Regulation

HSBC (HBC) is overhauling its unit that oversees compliance with laws designed to deter financial crime, and putting a former Treasury Department official in charge of it.

Typical acquirers — including banks, processors and independent sales organizations — stand to lose up to 5% of their business next month because of problems with Internal Revenue Service 1099K reporting, a tax expert says.

Congressional approval for a two-year extension would, among other things, prevent more uncertainty, minimize deposit concentration and maximize financial stability.

Patrick Pinto, a former vice president at Oxford Collection Agency, was arrested on a federal criminal complaint charging him with conspiracy to commit bank bribery during his time with the company.

Housing advocates say a gap has opened between the relief the five big mortgage servicers agreed to provide under a $25 billion settlement and what borrowers are seeing on the ground.

As policymakers negotiate to avoid the fiscal cliff, bank lobbyists are fighting to extend TAG, the Obama administration is facing a nearly defunct FHA, and Chicago will become the first city in the country to directly report information to the CFPB.

With the help of technology and the FHFA, the CFPB can create Dynamic Disclosures for consumers. Better information will put borrowers on an equal footing with lenders, making non-Qualified Mortgage loans safer to originate.

Financial institutions and consumer groups are each trying to influence a report that will help determine the rules for settling customer disputes.

Senator-elect Heidi Heitkamp may be the next in line to join the Senate Banking Committee.

Comptroller Tom Curry said the agency has worked to address several concerns from staff after a recent survey — the first being stepping up internal communications by senior management.