Regulation

With the number of bank failures continuing to fall, the agency plans to cut its budget by 15% in 2012.

The nomination of Hoenig, the former Kansas City Fed president, now moves to the full Senate for consideration.

Three former executives of Washington Mutual Inc. have agreed to settle a civil lawsuit stemming from the biggest-ever bank failure for less than 10% of the $900 million that was sought by federal regulators, according to people familiar with the situation.

The Missouri Supreme Court has declined to hear the Missouri Attorney General's appeal of a decision to uphold a trial court’s dismissal of the attorney general’s lawsuit against Portfolio Recovery Associates.

The Texas Attorney General's office on Monday sued Houston-based payday loan collection agency First Integral Recovery, alleging employees claimed the company was tied with law enforcement agencies and the Internal Revenue Service.

Republican presidential candidate Mitt Romney urged Newt Gingrich to return more than $1.6 million he made consulting for Freddie Mac, one of the two government-sponsored enterprises caught up in the housing meltdown.

Litigation fears may impede industry support for shorter credit card term agreements, even though most issuers agree reducing the amount of text is a nice idea.

The Senate Banking Committee has scheduled a vote Tuesday on Thomas Hoenig to become vice chairman of the Federal Deposit Insurance Corp.

The Office of the Comptroller of the Currency has named Morris Morgan the large bank deputy comptroller, the agency announced in a press release Monday.

Expect more debt exchanges and cash tender offers from banks in the coming months. The strategy is rational and the alternatives for generating equity are limited at best.