Regulation

Ally Financial is "on par" with any top-tier financial company — as long as analysts ignore the massive mortgage problems that made the lender lose $250 million in the fourth quarter, CEO Michael Carpenter says.

Federal Reserve Board Chairman Ben Bernanke on Thursday issued yet another a stark warning to lawmakers: fix the rising deficit before it puts the economy at grave risk.

An operation that marketed prepaid calling cards to immigrants will pay $2.32 million as part of a settlement to resolve charges that they made false claims to consumers about the number of minutes of talk time the calling cards would deliver.

Spurred by the financial crisis and its impact on their constituents, state attorneys general appear to be carving out a new role as de facto bank regulators. This trend, an unexpected fall out of the financial crisis and the passage of Dodd-Frank, may not as yet be fully appreciated. However, it seems increasingly clear that state AGs will be important arbiters of the way banks do business on a going forward basis.

A new study analyzing data from 15 years of state bank examinations has sparked a debate whether state regulators are not as tough as their federal counterparts.

With all the twists and backroom turns, government officials’ quest for a settlement and restitution from banks and mortgage servicers is starting to resemble a 1960s screwball comedy.

Regulators raised objections Wednesday with a House bill that would set up an independent appeals process for banks.

First Data expects its Star PIN-debit network to benefit this year when the last measure of the Durbin amendment takes hold on April 1, requiring financial institutions with more than $10 billion in assets to have at least two processing networks on their debit cards.

As banks continue to shed their private equity portfolios for regulatory and other reasons, PNC spin-off Incline raises money for a new investment fund and continues to work with its former owner.

Republicans and Democrats on the House Oversight Committee clashed Wednesday over whether the president violated the Constitution when he used recess appointments to fill top vacancies at the CFPB and National Labor Relations Board last month.