Regulation

JPMorgan Chase (JPM) has agreed to pay at least $750 million to resolve U.S. and U.K. regulatory probes of its record trading loss last year, people with knowledge of the negotiations said.

The Federal Deposit Insurance Corp. has filed more lawsuits against the directors and officers of failed financial institutions in 2013 than in any year since the recession, according to a Cornerstone Research report released Monday.

Many regulators and pundits overlook the distinct difference between responsible lenders who offer a safe, reliable loan product, and unscrupulous lenders who commit fraudulent acts and scam consumers.

Comptroller of the Currency Thomas Curry strongly supported an accounting proposal on Monday that may force banks to increase reserves based on predictions of credit losses in addition to looking at past performance.

Citigroup could incur $21.2 billion of losses over nine quarters through mid-2015 and stay above minimum regulatory capital levels in a severe financial downturn.

Policy reform efforts will fall short until bankers at the largest institutions stop worshiping complexity, prioritize service and long-term relationships, and encourage employees to pipe up rather than hide problems.

American Express, Wells Fargo and Citigroup are continuing to sell controversial credit card payment protection and monitoring services, even as the industry braces for a second round of regulatory crackdowns.

Having one risk expert on the board’s risk committee is better than none, but a bit like having a general physician in an operating room when a heart surgeon, oncologist or anesthesiologist is needed.

Former Treasury Secretary Larry Summers has withdrawn his name from consideration to be chairman of the Federal Reserve, President Barack Obama said in a statement.

The Office of the Comptroller of the Currency shuttered the $3.1 billion-asset First National Bank in Edinburg, Texas, and it was sold by the Federal Deposit Insurance Corp. in a deal estimated to cost $637 million to the Deposit Insurance Fund.