Regulation

Last week, the Public Company Accounting Oversight Board held its first public hearing relating to its 2011 findings that all of the Big Four CPA firms [Ernst & Young, KPMG, Deloitte & Touche and PricewaterhouseCoopers] have failed to follow generally accepted accounting principles and frequently lack independence from management.

For now at least, the Obama administration is declining to endorse legislation by Illinois Sen. Richard Durbin that would allow borrowers to discharge their private student loan debt in bankruptcy. But Treasury Secretary Tim Geithner sounded sympathetic to Durbin's argument.

Senate Democrats are taking a final stab at confirming appointees to the FDIC, OCC and Fed before the Senate adjourns at the end of the week.

Coming off two straight profitable quarters and flush with capital from its recent public stock offering, HomeStreet Bank (HMST) in Seattle is back in the good graces of its regulators.

WASHINGTON — Consumer Financial Protection Bureau Director Richard Cordray said Wednesday that a bill to clarify protections for privileged information provided to the bureau could become law by the end of May.

The Treasury secretary suggested Wednesday that a forthcoming rule will not spark the exodus of deposits by foreigners that some are predicting.

The largest banks are charging relatively high interest rates to borrowers that qualify for a government refinance program, according to analysts, who say that the trend bodes well for mortgage profits in the second quarter.

The New York banking giant has recently held its April annual meetings in Manhattan. But to celebrate its 200th anniversary this year, CEO Vikram Pandit is heading to Dallas to tell investors why he still can't raise their dividend.

Despite all of the new powers at their disposal, regulators continue to emphasize simplified and standardized disclosure as a critical tool to ensure consumers get a fair deal.

Mackinac Financial (MFNC) in Manistique, Mich., will raise up to $18 million through a common stock rights offering and a securities purchase agreement with an investor.