Regulation

Bank of America, sued by U.S. attorneys in August over an $850 million mortgage bond, faces three additional Justice Department civil probes over mortgage-backed securities, according to two people with direct knowledge of the situation.

In a 113-page brief filed with the U.S. Court of Appeals, the Fed argued it had followed congressional intent in drafting the provision required under the Dodd-Frank Act, which mandated that the central bank establish how much banks can charge merchants in interchange fees for debit cards.

The Consumer Financial Protection Bureau's Director Richard Cordray said Monday that the agency has been in contact with vendors and they should be ready to comply with the qualified-mortgage rule by January.

Prudential Financial has opted not to appeal a decision made by U.S. regulators to label the firm as a risk to the financial system.

The Treasury Department wants to hire someone to help manage risks and protect against losses on federal programs, according to an internal memo.

Bankers must resist the urge to obsess over the hassles of QM and other new rules, says Jeff Plagge, the new chairman of the American Bankers Association and CEO of Northwest Financial in Iowa. Doing so distracts them from adequately serving customers and contributing to economic growth, he says.

CFPB director Richard Cordray told attendees at the American Bankers Association's annual conference that the bureau will be flexible with banks that make "good faith" efforts to comply by January.

The Federal Reserve Board and the Federal Deposit Insurance Corp. are expected to release a proposal that would require the biggest U.S. financial institutions to hold long-term debt that could be converted to equity should a bank fail.

It’s almost impossible to disclose the exact amount of third-party fees that will be charged for delivering money when those third parties may include a village council or military authority.

JPMorgan Chase's record $13 billion settlement has significant implications for the financial industry, but they may not be what casual observers expect. Following is a guide to the key takeaways from the deal.