Regulation

The Federal Financial Institutions Examination Council announced today that it will conduct cybersecurity assessments later this year.

The Financial Stability Oversight Council on Wednesday expanded its transparency policies in an attempt to address criticism that it is a secretive group with minimal oversight.

In a first, the state's financial firms will be required to undergo regular cybersecurity assessments to ensure that they are appropriately protecting customers' data. Banks support the effort — even if it forces them to boost IT spending.

Mortgage debt held by the elderly has soared over the past decade, driven in part by the foreclosure crisis, the Consumer Financial Protection Bureau said in a report Wednesday.

Banks and financial companies must "remain vigilant" against data breaches and other threats, and "there's still a lot of work to be done" to get more cybersecurity help from the government, according to Financial Services Roundtable CEO Tim Pawlenty. In this interview, Pawlenty discusses how his trade group is working with banks, retailers, regulators and legislators to improve the industry's response to hacker attacks.

The House of Representatives on Tuesday approved a bill that aims to make it easier for Somali-Americans and other immigrants to send money to friends and relatives in their home countries.

Higher regulatory and compliance costs may push more small banks to sell themselves or merge with larger institutions. But so far, community bank consolidation rates are following historical patterns.

WASHINGTON — Federal Reserve Board Chair Janet Yellen raised financial stability concerns Wednesday about a key benchmark rate that has remained at historically low levels since 2008.

Collateralized loan obligations outperformed in the crisis. If regulators can exempt a vast swath of mortgages from risk-retention requirements, surely they can do the same for senior, secured corporate loans.

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