Regulation

The chair of the Federal Reserve said that though it takes the Community Reinvestment Act "very seriously," it is looking at possible changes to the rules implementing the 1977 anti-redlining law to address concerns that it is too lax.

WASHINGTON — After months of declining industry and congressional pleas to delay an impending rule combining two mortgage disclosure regimes, the Consumer Financial Protection Bureau on Wednesday announced a two-month delay due to an "administrative error."

Treasury Secretary Jacob Lew downplayed concerns by House Republicans Thursday that financial regulation is a key driver in spurring recent market volatility and a possible reduction in liquidity.

Six servicers were cited for a range of infractions, including a failure to respond to requests for loan modifications and not doing enough to prevent foreclosures. Punishment was harsh for Wells Fargo and HSBC, which are banned from acquiring mortgage servicing rights and entering into new servicing contracts.

The Consumer Financial Protection Bureau has sued an Ohio auto lender for alleged bullying tactics in trying to collect debts from military personnel.

Glenn Moyer, the former banking commissioner of Pennsylvania, has joined a banking risk-management consulting firm.

Signature Bank in New York has added former Rep. Barney Frank to its board. The $29 billion-asset company said that Frank filled a seat previously held by Alfred DelBello, a former lieutenant governor of New York who died last month. This is Frank's first appointment to a bank board.

BOK Financial in Tulsa, Okla., and Webster Financial in Waterbury, Conn., each reported that its Tier 1 common equity ratio would remain above regulators' minimum guideline, as regional banks continue to disclose Dodd-Frank Act stress-test results.

Once the government makes the decision to prosecute, it's often to the fullest extent of the law — unless, of course, you head up a megabank.

Payday lending activity increased in California last year, but the size of loans and fees charged both declined, according to a new report from California's banking regulator.