Law and regulation

"I don’t know that we’ll get there by the end of the year," Philadelphia Fed President Charles Plosser said Monday, becoming the latest official to warn that regulators may not be able to finalize the Volcker rule by the much-promised deadline.

The swelling trillion-dollar student loan market is missing key data and regulations necessary to head off another financial crisis, according to Rohit Chopra, the Consumer Financial Protection Bureau's top official in charge of dealing with student loans.

The U.S. Justice Department is "aggressively investigating" possible manipulation of foreign exchange rates by a number of banks, Deputy Attorney General James Cole said.

The movement of people between the private and public sectors is only a problem when it results government officials identifying with the industries they regulate. In other cases, the comings and goings can actually help the financial system, says Neil Barofsky, a former prosecutor who recently joined law firm Jenner & Block.

Democratic lawmakers on Monday urged regulators to keep their promise to release a report by the end of the year that details an independent review of millions of borrowers who faced foreclosure.

Lenders are mostly relieved that regulators broadened an exemption for mortgage securitizers to avoid a 5% risk retention requirement, but some are focusing on the plan’s potential impact on securities backed by leveraged commercial loans.

Seeking to narrow the range of activities in which well-capitalized and well-managed bank holding companies can engage is a mistaken endeavor. Prohibiting activities will lessen competition, increase risk and raise costs for customers.

As a fast, low-cost payment system, Bitcoin provides healthy competition for legacy banks. It's also a bulwark for financial privacy and freedom of speech.

First Financial Service in Kentucky and State Employees' Credit Union in North Carolina believes their products are responsible and avoid taking advantage of borrowers. But they are concerned that the CFPB could pressure them to end their programs.

The FTC on Monday announced a proposed settlement to resolve allegations that a payment processor and its owners used unfair tactics to open and maintain scores of merchant accounts for Infusion Media Inc., which perpetrated the “Google Money Tree” work-at-home scheme.

The Office of the Comptroller of the Currency issued cease-and-desist orders against three banks in October and released seven banks from enforcement actions.

The Department of Justice and Securities and Exchange Commission are telling a U.S. Senate committee that Bitcoins are legitimate financial instruments, boosting prospects for wider acceptance of the virtual currency.

The former chairman and chief executive of the failed Summit Bank in Burlington, Wash., has been sentenced to three years in prison for concealing millions of dollars in past-due loans.

The West Virginia Supreme Court upheld the state attorney general's right to issue subpoenas and investigative questionnaires in a case involving four collection agencies - Cavalry SPV I, Cavalry SPV II, Cavalry Investments and Cavalry Portfolio Services.

A detailed look at how the freshman senator from Massachusetts has used her first 10 months in office, including her own insights from an interview with American Banker.

Since taking her Senate seat more than 10 months ago, Sen. Elizabeth Warren, D-Mass., has continued her intense criticism of big banks. But she has also focused on other areas in the financial services realm, covering everything from housing finance reform to student loan debt. Following is a guide to the Massachusetts Democrat's biggest banking issues.

WASHINGTON — Regulators on Friday announced they had finalized guidelines proposed in March that attempt to encourage banks' community development activities beyond their immediate markets.

Republic Mortgage Insurance Corp. has agreed to pay a $100,000 penalty and stop providing allegedly illegal kickbacks to mortgage lenders as part of a proposed settlement with the Consumer Financial Protection Bureau.

WASHINGTON — The Federal Reserve Board on Friday approved Ally Financial Inc.'s revised capital plan after objecting to it earlier this year.

A recap of the informed opinions (and the discussions they generated) this week.