Policy & Regulation

Federal Reserve chair Janet Yellen testified for the second consecutive year on regulatory issues, touching on the Fed's stress tests, banks' ownership of commodities, the fate of Wells Fargo and whether the central bank acts in a political fashion.

WASHINGTON — Members of the Senate Banking Committee introduced legislation Wednesday that would make municipal debt securities more attractive to banks.

ST. LOUIS – Risk management is critical as small banks aim to make money in a low-rate environment.

The Wells Fargo cross-selling controversy has raised questions about its well-telegraphed succession plan. Tim Sloan, the company's president, has been the heir apparent, but his longtime association with Wells could be a problem if investors or regulators push for an outsider to overhaul the corporate culture.

Comptroller of the Currency Thomas Curry provided new details Wednesday about guidance expected soon that will attempt to discourage banks from cutting off relationships with foreign financial institutions in certain parts of the world.

CU Bancorp in Los Angeles has agreed to a consent order to address deficiencies in its Bank Secrecy Act and anti-money laundering compliance program.

If stories like the Wells Fargo scandal are repeated at other institutions, U.S. banks could soon experience the same reputational and regulatory fate of their cousins in the United Kingdom.

Wells Fargo's Chief Executive Officer John Stumpf, struggling to quell a scandal and demands for management accountability, plans to offer House lawmakers the same apology he gave senators last week except for a key change, according to a copy of the testimony obtained by Bloomberg News.

Wells Fargo Chief Executive Officer John Stumpf will forfeit $41 million of stock, plus some salary, as the bank's board investigates the company's bogus-account scandal.

Following industry objections to how the Federal Deposit Insurance Corp. defines brokered deposits, a House panel heard testimony Tuesday on a series of bills that would amend the definition.