Policy & Regulation

Regulators need to get cracking on Dodd-Frank rules, and the Fed needs a chairman who understands the impact of policies on the middle class.

The New York bank has agreed to pay a giant settlement to Washington regulators in a bid to put its London Whale trading debacle behind it. However, the deal is likely to raise as many questions as it answers and will by no means put to rest the bank's many legal and regulatory problems. American Banker editors discuss.

The Office of the Comptroller of the Currency has slapped JPMorgan Chase with a cease and desist order related to the bank's debt collection practices and its failure to comply with the Servicemembers Civil Relief Act.

JPMorgan Chase will pay $920 million in regulatory fines related to its London Whale trading scandal, adding to the $6 billion in losses the bank already took as a result of the trades.

AARP wants the Ohio Supreme Court to sanction a collection agency for bringing a lawsuit that the debtor alleges had no legal basis and that also sought damages well beyond those permitted by law.

Many banks consider money transmission to Somalia too risky because of concerns about terrorism. But U.S. Bancorp continues to pursue a relationship with Dahabshiil, the largest Somali money transmitter, whereas Barclays dropped the business citing the risk.

Black and Hispanic mortgage borrowers had lower credit scores and higher default rates than Asian and non-Hispanic white borrowers, according to analysis released Wednesday by the Federal Reserve Board.

Federal Reserve Board Chairman Ben Bernanke on Wednesday avoided giving specifics on how the central bank will oversee a growing list of nonbank financial companies deemed systemically risky.

The Treasury Department will receive $91 million from its latest auction. The agency announced plans last week to auction nearly $118 million of securities from several small banks.

Comptroller of the Currency Thomas Curry has asked a recently formed team of federal financial regulators to determine if supervisors are prepared to deal with cyber threats and whether more legislation is needed to confront the issue.