Policy & Regulation

Bruce Berkowitz, the money manager battling the U.S. government over the future of Fannie Mae and Freddie Mac, is calling on the boards of the mortgage-finance giants to build capital instead of turning over their profits to the Treasury now that they've returned to profitability.

Citigroup Inc. (C), the third-biggest U.S. bank, said its Banamex USA unit received grand jury subpoenas related to compliance with the Bank Secrecy Act and federal anti-money-laundering requirements.

JPMorgan Chase (JPM) is getting serious about getting to know its customers.

PNC Financial Services Group Inc. received a subpoena regarding the return rate for its payment-processor clients from the U.S. Department of Justice and Consumer Financial Protection Bureau.

"It would have made a lot more sense to bring back Glass-Steagall," a pre-and-post crisis risk manager tells American Banker Editor in Chief Neil Weinberg, while discussing Washington’s Dodd-Frank solution.

PNC Financial Services received a subpoena regarding the return rate for its payment-processor clients from the U.S. Department of Justice.

Excavators have begun tearing down 1,500 dilapidated homes in Flint, Mich., in an attempt to lift the housing market. The funding for the work comes from a surprising source — the Hardest Hit Fund of the Troubled Asset Relief Program.

The Office of the Comptroller of the Currency shuttered the $130 million-asset Millennium Bank in Sterling, Va., while Pennsylvania state regulators closed the $63 million-asset Vantage Bank in Horsham, Pa.

Evidence of fraud at Citigroup's Mexican unit may be endangering its reputational recovery from the financial crisis, and has prompted unusually blunt, and angry, public language from CEO Michael Corbat.

Union Bank in San Francisco and its Japanese parent company plan a series of changes to its corporate names and structure, all in response to the Federal Reserve Board's plan to overhaul the way it supervises foreign banks.