Law and regulation

Sens. David Vitter, R-La., and Sherrod Brown, D-Ohio, officially unveiled their bill to rein in the large banks on Wednesday, making several critical changes from a draft obtained by the media earlier this month. Following are the key elements of the Terminating Bailouts for Taxpayer Fairness Act.

Sen. David Vitter, R-La., revealed significant changes Wednesday morning to his legislation with Sen. Sherrod Brown, D-Ohio, to address concerns over "too big to fail."

The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. will soon impose strict limits on so-called deposit-advance loans, according to people familiar with the regulators' plans.

Analyses only consider borrowers who were offered a loan package they were willing to accept. Applicants denied a loan and applicants who turned down loans are not considered at all.

Regulators' plans to force banks to consider a borrower's ability to repay small-dollar, short-term advances on their direct deposits and limit the frequency of borrowing would likely upend current business practices.

The Treasury Department is neglecting its Troubled Asset Relief Program initiatives to boost small business lending and provide viable loan modifications, the program's special inspector general says.

Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, is urging Chairman Jeb Hensarling to reverse his decision not to allow Consumer Financial Protection Bureau Director Richard Cordray to testify later this month on the agency's semi-annual report.

Banking analysts, former regulators, lawmakers, banking industry representatives and top academics spent more than an hour and a half debating how best to resolve the issue of "too big to fail" on Tuesday, and came away with no easy solutions.

Republican senators accused the Consumer Financial Protection Bureau on Tuesday of invading consumers' privacy while gathering massive amounts of data from financial companies.

Banks' ability to provide crucial services in support of economic growth reflect their risk-bearing capacity, which is directly related to market valuations of bank franchises.

The House Financial Services Committee will not accept testimony from Consumer Financial Protection Bureau Director Richard Cordray on the agency's semi-annual, according to Rep. Jeb Hensarling, R-Texas. The chairman argues that Cordray was not legally appointed to the position.

A survey released Tuesday by SAI Global Compliance shows that financial service companies are dedicating a growing portion of their software budget to regulatory compliance.

The Consumer Financial Protection Bureau, created under the 2010 Dodd-Frank reform law, recently announced that it was restructuring the agency to establish a new office to deal with financial institutions and their trade groups.

American Express Co. is issuing EMV chip-and-signature cards to its corporate card customers in the U.S. starting in the first half of 2013.

Hundreds of thousands of homes are being withheld from the market, raising questions about whether the recent run-up in housing prices is artificial.

The New York State General Assembly this week passed the Consumer Credit Fairness Act designed to curb abusive debt collection lawsuits.

Sens. Sherrod Brown, D-Ohio, and David Vitter, R-La., speaking at a forum co-hosted by American Banker, hinted at several potential changes from a draft copy of the legislation that was leaked to the media earlier this month.

Ahmanson had seen men get rich by focusing on the government's priorities. Now it wanted homes and mortgages. He would build a business to meet this demand.

Eighteen states and the District of Columbia have legalized medical marijuana, and some dispensaries enjoy millions of dollars in annual sales. However, such establishments may not be ideal clients for ISOs unless they and their sale agents exercise caution, say those who work with the medical marijuana industry.

Ian Hermon, product marketing manager at Plantation, Fla.-based Thales e-Security Inc. spoke to PaymentsSource about the obstacles and options facing the U.S. payments industry during its multiyear migration to EMV cards.