Regulation

Edward DeMarco, acting director of the Federal Housing Finance Agency, all but begged lawmakers on Tuesday to begin the process of reforming the nation's housing finance system, saying Fannie Mae and Freddie Mac have been in conservatorship for far too long.

The Senate Banking Committee continued to debate possible housing finance reform strategies at a hearing on Tuesday, including what kind of leadership is needed at FHFA.

About a month after declaring dissatisfaction with Visa or MasterCard's options for a common code to allow routing options for EMV debit transactions, regional debit networks have chosen to work with Discover Financial Services.

The fragile Bitcoin economy will change drastically as companies scramble to obtain the proper licensing in response to guidance from the Financial Crimes Enforcement Network (FinCEN), which categorizes administrators and exchangers of virtual currencies as money services businesses.

The European banks that own Visa Europe are reportedly considering selling the entity to U.S.-based Visa Inc. to clear the way for an eventual rival system in Europe.

Instead of its just releasing out-of-court agreements on request, the Federal Deposit Insurance Corp. has devoted an area of its website for posting settlement documents that will be updated regularly.

The Federal Reserve Board has taken action against a Midwest banking company.

Breaking up big banks as way to score our pound of flesh post-financial crisis could result in increased unemployment, higher credit costs for all and a transfer of risk from banks to lightly regulated shadow financial institutions.

At a confirmation vote on Tuesday morning, the Senate Banking Committee was split down party lines in support of Richard Cordray, director of the Consumer Financial Protection Bureau. The panel voted in favor of Mary Jo White to serve as chairman of the Securities and Exchange Commission, with only one vote against her nomination.

Genesco's $13 million lawsuit against Visa Inc., filed last week in a Tennessee court, has a similar ring to it as a countersuit Cisero's Ristorante and Nightclub in Park City, Utah filed last year against its acquiring bank and processor.