Law and regulation

In an interview this week, Jennifer Shasky Calvery, the director of Fincen, said the government was not trying to squash the development of digital currencies, but made it clear they must follow proper anti-money laundering procedures like other financial institutions.

The U.S. crackdown on Liberty Reserve is stoking fears that the government may effectively cut off digital currencies like Bitcoin as banks sever ties with businesses in this growing field.

Community banks and credit unions now have two years to continue originating balloon loans to all customers, a major change from a prior proposal that would have banned such loans except in rural or underserved markets.

Visa issuers have put 3.5 million chip-based smart cards in the hands of U.S. consumers since the card brand announced its EMV-card migration roadmap in August of 2011, a Visa executive says.

Treasury Secretary Jacob Lew, who was confirmed in February, repeated his commitment to completing the remaining rules of the Dodd-Frank Act.

While banks hit a landmark with their $40.3 billion in earnings, it appeared partly due to idiosyncratic transactions at big banks and was not a sign of a resurgent industry.

Lack of financial education blamed for low savings rates among young workers.

The crackdown on Liberty Reserve underscores the importance of regulatory expertise to digital currency startups. No wonder Liberty City Ventures (no relation to the indicted company) retained former Treasury officials as advisors.

The Troubled Asset Relief Program will cost taxpayers less than expected.

Wal-Mart Stores Inc. and Amazon.com Inc. joined more than 30 of the biggest U.S. retailers in objecting to a $7.25 billion antitrust settlement with Visa Inc. and MasterCard Inc. over merchant fees, saying the deal is meaningless when card companies can continue to fix the charges.

The California Senate passed SB233 on Friday, a measure that would require debt buyers to have a lengthy list of account information on hand before collection efforts can start.

Regulators, legislators, bankers, and the public should do everything they can so that Title I of Dodd-Frank works. The goal is to avoid Title II – orderly liquidation – at all cost.

Citigroup has agreed to settle a lawsuit by the federal government that charged the bank with misleading investors in the run-up to the mortgage meltdown.

The Treasury Department has proposed a rule designed to seal off the U.S. financial system from Liberty Reserve, the digital currency issuer authorities charged Tuesday with laundering more than $6 billion for criminal groups.

The Treasury Department has proposed a rule designed to seal off the U.S. financial system from Liberty Reserve, the digital currency issuer authorities charged Tuesday with laundering more than $6 billion for criminal groups.

Momentum is building on both sides of the aisle for significant reform of mortgage giants Fannie Mae and Freddie Mac. American Banker staffers discuss what's behind the Senate's rare show of bipartisanship.

New overdraft rules are expected after a release of a report from the Consumer Financial Protection Bureau and are likely to have an uneven impact across the banking industry.

The threat of cyberattack is an increasingly hot topic in Washington, but political interest alone appears unlikely to provide enough momentum to get cybersecurity legislation supported by banks passed this year.

Retailers and the major card brands are throwing more legal punches at each other over the controversial proposed $7.25 billion swipe-fee settlement in a years-long anti-trust case.

The nation needs a more informed public discussion of the kind of financial system we really want before we try breaking up the big banks through legislation or regulatory fiat.