Regulation

Big banks' alleged manipulation of Libor may have been unethical, but the FDIC faces long odds in proving that their actions caused community banks to fail.

WASHINGTON — The Senate Banking Committee voted Tuesday to advance three nominations to the Federal Reserve Board.

The Senate Banking Committee will delay a vote on its highly anticipated legislation to overhaul the housing finance market, a Senate aide confirmed Tuesday morning, just hours before the markup was scheduled to begin.

The deal’s approval following months of uncertainty represents a significant milestone in the DOJ’s controversial Operation Choke Point probe.

The debit networks and card brands have largely resolved two years of debate over routing EMV debit cards, but an ongoing court battle over debit fees and routing makes the full scope of their responsibilities unclear.

General Motors CEO Mary Barra has been out front and center during the auto manufacturer's massive recalls this year. Most bank chiefs appear less willing to be the public face of a disaster — with the notable exception of HSBC USA's Irene Dorner.

Observers expressed alarm over Monday's announcement that Bank of America submitted incorrect information to the Federal Reserve Board for its stress tests, saying it raises doubts about the credibility of the test.

The OCC plans to increase examination fees for the first time in nearly 20 years for institutions with over $40 billion in assets, a step the agency says is necessary because of its expanded role under the Dodd-Frank Act.

The Justice Department is grabbing the spotlight with Operation Choke Point, a controversial investigation that's drawing U.S. banks deeper into the fight against consumer fraud. But below the radar, another federal agency is tiptoeing in the same direction, and again drawing stiff opposition from the banking industry.

Other payments fights are grabbing more headlines, but banks are pushing hard against the Federal Trade Commission's proposed ban on the use of remotely created checks by telemarketers.