Policy & Regulation

President Obama is set to re-nominate Richard Cordray as director of the Consumer Financial Protection Bureau, according to a White House statement. Cordray was named to the post in January 2012 with a recess appointment.

A recent BankThink post bemoans the one-size-fits-all application of Basel III. But the reason capital rules have become so sweeping is that banks have become bigger, more complex and more connected to the global economy.

JPMorgan Chase, the lender that lost more than $6.2 billion last year from wrong-way bets on credit derivatives, named Cindy Armine as chief compliance officer.

The Consumer Financial Protection Bureau and Federal Trade Commission are weighing new restrictions on how debt collectors may use social media websites like those run by Facebook and Twitter to contact potential debtors.

Some of the nation's biggest lenders said that savings from firing consultants doing foreclosure reviews would largely cancel out the cost of direct compensation to borrowers.

General Electric (GE) has agreed to settle a lawsuit charging it with wrongdoing in the sale of securities backed by residential mortgages.

A lawsuit by the state's Democratic attorney general alleges that the oft-criticized mortgage assignment system deprived Kentucky of recording fees and shrouded property records in secrecy.

Following bankers' positive reaction to the bureau's QM regulation, industry observers are optimistic about the prospects for added flexibility in the QRM rules that will follow.

Flushing Financial in Lake Success, N.Y., is set to convert to a bank.

Political denial and cover-up are in the CFPB's DNA. The agency was predestined to be overbearing, which will only hurt borrowers in the long run.