Regulation

Sens. Elizabeth Warren, D-Mass., John McCain, R-Ariz., Maria Cantwell, D-Wash., and Angus Kin, I-Maine proposed a bill that would reinstate the Depression-era Glass-Steagall Act, and analysts believe the legislation will not pass Congress.

The Federal Deposit Insurance Corp. took seven enforcement actions and freed 13 banks from orders in June, according to a list of regulatory actions released Friday.

State laws requiring money-transmitter licenses have raised the barriers to entry for startups trying to compete with banks and entrenched companies like PayPal. But by keeping out smaller, more nimble payments companies, state regulators could affect the banking industry's long-term innovation and growth.

Richard Whiting, executive director and general counsel of the Financial Services Roundtable, has announced he will step down early next year.

The Office of the Comptroller of the Currency will be losing one of its top economists at the end of the month, according to an internal agency memo.

Visa Inc., which operates the world's biggest electronic-payments network, was sued by Wal-Mart Stores Inc.'s Asda unit, William Morrison Supermarkets Plc and Arcadia Group Plc over payment-processing fees.

New York financial regulator Benjamin Lawsky is joining the crackdown on the collection industry, proposing new rules that would tighten record-keeping requirements and other collection practices for banks and third-party debt buyers.

The conservator of Fannie Mae and Freddie Mac late Thursday announced an $885 million settlement with UBS Americas of charges that the firm misrepresented the quality of private-label mortgage-backed securities Fannie and Freddie bought during the housing boom.

New York financial regulator Benjamin Lawsky has proposed rules that would require improved record keeping and overhaul other practices at banks and third-party debt collectors.

Sen. Elizabeth Warren has joined the call to bring back a Depression-era law that separated commercial and investment banking, but enactment of her legislative proposal is highly unlikely.