin Wack.

Cash America agrees to pay $19 million to settle charges that it illegally robo-signed documents, overcharged members of the military, and stymied a CFPB examination by destroying and withholding information.

Community groups are uniting to protest Regions Financial's (RF) short-term loan program, calling on the Birmingham, Ala., company to ditch its "Ready Advance" product.

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.