Policy & Regulation

WASHINGTON -- The Federal Deposit Insurance Corp. on Thursday won the right to pursue a lawsuit against several large financial institutions accused of selling tainted mortgage securities to a company that has since failed.

The agency posted its semiannual rulemaking agenda on a blog late Wednesday updating the next steps it will take on several areas of rulemaking. The CFPB expects to issue rules for prepaid reloadable cards, mortgage servicing and mortgage disclosures this summer but set no specific deadlines yet on overdraft and debt collection.

The Justice Department filed suit Thursday against Guild Mortgage, arguing the firm violated the False Claims Act by improperly originating and underwriting Federal Housing Administration loans.

If the DAO, an automated, leaderless "company," lives up to the hype, it could radically transform corporate finance and governance. But many wonder if the entity's record crowd sale is kosher under securities laws.

Interest in smart contracts is growing, in part because of the promise of lower legal expenses. But the programmers of these self-enforcing, automated agreements will still need to consult with lawyers to translate the terms into code.

Minneapolis Fed President Neel Kashkari made waves when he said drastic measures — including potentially breaking up the megabanks — are needed to end "too big to fail." In an expansive interview, Kashkari talked about his political future, the culture at the Fed and the challenge of legislating change.

With the nominees likely clear for the Republican and Democratic presidential tickets, speculation has turned to whom Donald Trump and Hillary Clinton could pick as their running mates. A number of those names mentioned are key figures on financial policy. Following are some of the top possible picks.

Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, introduced legislation Thursday to reform consumer credit reporting.

The bureau said Wednesday that it plans to hold a public hearing in Kansas City, Mo., to discuss small-dollar lending. The hearing will be held at the Kansas City Convention Center and will feature remarks from CFPB Director Richard Cordray, as well as testimony from consumer groups, industry representatives and the public.

The Department of Housing and Urban Development issued a proposal Wednesday to codify recent changes to its reverse mortgage program and to provide additional protections for seniors, including a cap on annual interest rate increases.