Policy & Regulation

Bank lobbyists tend to dismiss the importance of the consumer agency as a voting issue in the presidential campaign. Here's why they shouldn't.

Richard Cordray told a group of reporters Thursday that businesses should support the bureau's mission, and said he plans to work with the U.S. Chamber of Commerce to ensure the agency is mindful of industry concerns as well.

WASHINGTON — The Justice Department issued a critical legal opinion Thursday asserting that President Obama is allowed to make recess appointments despite pro-forma Senate sessions in which no business is conducted, effectively validating the appointment of Richard Cordray to the Consumer Financial Protection Bureau.

Illinois Attorney General Lisa Madigan has filed a lawsuit against suburban Chicago-based collection agency PN Financial, alleging the company has used abusive and threatening tactics against consumers.

Consumer litigation filed against collection agencies and creditors in 2011 set several records - including cases citing the Fair Debt Collection Practices Act (FDCPA), Fair Credit Reporting Act (FCRA), Telephone Consumer Protection Act (TCPA) and Truth-in-Lending Act (TILA).

A Treasury Department report released this week showed that nearly 80% of participants in the Small Business Lending Fund have increased small business lending over average lending levels reported prior to the program's passage.

A group of 28 House Democrats wrote to President Obama urging him to address the nation's housing woes by installing a new leader at FHFA.

Top financial regulators — including the FDIC's Martin Gruenberg, the OCC's John Walsh and the Fed's Daniel Tarullo — will testify on Capitol Hill next week about their proposal to implement the Volcker Rule.

The U.S. Department of Agriculture is planning to shutter 131 farm lending offices in 32 states as part of a broad mandate from the Obama administration to trim $150 million from its annual budget.

Businesses around the country appeared more willing to apply for loans in the last quarter of 2011, the Fed said.