Policy & Regulation

Preparing for the inevitable future credit crisis by setting aside more loss reserves is a step toward avoiding government bailouts.

A day after Consumer Financial Protection Bureau Director Richard Cordray told financial industry executives that Congress did not intend to exempt small institutions from most rules, several lawmakers begged to differ.

Carolina Alliance Bank in Spartanburg, S.C., has exited the Small Business Lending Fund program.

Compliance officers are terrified of a New York State Department of Financial Services proposal that could make them criminally liable for failings in their firm’s anti-money-laundering programs, according to industry representatives.

The top leaders of the National Credit Union Administration said this week that they support an alternative option that would allow credit unions to merge some operations — a prospect that is alarming banking industry representatives.

Payment technology provider Stripe aims to equip global entrepreneurs with the necessary banking and payments relationships to launch an online business in the U.S.

Instead of focusing on the effect of swipe fee rules on banks and credit unions, retailers should ask why the Durbin amendment hasn’t produced the promised cost savings for their consumers.

WASHINGTON — Despite dire predictions by banks and others that new mortgage rules by the Consumer Financial Protection Bureau would cut off access to credit, the industry is performing well two years after the regulations went into effect, according to the agency's top official.

On the one hand, the FDIC's Quarterly Banking Profile showed how normal banking is again. But there were also worrying signs, including an increase in chargeoffs, higher loan-loss provisions and fears of the impact from the energy sector.

The Consumer Financial Protection Bureau on Tuesday hit Citibank with $8 million in fines and restitution for allegedly selling credit card debt at inflated rates and failing to send consumer payments to debt buyers. Two debt collection firms also were ordered to pay civil penalties for altering the dates and amounts of debt owned by consumers.