Policy & Regulation

The Department of Housing and Urban Development on Monday issued its own proposed rule defining what constitutes a "qualified mortgage," that has two exceptions to the existing QM rule finalized earlier this year by the Consumer Financial Protection Bureau.

Rep. Spencer Bachus, former chairman of the House Financial Services Committee, said Monday that he will not seek reelection in 2014.

Regulators and financial firms must listen to each other and work together to protect the interests of customers and stakeholders. Only then, will they be able to build a safe and sound financial system.

The banking regulators will remain open in the event of a government shutdown, but the ongoing fiscal battle in Congress could still have significant implications for the financial services industry.

The state has reached a settlement with five payday lenders under which they would be prevented from collecting on certain loans and pay restitution to customers, Eric Schneiderman's office announced Monday.

The PCI council continues to expand its reach, with the intent of remaining a strong guide for data security well into the future.

The threat of Basel III-related dividend restrictions could make it harder for the more than 2,000 banks with S corporation tax status to attract investors. S Corp banks were already on the decline.

WASHINGTON — The Federal Deposit Insurance Corp. sought to ease concerns about its view of banks' affiliations with online lenders, saying institutions correctly managing their third-party relationships "are neither prohibited nor discouraged" from processing payments for legal entities.

FHA Commissioner Carol Galante says mandatory accounting rules forced the agency to ask for additional funds and don't reflect significant improvements in its mortgage portfolio this year.