Policy & Regulation

The Consumer Financial Protection Bureau and four state attorneys general on Monday announced a series of lawsuits against CashCall Inc., a California-based online loan servicer accused of usury and deceptive collection practices through its affiliation with the online lender Western Sky.

The industry has moved from a traditional customer-oriented banking model to a transactional and counterparty-oriented model. This change has contributed to an operating environment in which the opportunity for abuse and deception has increased.

The Consumer Financial Protection Bureau and four state attorneys general on Monday announced a series of lawsuits against CashCall Inc., a California-based online loan servicer accused of usury and deceptive collection practices through its affiliation with the online lender Western Sky.

Zions Bancorp (ZION) said the Volcker Rule will force it to take a $387 million charge on its portfolio of collateralized debt obligations.

If the banks do not want to divest from these fringe consumer finance companies, the OCC should make them do so. Their reputations are at risk.

Visa Inc. said it awarded Chief Executive Officer Charlie Scharf compensation for fiscal year 2013 valued at $10.5 million.

The Office of the Comptroller of the Currency on Friday closed Texas Community Bank, a $160 million-asset institution located north of Houston.

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The Federal Reserve Board on Friday announced the new chairs of the 12 Federal Reserve Banks for 2014.

While the agencies successfully finalized the long-awaited Volcker Rule this week, they are expected to miss yearend deadlines for several other rules, including ones that would institute tougher capital requirements on big banks and force them to issue long-term debt.