Policy & Regulation

Bank of America Corp. is negotiating with the Consumer Financial Protection Bureau to settle allegations it deceived customers in the sales of credit-card add-on products, according to two people briefed on the talks.

Alex J. Pollock, resident fellow at the American Enterprise Institute in Washington, believes it is not too late to fix Dodd-Frank's credit ratings rule.

The agency has set up a database in which borrowers can file complaints about excessive fees, incorrect charges or other problems with payday loans, the CFPB announced Wednesday.

Bart Chilton, a U.S. regulator who pushed for tighter regulation of swaps and derivatives, said he will step down from the Commodity Futures Trading Commission.

Wells Fargo & Co. (WFC) is among firms facing federal scrutiny of mortgage-backed securities sales under a 1989 law that the government is using to extend probes of banks' roles in the credit crisis.

More than a quarter of House lawmakers are asking the Consumer Financial Protection Bureau to delay implementation of its "qualified mortgage" rule, arguing that many smaller institutions are not going to be ready on time.

"The Consumer Financial Protection Bureau is considering new rules to govern debt collection practices that could for the first time include banks and other creditors that are collecting their own debt," writes American Banker's Rachel Witkowski.

A New Jersey town council may vote as early as today on a proposal to settle a U.S. Supreme Court case that has threatened to undercut the Obama administration's crackdown on lending discrimination.

Regions Financial received a subpoena from the U.S. Department of Housing and Urban Development tied to the origination of mortgages backed by the Federal Housing Administration.

Software-as-a-service provider BillingTree has developed an educational compliance tool to help companies follow payments regulations.