Regulation

Bank of New York Mellon is set to pay a $6 million civil penalty for pledging collateral that was not eligible under an emergency liquidity facility, the Federal Reserve Board said Monday.

Though it caved to First Premier’s lawsuit, the Consumer Financial Protection Bureau has failed to resolve the uncertainty about the rules for credit card fees.

Banks and credit unions are lobbying fiercely over legislation that would allow the latter to expand further into commercial lending.

Joe Smith could choose a large consulting firm as project team leader only and mandate that this firm pick experts and on-the-ground compliance staff from a wider range of outfits.

The Obama Administration argued Friday that the government's response to the financial crisis has been unfairly maligned and is likely to earn money for taxpayers.

Scores of community banks could soon deregister from the Securities and Exchange Commission due to a clause in the newly signed law. But some lawyers warn that activist investors could take advantage of banks that decide to stop filing documents with the SEC.

JPMorgan Chase and Wells Fargo reported surprisingly strong revenue growth on Friday, reversing the slumps of recent quarters. A pickup in mortgage banking returns helped.

Some 350 banks are yet to pay back Tarp funds. A recent auction of preferred shares may signal a way out for the Treasury.

The Senate is preparing to consider legislation that would allow credit unions to engage in more commercial lending, a proposal that the industry has long championed. This proposal is a really bad idea, but because of the political constituency behind credit unions it may actually be passed into law. In the event, the National Credit Union Association and the U.S. taxpayer may be facing significant losses in the future.

As Thomas Hoenig and Jeremiah Norton step into their new Federal Deposit Insurance Corp. roles on Monday, the dynamic for the agency's board could significantly shift.