Law and regulation

The Consumer Financial Protection Bureau and the Justice Department announced last week that they are investigating PNC Financial Services' mortgage lending. The probe into the Pittsburgh-based bank's mortgage pricing is causing some to worry that regulators are preparing to investigate other large banks for alleged loan discrimination.

Rep. Jeb Hensarling, chairman of the House Financial Services Committee, said Tuesday that he remains hopeful the House will take a vote this fall to reform the mortgage finance market and move toward a conference with the Senate, despite ongoing policy disagreements.

A probe into PNC Financial Services' mortgage lending is stoking fears that regulators are preparing to crack down on other large banks for alleged loan discrimination ahead of a Supreme Court case that might curb the use of the controversial "disparate impact" theory.

For fans of stress-testing, the IMF has a new primer on what it takes to make one credible.

The Securities and Exchange Commission has closed an investigation of Suffolk Bancorp (SUBK) in Riverhead, N.Y.

As they push to have over-the-counter derivatives cleared with central counterparties, regulators must not let these clearing houses become systemic risks themselves.

The brouhaha over a court ruling that debit card fee caps be lowered overshadowed another problem for banks: the decision could also enable merchants to play card networks against one another on signature debit transactions.

I applaud the government's efforts to weed out bad actors, but I'm deeply concerned about the unintended consequences this could have on much needed financial services for underbanked people.

Michael Andrew Collier, a fully disabled veteran, has voluntarily withdrawn his lawsuit against a law firm he alleged told him he "should have died" rather than collect disability payments, according to federal court documents.

Bruno Iksil, the former JPMorgan Chase trader whose bets caused more than $6.2 billion in losses last year, is now central to any U.S. charges against his former colleagues.

Eric Schneiderman, New York's top law enforcer, filed a suit Monday against three online lenders and their owners, alleging that they violated usury laws by making loans that carry annual interest rates of between 89% and 335%.

Sens. Elizabeth Warren and Bernie Sanders say Fed chair candidates should spell out whether they are willing to break up "too big to fail" banks and if the financial crisis was caused by the repeal of the Glass-Steagall Act.

The cost of doing business with the Federal Housing Administration could skyrocket if the agency adopts a new method for calculating lenders' liability for poorly underwritten loans that default.

Senate Majority Leader Harry Reid's surprise criticism of President Obama's plan to unwind Fannie Mae and Freddie Mac has upset the conventional wisdom surrounding housing finance reform.

The New York State Department of Financial Services issued subpoenas to 22 emerging payments players, including many that handle the digital currency Bitcoin, demonstrating that new payments models have not yet found their place in the eyes of the law.

Faced with a litany of legal and regulatory woes, JPMorgan Chase has vowed to minimize wrongdoing and tighten internal controls. But with financial incentives unchanged and regulators on the warpath, virtuous talk may not be enough to prevent more troubles.

The Office of the Comptroller of Currency has terminated a written agreement with Coastal Banking in Beaufort, S.C.

A top New York State regulatory agency sent cease-and-desist letters last week to 112 banks and 35 lenders that offer or facilitate short-term, high-interest payday loans to consumers online.

New York’s banking regulator issued subpoenoas to about two dozen companies associated with bitcoin as it looks into the virtual-currency industry, the Wall Street Journal reported, citing people familiar with the matter.

International regulators concede capital rules are too complex.