Policy & Regulation

Collection agencies, debt buyers and law firms with revenues exceeding $10 million per year will fall under the CFPB's supervision starting next year, the federal agency confirmed Wednesday.

Preeta Bansal, the former general counsel and senior policy advisor at the Office of Management and Budget, is joining the bank's London office as global general counsel for litigation and regulatory affairs.

A private-sector analysis of the implementation of the Dodd-Frank resolution facility outlines several tasks the FDIC needs to complete before it's ready for the next crisis.

Earnings at Flagstar Bancorp in Troy, Mich., fell 7% from a quarter earlier as credit and litigation costs offset a large gain from loan sales.

If the program ends, most TAG deposits held by community banks will quickly migrate to the biggest banks as investors still expect the federal government to protect all deposits held by these financial behemoths.

Royal Bank of Scotland (RBS) will pay $42 million to settle a probe by Nevada's attorney general into its mortgage-purchase practices before the housing crisis.

Bank of America sold defective residential mortgage loans to Fannie Mae and Freddie Mac that later defaulted, the U.S. government said in a $1 billion fraud lawsuit against the bank.

An analysis of Senate rulings indicates voters who believe in strengthening customer protections should cast their ballots for Democrats, while voters who believe banks should not have to answer to a consumer regulator should choose Republicans.

The push to roll back banking regulation has gained unlikely supporters recently. From consumer advocates to Democratic stalwarts, pressure is mounting to rein in the red tape.

"A critical mass of angst and dissatisfaction with the Dodd-Frank Act and Basel III is opening the door to change," writes Barbara Rehm. If you want to read the brightest mind on the topic, check out Karen Shaw Petrou's assessments, she says.