Policy & Regulation

Banks are hiring armies of lawyers, accountants, compliance consultants and IT vendors as they prepare to comply with the Volcker Rule. Ironically, their attempts to fortify themselves with outsourced knowledge could expose them to more operational risk.

Until U.S. authorities can prove they have a better idea about how to provide short-term, small-dollar loans and other alternative financial services to people in need, they should stop trying to drive from business the lawful companies working to serve this market.

WASHINGTON — MetLife has made clear its objection to regulators designating the firm as a "systemically important financial institution," but on Monday the life insurer had the opportunity to air its concerns directly.

Industry veteran David Applegate will serve as CEO of Common Securitization Solutions LLC, the new firm co-owned by Fannie Mae and Freddie Mac to develop a common securitization platform for the mortgage secondary market.

The Fair Housing Act bars only intentional discrimination, not all practices that have a disparate impact on racial minorities, a federal judge ruled in a victory for the financial services industry.

WASHINGTON — Banks have seen a mild uptick in retail small business lending applications in the past quarter, though most other demand indicators remain flat, according to a Federal Reserve Board report released Monday.

WASHINGTON — Federal regulators released a document summarizing their general findings from recent cybersecurity assessments at community-size financial institutions.

During the past week, consumer and industry groups have lobbied the agency in different directions, with consumer groups arguing the agency did not go far enough and lenders saying it went too far in seeking more data from lenders.

Fifth Third Bancorp has lowered fees and eased terms on short-term, small-dollar loans as it awaits clearer guidance from regulators on the product's future.

The state's superintendent of financial services has softened his stance toward bitcoin and other payment startups and has already shortened New York's money transmitter license application review process, which used to take nine months.