Policy & Regulation

The measures, which passed the House Financial Services Committee with bipartisan support, reopen last year's debate on regulating derivatives.

Federal Reserve's Beige Book shows U.S. consumers continued to take steps to refinance their homes just as commercial mortgages saw an uptick in demand — a strong reversal from this summer's economic readout.

There are signs that community bankers and regulators are trying to thaw relations. But uncertainly over the Dodd-Frank Act and longstanding distrust remain impediments to tangible progress, observers say.

Acquirers representing merchants such as coffee shops and quick-service restaurants may be paying more in interchange for some small-ticket transactions under the Federal Reserve Board’s reduced debit rates than they are for cards exempt from the new rate cap, notes an attorney who frequently deals with clients in the payments industry.

The SEC isn't likely to accede to foreign pressure and adopt international accounting standards anytime soon, but its actions are steadily bringing U.S. rules in line.

The consumer agency said Wednesday it plans to begin taking consumer complaints related to mortgages on or around Dec. 1. The CFPB plans to use those complaints as a basis for new rules.

Associated Bank in Green Bay, Wis., has agreed to pay $13 million to exit a class-action lawsuit that accuses it and other issuers of processing debit card transactions in a manner that maximized fees from overdrafts.

The Federal Reserve Board named Michael Gibson as the new director of bank supervision. Current director Patrick Parkinson set to retire, ending his 30-year career.

An Illinois man filed a lawsuit in St. Clair County (Ill.) Circuit Court seeking a judgment of more than $1.5 million in punitive and compensatory damages against several banks and collection agencies.

"It would be hard to imagine a more thorough rebuke of how America's Securities and Exchange Commission … tries to discipline financial firms," The Economist’s Schumpeter blog says of New York District Judge Jed Rakoff's rejection of Citigroup's settlement with the SEC.