Compliance

In comments to the Treasury Department, traditional financial institutions are calling for more oversight of an industry that is fast becoming a big competitive threat.

The National Credit Union Administration has served three former credit union employees with prohibition orders barring them from working for any federally insured financial institutions.

Community banks merit more regulatory relief, particularly those that hold mortgage originations. That was a key message from James Bullard, St. Louis Fed president, during a community banking conference in St. Louis hosted by the Federal Reserve Board and the Conference of State Bank Supervisors.

Bankers need to show they are in control of relationships with outside vendors, must be ready to respond to M&A-related protests and should be as concerned about economic growth as interest rates, according to the St. Louis Fed's supervisory chief.

A new survey reveals a wish-list for anti-money laundering specialists to help ease their process of assessing customer risk, a major concern as mobile technology and virtual currency play a larger role in the payments market.

The Consumer Financial Protection Bureau is working with other regulators on examiner guidance to help ensure that the agencies enforce new mortgage disclosures in a "corrective" manner, not a "punitive" one, Director Richard Cordray said Tuesday.

After plenty of grumbling, the U.S. financial industry has finally begun the slow trundle toward faster payments for all. Same-day payments were approved by members of the industry group Nacha in May, approved by the Federal Reserve earlier this month, and will begin going into effect in September 2016.

WASHINGTON — The Consumer Financial Protection Bureau is working with other regulators on examiner guidance to help ensure that the agencies enforce new mortgage disclosures in a "corrective" manner, not a "punitive" one, Director Richard Cordray said Tuesday.

Lawmakers from both political parties on Tuesday sharply criticized the Consumer Financial Protection Bureau's attempt to restrict or eliminate auto dealers' ability to markup a loan by citing their partnering lenders, arguing it would result in higher prices for consumers.

The government appears to be speeding toward establishing uniform standards for student loan servicers in light of reports of pervasive problems in the administration of both private and federal loans.