Policy & Regulation

The Pennsylvania company chose to sell to a much larger bank rather than buy smaller rivals or manage assets to delay added regulatory burden. More banks could follow that example. The only thing missing is interest from regional suitors.

Promontory Financial Group on Tuesday agreed to a $15 million settlement, and a six-month ban from accepting certain new consulting work in New York, to resolve an investigation by the state's department of financial services into its consulting work at Standard Chartered Bank.

Bank of New York Mellon has agreed to pay $14.8 million to settle Securities and Exchange Commission allegations that it used its internship program to violate the Foreign Corrupt Practices Act.

ValueAct Capital Management, the activist fund run by Jeff Ubben, disclosed a new 1.1 percent stake in American Express Co.

Critics of the Consumer Financial Protection Bureau's data collection haven't bothered to learn the basic facts about the data the regulator collects before veering off into black helicopter paranoia.

New Supplemental Performance Metric should encourage lenders serve lower credit scores borrowers.

The Federal Trade Commission has closed its investigation of Morgan Stanley's massive data breach. It has identified the problem that allowed the breach to happen: access controls to a narrow set of reports were improperly configured.

The FDIC wants to enlist banks to help determine which customers are insured and uninsured, but some say the FDIC is passing what should be its responsibility on to the industry.

The Federal Reserve Bank of Dallas has named Robert Steven Kaplan, a Harvard Business School professor, as its new president and chief executive officer.

The SEC's new rule requiring companies to disclose the relationship between CEO pay and that of the median employee may be a headache for big banks. But smaller financial institutions should have an easier time calculating the pay ratios, and the numbers are unlikely to attract much scrutiny.