Regulation

A crime ring based in New Jersey created thousands of fake identities to obtain 25,000 credit cards and steal more than $200 million in one of the largest scams of its type, the Justice Department said.

HSBC's reputation was "crushed" after it agreed to pay $1.92 billion to settle U.S. probes of money laundering in places such as Mexico, Chief Executive Officer Stuart Gulliver said.

A crime ring based in New Jersey created thousands of fake identities to obtain 25,000 credit cards and steal more than $200 million in one of the largest scams of its type, the Justice Department said.

Regulators seem obsessed with preventing false negatives: loans that pass underwriting and then default. They should consider the costs of false positives, i.e., restricting loans that probably would perform fine.

Royal Bank of Scotland will pay about $612 million in fines for manipulating interest rates, the second-largest penalty imposed in a global regulatory probe.

The Europay, MasterCard and Visa (EMV) and Single Euro Payments Area (SEPA) standards don't appear to have a lot in common, but there is one alarming similarity — the tortoise-like pace of migration which threatens deadlines for both.

A unit of United Community Financial (UCFC) in Youngstown, Ohio, has been freed from an enforcement action with the Federal Deposit Insurance Corp. and the Ohio Division of Financial Institutions.

The Federal Deposit Insurance Corp.'s board of directors will consider a proposal next week to clarify the definition of deposits protected by the agency.

Rep. Maxine Waters, the top Democrat on the House banking panel, is asking Rep. Jeb Hensarling, the committee's chairman, to hold a hearing with regulators on the $8.5 billion mortgage servicer settlement announced last month that ended the troubled independent foreclosure review.

A recent court ruling has put CFPB Director Richard Cordray’s job in jeopardy. But who should run the bureau if he has to step down?