Policy & Regulation

The banking industry is pushing back against a plan released this week by the Consumer Financial Protection Bureau to publicize more details about consumers' individual complaints about financial companies.

The New York Department of Financial Services has released proposed framework for its much-anticipated BitLicense. Though the agency describes its proposal as a balanced approach that does not stifle innovation, its rules might be considered too strict for many companies.

New York's financial regulation chief is proposing a "BitLicense" regulatory regime that he says will protect consumers and root out wrongdoing without stifling innovation by virtual-currency businesses in the state.

A recent article by Thad Woodard proposed slashing the number of Federal Home Loan Banks in order to free up funds for community lending. But the Home Loan Banks' member institutions are already empowered to push for consolidation any time they choose, writes the FHLBanks' Steven F. Rosenbaum.

Nonbank mortgage lenders pose greater risks to Fannie Mae and Freddie Mac because they have limited government oversight and generally weaker finances than banks, according to a government watchdog report.

Under a measure passed Wednesday, the use of federal funds to punish banks for providing accounts to pot businesses would be prohibited.

Bank of America Corp. reiterated an offer to pay about $13 billion to settle federal and state probes of mortgage-backed bond sales, a deal prosecutors had previously rejected, a person with knowledge of the matter said.

A Senate Banking Committee hearing looked at whether some regional banks that meet the Dodd-Frank Act's "systemically important" threshold belong in the same group as global giants.

The push to expand banking services at the country's post offices continues to gain momentum, though numerous questions remain about the design and scope of such an effort.

Ocwen Financial (OCN) has created a community advisory council to address the needs of distressed borrowers amid regulatory scrutiny of the mortgage servicer.