Policy & Regulation

Dodd-Frank will prove hugely expensive and still fail in its main mission of preventing the next financial crisis. Blame Washington and its flawed assumption that it can micro-manage the banking system.

Regulators have longed encouraged banks to make small-dollar loans to people who otherwise lack access to credit. But testimony before Congress makes clear that their efforts are faltering.

Sen. Richard Shelby, the Alabama Republican, wants to require a deeper analysis of costs and benefits before financial regulations can be imposed.

Credit card company Discover Financial Services has been a frequent buyer in the past year as it tries to expand beyond its traditional card lending and network roots. But now it is developing new businesses internally, including a new online checking account it plans to launch at the end of 2012.

Revised lending data released Thursday by the Federal Reserve Board showed a much bigger role for the government-sponsored enterprises than previously estimated.

Some of the biggest players in banking's mortgage-finance assembly line — including JPMorgan Chase & Co., Citigroup Inc. and Credit Suisse Group — are asking a federal judge to dismiss a nearly $2 billion civil fraud lawsuit filed by the trustee of a defunct mortgage lender.

International Bancshares Corp. is closing 55 grocery-store branches in response to a new Federal Reserve rule that will cap what many banks can charge merchants for debit card transactions, the Laredo, Texas-based bank announced Sept. 22.

International Bancshares Corp. in Laredo, Texas, announced Thursday that it is closing 55 grocery store branches in response to legislation that will cap what banks can charge merchants for debit card transactions.

Citigroup CEO Vikram Pandit has been named incoming chairman of The Clearing House Supervisory Board for 2012.

At year end 2010 Bank of America had $2.3 trillion in assets, $230 billion of capital, 57 million customers, ranked among the top firms in nearly every major growth market in the U.S., employed 288,000 people, made $150 billion of community development loans a year, donated $200 million to charity annually, and was one of the largest home lenders in the nation.