Regulation

Bank of America Corp., once the nation's largest residential mortgage lender, has dropped to third place, defeating the original purpose of its ill-fated takeover of Countrywide Financial Corp.

Regulators are keeping a close eye on how smaller banks handle commercial lending and regulatory changes stemming from the Dodd-Frank Act, officials from various agencies told attendees at the Risk Management Association's annual conference.

Following growing protests from small merchants against credit card companies, South Korea’s major card networks announced Oct. 17 that they would cut the interchange fees they collect from such merchants, confirms an official at the Credit Finance Association of Korea, which represents card companies, banks and insurers.

The Federal Reserve Board's Beige Book showed fewer loans to consumers as Americans focused largely on paying off their debt.

WASHINGTON — Sen. Dick Durbin is calling on Wells Fargo to explain why it needs to impose new debit card fees when it posted a 21% increase in third quarter profits.

Washington's newest super-agency, the Consumer Financial Protection Bureau, sprang into life in July. That bureau was granted remarkable powers by Congress. Consumers and businesses alike will depend on the stability and effectiveness of the new bureau. However, Congress unwittingly may have infected the bureau with the equivalent of a latent computer virus that could damage the CFPB's ability to function, and shatter the expectations of its supporters.

Hubert Humphrey, the former Minnesota attorney general, will serve as director of the CFPB's Office of Older Americans.

Rick Perry, Herman Cain and Mitt Romney all played defense on the issue of bailouts during last night's Republican debate.

The policy focus should be how to ensure no single financial institution becomes a single point of systemic failure – not how to mitigate the fallout when a SIFI fails.

TCF Financial Corp. in Wayzata, Minn., has promoted its chief risk officer, Barry N. Winslow, to head of corporate development as part of a broad management realignment aimed at better competing in an increasingly challenging banking climate.