Policy & Regulation

U.S. Senator Richard Durbin said merchants should "think hard" before signing a $6.6 billion settlement with Visa, MasterCard and banks over credit-card fees.

Huntington Bancshares (HBAN) in Columbus, Ohio, will redeem roughly $114.3 million in trust-preferred securities next month.

MetLife, the insurer seeking an exit from banking to limit U.S. regulation, was penalized $3.2 million by the Federal Reserve for lapses tied to the servicing of loans and handling of foreclosures.

"The Consumer Financial Protection Bureau is urging colleges to adopt a new form designed to make it easier for students to compare financial aid offers,” writes American Banker’s Kevin Wack.

Sen. Richard Durbin, who won federal limits on debit-card swipe fees, said merchants should "think hard" before signing a $6.6 billion settlement with Visa Inc., MasterCard Inc. and banks over credit-card fees.

ViVOtech has sold its ViVOpay payment-hardware business, the company said Monday in a notice on its website.

MasterCard is asking the European Union's highest court to overturn an EU decision that the company's cross-border card fees breach antitrust rules.

The Office of Mortgage Settlement Oversight said Monday that it has hired secondary consulting firms to assist BDO Consulting in overseeing compliance of the five largest mortgage servicers with the $25 billion national servicing settlement.

Banks appear to be effectively using a government program to help struggling borrowers refinance their underwater mortgages in order to make monthly payments more manageable.

The inspector generals for two agencies concluded that neither improperly leaked draft copies of the Volcker Rule to American Banker.