Law and regulation

Muhammad Yunus, the founder of nonprofit microlender Grameen Bank, received the Congressional Gold Medal this week, adding to his collection of awards that also include the Nobel Peace Prize and the Presidential Medal of Freedom.

Federal Reserve Board Gov. Jeremy Stein said Friday that policymakers should consider reducing a bank's reliance on central bank lending to meet a liquidity requirement under Basel III.

WASHINGTON — Rep. Maxine Waters, D-Calif., the top Democrat on the House Financial Services Committee, introduced legislation Friday to give the Securities and Exchange Commission the authority to impose and collect user fees from investment advisors.

The Consumer Financial Protection Bureau, created under the 2010 Dodd-Frank Act, reports that there are more than fifty different "senior designations" that financial advisors are using to bring in older consumers into the business.

Legislative efforts to strengthen the nation's cyber defenses are shifting to the U.S. Senate after passage of a controversial bill by the House of Representatives.

Mutuals are evaluating proposed legislation that would create a new type of preferred stock and create a federal charter that allows for more commercial lending.

Freshman Rep. Keith Rothfus has been appointed to the House Financial Services Committee.

Spending several million dollars to beef up risk management processes would be an easy decision if it saved hundreds of millions in deposit assessments each year. Also, Camels should become Carmels.

The cost of being big is multiplying, and that's driving a wedge between the largest banks and the next tier.

The Senate Banking Committee testimony Thursday from Ed DeMarco, acting director of the Federal Housing Finance Agency, who said that the agency's ongoing efforts will be incomplete until Congress lays out a plan to bring the private sector back to the market.

California lawmakers have defeated a proposal aimed at reducing the size of the state's payday lending industry. A state Senate committee rejected the measure by a 5-3 vote Wednesday even after its author agreed to changes designed to soften the bill's impact.

Financial advisors are using too many different senior certifications to lure older consumers into business, according to a report by the Consumer Financial Protection Bureau.

Federal Reserve Board Gov. Jeremy Stein said regulators should not abandon the current reform agenda designed to eliminate "too big to fail."

Steve Antonakes, the Consumer Financial Protection Bureau's Acting No.2, reassured executives at the American Bankers Association's government relations summit over the impending mortgage rules and the examinations that will follow.

As expected, the U.S. House of Representatives on Thursday passed a controversial bill that aims to bolster the nation's defenses against cyber threats.

Ontario, Canada Consumer Minister Tracy MacCharles wants to crack down on debt settlement firms through a bill that would ban them from charging upfront fees and give consumers a 10-day period to cancel contracts.

The narrative favored by politicians, regulators and bureaucrats is that private banks caused the financial crisis of 2008. The Federal Reserve Chairman and Treasury Secretary stopped the market panic and a repeat of the Great Depression, then politicians and regulators implemented a plan that will maintain a sound financial system. The economic ship of state is stable, under full steam and accelerating.

The settlement, which follows an earlier deal with market leader Assurant, will prevent the insurers from giving banks commissions, free services, and reinsurance deals in order to win their business.

Federal Reserve Board Gov. Daniel Tarullo said Thursday that his top concern continues to be access by the largest financial firms to wholesale funding markets that can tip off runs and liquidity freezes.

Their only concern is that regulatory burdens remain high enough to prohibit competition, but low enough to protect revenues and profits.