Policy & Regulation

Although American Express received lighter fines than the two previous credit card players targeted by the Consumer Financial Protection Bureau, many believe the CFPB's third enforcement action is its biggest statement yet.

The notion of decreasing the degree to which a banker can use his or her judgment to add to the ALLL not only throws the baby out with the bathwater, but it also fails to protect the investor, the very person that the accounting rules claim to be protecting.

The third enforcement order from the CFPB, resulting in $112 million in penalties against American Express, brought together Utah and federal regulators in investigating violations across subsidiaries of the company.

The battle over interchange fees moves to its next phase Tuesday when a federal judge hears complaints from merchants that the Federal Reserve’s cap on the fees not go far enough.

The New York attorney general sued JPMorgan Chase (JPM) on Monday, charging that the Bear Stearns brokerage it bought committed fraud in the sale of hundreds of billions of dollars in mortgage-backed securities on the eve of the housing crisis.

Although American Express received lighter fines than the two previous credit card players targeted by the Consumer Financial Protection Bureau, many believe the CFPB’s third enforcement action is its biggest statement yet.

Although American Express received lighter fines than the two previous credit card players targeted by the Consumer Financial Protection Bureau, many believe the CFPB's third enforcement action is its biggest statement yet.

The Securities and Exchange Commission agreed to accept the settlement and forego any appeals after a California judge effectively gutted the government's case.

Prosecutors charged three men with taking part in a $100 million fraud involving the former chief executive officer of Manhattan's Park Avenue Bank, who pleaded guilty in 2010 to lying to regulators and embezzling funds.

The battle over interchange fees moves to its next phase Tuesday when a federal judge hears complaints from merchants that the Federal Reserve's cap on the fees not go far enough.