Policy & Regulation

The result sets up the possibility of a recess appointment by President Obama or a series of additional Senate votes on Cordray in 2012.

WASHINGTON–Key congressional backers of a 2009 law that strengthened consumer protections for credit card users are now concerned that the Federal Reserve Board has gone too far with regulations that could restrict credit to stay-at-home mothers.

WASHINGTON — Key congressional backers of a 2009 law that strengthened consumer protections for credit-card users are now concerned that the Federal Reserve Board has gone too far with regulations that could restrict credit to stay-at-home mothers.

Massachusetts Attorney General Martha Coakley, who last week filed a lawsuit against Ally Financial alleging that the firm pursued foreclosures illegally, is now asking Congress to investigate the firm's conduct.

The Treasury Department on Wednesday said it may permanently reduce incentive payments for JPMorgan Chase unless it makes much-needed improvements to its performance in the Home Affordable Modification Program.

JPMorgan Chase & Co. Chief Executive Jamie Dimon continued to bash global banking regulations Wednesday, while at the same time vigorously defending his own bank's capital and business positions, including increasing exposure to Europe's stressed countries.

Federal bank regulators moved ahead with an effort required under Dodd-Frank to reduce reliance on credit ratings in assessing risk on bank's trading books.

On the eve of a key Senate vote on the nomination of Richard Cordray to head the Consumer Financial Protection Bureau, Democratic supporters sought to turn up the heat on their entrenched Republican colleagues.

The Financial Stability Oversight Council, the newest, largest, and surely the most unusual multi-member agency ever to be created by Congress, has begun its work. Comprised of ten voting members — the secretary of the Treasury, the chairman of the Federal Reserve Board, the heads of the independent financial regulatory agencies, and a presidential appointee with insurance expertise — and five "advisory" nonvoting members, the FSOC has been given the mission, broadly stated, of protecting the financial stability of the United States.

Lower failure activity drives spending decline, but agency adds resources for Dodd-Frank implementation.