Law and regulation

Wells Fargo Chief Executive John Stumpf may get a third grilling by lawmakers over the fake-accounts scandal that continues to embroil the San Francisco bank.

WASHINGTON — Bank trading revenue in the second quarter rose by more than 25% from a year earlier to $6.9 billion on rising combined interest rate and foreign exchange revenue, according a report issued by the Officer of the Comptroller of the Currency on Tuesday.

WASHINGTON – Parts of the revised resolution plans of the eight largest U.S. banks were released Tuesday, according to the Federal Reserve and Federal Deposit Insurance Corp.

The bank's fake account scandal is further reason to make the results of Wells' 2012 Community Reinvestment Act exam public.

Information security, internal controls, workforce planning and building renovations are priorities that the Consumer Financial Protection Bureau should quickly address, its inspector general said last week.

Visa, MasterCard and American Express lost an early round of a lawsuit alleging they colluded to pin liability for fraudulent transactions on merchants who didn't meet a chip-reading technology deadline.

Midland States Bancorp in Effingham, Ill., has ended loss-share agreements related to two failed banks it acquired.

Fallout from the Wells Fargo phony accounts scandal has reached Midwest bond borrowers, with Illinois announcing bans on bond and investment work and the Chicago City Council set to consider a moratorium on any bond-related business.

The former secretary of state used the Wells enforcement action to call for tougher standards on Wall Street, restraints on the use of forced arbitration clauses and continued defense of the Consumer Financial Protection Bureau.

A Morgan Stanley unit was accused by Massachusetts officials of forcing its financial advisers into high-pressure sales contests to cross-sell so-called securities-based loans and other products to clients.