Policy & Regulation

The financial industry and the White House are gearing up for a fresh battle this spring over investment advice for retirement savings.

Executives from two insurance companies, Prudential Financial and Country Financial, warned Thursday that the Financial Stability Oversight Council should be more transparent with the institutions it oversees, despite recent reforms.

A GOP-led measure would have forced the Defense Department to do more study before finalizing regulations on high-cost loans to service members. It was quashed when five Republicans voted with Democrats on the House Armed Services Committee.

The Los Angeles bank, which is in the process of being sold, vows to fight a Labor Department complaint that it overcharged employees for administering their retirement plan.

The compliance costs associated with the CFPB's proposed reforms to the payday lending would force many small businesses to close shop, reducing access to short-term credit for many Americans.

Community banks should consider agreeing to higher capital standards in return for a simpler capital compliance regime, Federal Reserve Board Gov. Daniel Tarullo suggested Thursday.

Financial industry groups are supporting the effort to stop the Pentagon from issuing new regulations on high-cost lending this year, while congressional Democrats and consumer groups are decrying it.

The Federal Reserve Board’s Federal Open Market Committee said Wednesday it would maintain its near-zero target interest rate as expected, citing sluggish growth estimates since the previous meeting in March that it ascribed to “transitory” economic factors.

A mortgage title company and a handful of individuals are being sued by the Consumer Financial Protection Bureau and Maryland Attorney General related to an alleged mortgage kickback scheme with banks such as Wells Fargo and JPMorgan Chase.

A House subcommittee approved a bill Wednesday that would redirect money from an affordable housing fund that receives money from Fannie Mae and Freddie Mac into another program run by HUD.