Regulation

WASHINGTON — Federal regulators are not moving fast enough on fintech, prompting Rep. Patrick McHenry to introduce a bill designed to give them a push.

Banks are dumping their mortgage servicing rights because low rates and new rules make it hard to earn a profit. SunTrust, Flagstar and First South Bancorp in North Carolina are taking the opposite view.

WASHINGTON — Democratic Senators sent a letter Thursday to the Department of Labor requesting an investigation into possible labor violations at Wells Fargo related to unpaid overtime and other abuses that came to light after articles by the Los Angeles Times and a regulatory settlement announced two weeks ago.

Despite several attempts over the past two weeks, Wells Fargo has been unable to quell the furor surrounding revelations that thousands of employees opened millions of phony accounts. Here's why.

Other investigations related to Wells Fargo may prevent the Consumer Financial Protection Bureau from sharing confidential information with House investigators, Director Richard Cordray said Thursday.

Former Federal Reserve Chairman Alan Greenspan said sweeping post-crisis reforms of the U.S. financial system haven't fixed the problem they were designed to tackle and should be scrapped, escalating his long-standing criticism of the 2010 Dodd-Frank Act.

The Wells Fargo scandal is more reason for officials to tighten policy on anti-tying measures to put a stop to overly aggressive sales methods.

Wells Fargo's board was accused of breaching its duty to investors in a lawsuit that also names Carrie Tolstedt, the executive whose community banking unit created unauthorized customer accounts to reap extra fees.

In 2010, lawmakers passed reforms to bring transparency and competition to a swipe fee market that had been devoid of both. Now, they want to undo that progress.

Republican lawmakers are pushing back against claims by the Consumer Financial Protection Bureau's allies that it rooted out fraud at Wells Fargo, arguing the L.A. City Attorney and the Los Angeles Times brought the situation to light.