Policy & Regulation

Bank of American Corp. and Ally Financial Inc. have agreed to make deeper principal reductions for some borrowers under the $25 billion multistate mortgage servicer settlement.

More than a month after federal and state officials announced a massive $25 billion settlement with the five mortgage servicers, the Justice Department on Monday finally released the actual legal document. The document dump provided critical new details about the terms of the agreement.

Promontory Interfinancial Network LLC said Monday that its Insured Cash Sweep service is now fully integrated with Data Center Inc.'s iCore360 core banking software.

TCF Financial CEO William Cooper had some surprising praise this week for the much-contested CFPB. But he pulled few other punches, telling retail bankers that Bank of America "screwed the pooch" with its failed debit-card fee.

William S. Haraf, the commissioner of California's Department of Financial Institutions, has resigned from the post, effective Friday.

The Credit Union National Association launched a radio campaign to help save House Financial Services Chairman Spencer Bachus, who is being challenged by a Tea Party-backed candidate in Tuesday's Republican primary.

A Senate hearing will focus on the viability of principal reductions on Fannie Mae and Freddie Mac mortgages, while the House will examine a mediation program for banks and lenders in Nevada.

The U.S. government and 49 states filed a $25 billion settlement of alleged foreclosure abuses in federal court on Monday, capping a year of negotiations with five major banks after public outrage erupted in fall 2010 over revelations that banks cut corners when processing foreclosures.

The Dodd-Frank financial regulatory reform bill included a provision creating Offices of Minority and Women Inclusion in all 20 federal agencies that regulate our financial system.

U.S. Bancorp has created a separate in-house appraisal unit overseen by a senior risk officer, breaking from the way most banks handle appraisals of residential properties.