Regulation

WASHINGTON — The Consumer Financial Protection Bureau announced Thursday that it had hit Clarity Services, a Florida-based consumer credit reporting company, with an $8 million fine over Fair Credit Reporting Act violations.

House lawmakers overwhelmingly passed a major, five-year highway spending bill Thursday afternoon that includes several key relief measures for community banks.

Sen. Sherrod Brown took to the Senate floor Thursday afternoon to reiterate concerns over the Republican effort to move financial reform legislation through a must-pass spending bill.

WASHINGTON — Small banks are being crushed under the weight of regulations associated with the Dodd-Frank Act, Federal Reserve Chair Janet Yellen acknowledged Thursday, but regulators are working to reduce that burden.

Contrary to industry representatives' opinion, overdraft rules are necessary for a service that has become a revenue driver for banks.

In a report assessing the impact of a 2009 reform law, the agency cited concerns on debt collection, deceptive rewards programs and so-called deferred interest products.

Several lawmakers criticized efforts to include controversial banking policy riders in a yearend deal on Wednesday evening.

The availability of home loans for low credit score borrowers remains very tight by historical standards but there might be some loosening in 2016 if the Federal Reserve begins raising interest rates.

The Federal Reserve’s regional banks are reporting a moderate but noticeable overall boost in demand for both commercial and consumer loans and financial services in recent months.

The sweeping, five-year highway bill may include some key concessions for small financial institutions, but the deal has left many in the industry frustrated. Here's why.