PayThink

If the government could eliminate contract rights in this way, then it would be hard to imagine what contracts could not be set aside in the name of market efficiency.

The real losers would be the biggest banks, the holders of second liens, not investors in first mortgages. Those investors might come out ahead, and homeowners and municipalities certainly would.

Dodd-Frank rules on swaps can move forward now that the U.S. Commodity Futures Trading Commission voted on the definition of such trades.

"Isn't it true that there has never been a major crisis that resulted from excessive exposures to what was considered risky, and that these have always resulted from excessive exposures to what was perceived as not risky?"

The Consumer Financial Protection Bureau has made two significant decisions for examinations: to hire a large portion of examiners from outside of the other federal financial regulatory agencies and to bring lawyers along at the beginning.

Impending rules on how banks must handle certain transactions is one of the main factors prompting JPMorgan to combine units. Parts of the company handling securities, derivatives and back-end support started functioning as one group on Friday.

If a senior mortgage executive tells you "there's nothing to worry about, we've got exceptional controls and a great track record in measuring and managing mortgage servicing rights," it is probably worth getting a second opinion.

Labeling a quarter of the U.S. population as un- or underbanked may be derisive, but naming rights still go to those who control the financial services market – banks.

Lots of credit unions make loans for housing. Not that many get involved in the housing that leads to a loan. Meriwest CU does.

Today there are more than a few CUs that are building Assets Under Management that exceed 50% of their traditional balance sheet deposits and have goals to equal and exceed what they consider an antiquated measure of wallet share.