Regulation

Federal Reserve Board Gov. Jeremy Stein said regulators should not abandon the current reform agenda designed to eliminate "too big to fail."

Steve Antonakes, the Consumer Financial Protection Bureau's Acting No.2, reassured executives at the American Bankers Association's government relations summit over the impending mortgage rules and the examinations that will follow.

As expected, the U.S. House of Representatives on Thursday passed a controversial bill that aims to bolster the nation's defenses against cyber threats.

Ontario, Canada Consumer Minister Tracy MacCharles wants to crack down on debt settlement firms through a bill that would ban them from charging upfront fees and give consumers a 10-day period to cancel contracts.

The narrative favored by politicians, regulators and bureaucrats is that private banks caused the financial crisis of 2008. The Federal Reserve Chairman and Treasury Secretary stopped the market panic and a repeat of the Great Depression, then politicians and regulators implemented a plan that will maintain a sound financial system. The economic ship of state is stable, under full steam and accelerating.

The settlement, which follows an earlier deal with market leader Assurant, will prevent the insurers from giving banks commissions, free services, and reinsurance deals in order to win their business.

Federal Reserve Board Gov. Daniel Tarullo said Thursday that his top concern continues to be access by the largest financial firms to wholesale funding markets that can tip off runs and liquidity freezes.

Their only concern is that regulatory burdens remain high enough to prohibit competition, but low enough to protect revenues and profits.

In Russia, there's a large potential for U.S. payments providers willing to brave country's complex tech infrastructure and a national ID and payment card initiative that's still a work in progress.

Steve Antonakes, the No.2 at the Consumer Financial Protection Bureau, spent an hour with bankers on Wednesday attempting to ease concerns about impending mortgage rules and the examinations that will follow.