Regulation

The industry is breathing a little easier now that the Supreme Court declined to hear a case that merchants hoped would lead to even lower debit interchange fees.

Altisource Portfolio Solutions promoted John Vella to the new position of chief revenue officer in a bid to grow beyond its relationship with embattled former parent Ocwen Financial.

WASHINGTON — The Supreme Court has declined to take up an appeal from retailers seeking to toughen Federal Reserve Board restrictions on debit interchange fees charged by financial institutions.

A Wall Street lobbying group said President Barack Obama's plan to raise $110 billion over the next decade through a new tax on financial companies could stifle economic growth and make banks less likely to lend.

The Office of the Comptroller of the Currency closed First National Bank of Crestview in Florida on Friday, marking this year's first bank failure.

The Federal Trade Commission announced its largest-ever payday lending settlement on Friday, as two companies agreed to pay $21 million and waive another $285 million in charges that were never collected from customers.

Industry officials insist the Federal Reserve's extension of a key compliance deadline was meant to aid the implementation process, but critics say it could lead to another effort on Capitol Hill to roll back key chunks of the controversial regulation.

WASHINGTON — The Federal Reserve announced the formation of a federal advisory council to examine and advise the board on matters related to community and consumer affairs.

A recap of the informed opinions (and the discussions they generated) on BankThink this week.

U.S. travelers may soon be able to hop on flights to Havana, but it will take much more time for the banking industry to feel the full impact of the Obama administration's new rules on economic links with Cuba.