Policy & Regulation

Security Group was fined $5 million for abusive collection tactics; the Dutch payments company is now valued at nearly $16 billion.

The CFPB ordered Security Group Inc. to pay $5 million for making illegal threats, including that consumers could go to jail.

In his inaugural hearing as comptroller of the currency, Joseph Otting defended his decision not to publicly rebuke banks for Wells Fargo-like problems.

Federal Reserve Chairman Jerome Powell said the agency has its hand full between proposals on liquidity and capital requirements and additional mandates made by the recently enacted regulatory relief law.

The agency will have to rework its strategy for amending its payday lending rule after a federal court rebuffed efforts to stop the rule from going into effect.

The House Financial Services Committee is preparing to vote on legislation to modernize anti-money-laundering rules, but the latest version of the bill excludes a key provision involving the collection of beneficial ownership information.

Acting CFPB Director Mick Mulvaney had sided with two industry trade groups that sued the CFPB in April to invalidate the tough restrictions.

Republican congressmen Blaine Luetkemeyer and Steve Pearce say their new legislation would update anti-money-laundering and counterterrorism requirements for small financial institutions.

Rep. Darrell Issa, the Republican lawmaker from California, is among the candidates who have been discussed as President Trump gets closer to naming someone to run the Consumer Financial Protection Bureau, according to people familiar with the matter.

Almost half of systemically important financial institutions are trading in bear territory; bank is accused of overcharging customers for mortgage-backed securities.