Regulation

Abacus Federal Savings Bank and more than a dozen of its former employees are facing criminal charges related to a scheme in which it allegedly falsified information on mortgage applications so that unqualified borrowers could secure loans.

The Consumer Financial Protection Bureau said Thursday it was seeking additional comments on the ability-to-repay rule, dashing expectations that a final rule would come by the end of June.

Newly initiated foreclosures by the Federal Housing Administration jumped 247% in April from a year earlier, while the overall number of foreclosure starts fell 3.1% in the same period.

The bill has drawn scrutiny because it would help only one bank, but its congressional supporters brushed off criticism Thursday.

The wash trading suit against the Royal Bank of Canada suggests that the Commodities Futures Trading Commission is taking a broader look at intra-bank trading — and using enforcement to solidify its new authority over exchanges.

The JOBS Act opened the door for more banks to deregister from the SEC. So far, more than 60 banks and thrifts have filed to deregister less than two months after the law was signed.

Preferred Bank (PFBC) of Los Angeles has signed a memorandum of understanding with regulators after a more formal consent order was lifted.

The Financial Crimes Enforcement Network's chief is on his way out. Banks may soon be hearing a lot more from this agency than they have in the last few years.

The Community Mortgage Lenders of America wants the two government-sponsored enterprises preserved in their current form.

The Senate Banking Committee announced Thursday that it had pushed back its hearing with JPMorgan Chase (JPM) chairman and chief executive Jamie Dimon to June 13.