Regulation

Former White House Chief of Staff Jacob J. Lew won Senate confirmation to become U.S. Treasury secretary, a job that will immediately thrust him into fights with Congress over the country's debt limit, spending cuts and a threatened government shutdown.

Housing counselors grilled mortgage settlement monitor Joseph A. Smith on why banks are not disclosing data that would show whether communities hit hardest by the foreclosures crisis are getting the bulk of the relief.

Federal Reserve Board Chairman Ben Bernanke accepted responsibility on behalf of regulators Wednesday for a troubled independent foreclosure review process that has delayed payments to borrowers for nearly two years.

Rep. Maxine Waters, the top Democrat on the House banking panel, signaled her support for two key credit union bills to expand business lending and access supplemental capital.

Large banks have been relatively inactive in the market for targets with less than $2 billion of assets, once a staple.

Nearly a year after legislation let more banks stop filing with the SEC, management teams continue to evaluate lower costs against having to move to lesser-known stock exchanges.

The fact that the bulk of the relief from the national mortgage servicing settlement is going to short sales is a huge victory for the economy, consumer advocates' howls notwithstanding.

Smaller financial institutions should lend outside of a new ultra-safe class of mortgages created by the Consumer Financial Protection Bureau, according to Richard Cordray, the agency's director.

Sen. Elizabeth Warren defended the CFPB during a speech on Wednesday, imploring credit unions to lend their support for the agency's director Richard Cordray ahead of a contentious confirmation battle.

Directors can stay ahead of the curve by visiting the "factory floor," aligning compensation with compliance and requiring explanations when business management fails to self-identify issues.