Regulation

The Federal Reserve Board named Michael Gibson as the new director of bank supervision. Current director Patrick Parkinson set to retire, ending his 30-year career.

An Illinois man filed a lawsuit in St. Clair County (Ill.) Circuit Court seeking a judgment of more than $1.5 million in punitive and compensatory damages against several banks and collection agencies.

"It would be hard to imagine a more thorough rebuke of how America's Securities and Exchange Commission … tries to discipline financial firms," The Economist’s Schumpeter blog says of New York District Judge Jed Rakoff's rejection of Citigroup's settlement with the SEC.

Edward DeMarco, acting director of the Federal Housing Finance Agency, on Tuesday named Richard Hornsby as chief operating officer and Jon Greenlee as deputy director of enterprise regulation.

The House Financial Services Committee is asking the new consumer bureau for a detailed account of its spending to date, and plans for funds it has received but not yet spent.

Most people did not observe Bank Transfer Day, a survey found, but customers who follow through on plans to close accounts could still sting banks.

The Office of the Comptroller of the Currency released a proposal Tuesday that would remove references to credit ratings from its regulations, and posted guidance to help banks evaluate investment risks.

The banking industry is strongly supporting a bill that would allow independent appeals of examinations — an idea anathema to banking regulators.

An OWS subgroup discusses what would constitute a truly “alternative bank,” how much could be borrowed from the credit union, community bank and mutual models, and how to take it several steps beyond.

The Consumer Financial Protection Bureau is seeking input on ways to streamline regulations under the consumer financial laws it inherited from other regulators under the Dodd-Frank Act.