Policy & Regulation

The House Financial Services Committee passed a bill to ensure that data given to the Consumer Financial Protection Bureau will remain confidential. The panel also voted to repeal a controversial section of Dodd-Frank that requires FDIC-insured institutions to spin off their swaps desks.

WASHINGTON–With its nonbank supervision program finally under way, the Consumer Financial Protection Bureau wants to bring debt collectors and consumer reporting firms under its oversight umbrella.

WASHINGTON — A Federal Reserve Board official came under pressure from senators Thursday to reveal more information about the potential effects of the European debt crisis on the U.S. banking system.

What the former Fed chairman does not tell us, because he cannot, is the name of a single bank that went under and required taxpayer support because of proprietary trading gone bad.

BROCKTON, Mass. — HarborOne CU, New England's second largest credit union, is the latest credit union giant to be considering a conversion to bank, which would be the biggest credit union conversion yet.

The Consumer Financial Protection Bureau issued a proposal Thursday that would allow the agency to supervise debt collectors and credit reporting agencies, two industries that have had an increasingly important impact on consumers during the recession.

Discover Financial Services, which is facing a government probe over its marketing of credit card insurance-like products, believes its relatively new practices will appease regulators, a top executive said on Thursday.

Perversely, the proposed compliance framework presumes that a banking entity has violated the Volcker Rule unless the entity can prove otherwise.

Large debt collection and credit reporting firms would face federal supervision for the first time under a Consumer Financial Protection Bureau proposal issued Thursday.

Fed Chairman Ben Bernanke and FDIC Chairman Marty Gruenberg said regulators are seeking to keep community banks vibrant.