Regulation

WASHINGTON — Virtual currency made another significant step Tuesday toward becoming legitimate in the eyes of regulators as the Conference of State Bank Supervisors finalized a model regulatory framework for the nascent industry.

WASHINGTON — The Consumer Financial Protection Bureau won a preliminary court injunction against several companies that the agency says ran a "debt-relief scheme" that imposed "exorbitant, illegal" fees on consumers, the agency said Tuesday.

Citizens Financial Group in Providence, R.I., has named Christine Cumming, a former Federal Reserve Bank of New York executive, to its board.

The California Department of Business Oversight, which regulates financial services and products, has promoted Debie Abella to head of bank regulation and supervision.

Criminal charges don't scare big banks anymore. Perhaps the Justice Department's fresh commitment to threatening top executives with prosecution will keep them in line.

Brayden McCarthy and Jared Hecht of Fundera argue that the Small Business Borrowers' Bill of Rights, a self-regulatory document written by online small-business lenders, should serve as a template for future government regulation of the sector.

For those wondering where the Republican presidential candidates stand on key banking issues, the answer remains somewhat of a mystery.

Senator Elizabeth Warren is withdrawing her support for a Republican bill that had been on the fast track to bar the Treasury Department from selling Fannie Mae and Freddie Mac preferred shares, according to a person familiar with the matter.

WASHINGTON — Rep. Jeb Hensarling, R-Texas, has requested a study from the Government Accountability Office on the mandate that banks hold stock in the Federal Reserve System.

New York's banking regulator has reached an agreement with four of the banks developing an online message service to store records for potential access by regulators and other officials.