Policy & Regulation

Republican lawmakers continued their legislative attempts Wednesday to require more transparency from the Federal Reserve Board and force the central bank to more accountable to lawmakers.

TrustCo Bank Corp NY in Glenville, N.Y., has agreed to improve corporate governance, capital planning, internal auditing and other areas after federal regulators found the issues during an examination.

Discover Financial Services in Riverwoods, Ill., continued its run of quarterly profit declines in the second quarter, due primarily to higher costs for compliance, marketing and customer rewards.

Just a day after the Dodd-Frank Act's fifth anniversary, Senate Banking Committee Chairman Richard Shelby launched a new attempt to make significant changes to the law, attaching his regulatory relief bill to legislation that would provide funding for financial services agencies.

The Consumer Financial Protection Bureau named Meredith Fuchs, the agency's general counsel, to fill the bureau's No. 2 leadership soon to be vacated by Steven Antonakes.

Despite recent changes to the Financial Stability Oversight Council's systemically risky designation process, Senate Banking Committee members feared that once a designation is made, there is no way for a company to remove that label.

Buyout heavyweight Accel-KKR just bought a stake in Banker's Toolbox, a software company that helps community banks flag fraud. The PE firm says it was on the hunt for investments in the compliance space given the regulatory climate.

WASHINGTON — The Senate Finance Committee voted Tuesday for a measure that would extend a temporary 10-basis point hike in Fannie Mae and Freddie Mac guarantee fees for an additional four years.

The acting head of New York's financial regulator has asked for details on the instant-messaging service that several large banks are developing, out of the concern that many of the same banks are under investigation for rate-rigging.

The federal government's first broad inquiry into the fast-growing peer-to-peer loan industry raises several important questions, including whether banks will lobby for a clampdown on these lightly regulated competitors.