Law and regulation

The five largest U.S. mortgage servicers say they have provided about $10.6 billion in relief to troubled borrowers under the terms of a $25 billion legal settlement over abusive foreclosure practices.

Eastern Federal Bank of Norwich, Conn., has applied to the Connecticut Department of Banking to switch from a federal charter to a state charter.

The political game in Washington might not be one former SIGTARP Neil Barofsky was willing to play, but it suits Wall Street lobbyists perfectly. What are we, citizens and taxpayers, supposed to do now?

OK, here at DFRW we may get wonkish about the nuts and bolts of the Dodd-Frank Act, but let’s face it, the topic unlikely to fire up passion in the average Joe. It’s unlikely we'll hear much about the legislation at the Republican convention in Tampa this week. "Instead, count on hearing in more general terms about overregulation and the burden it imposes on small business," writes American Banker’s Kevin Wack.

GOP Presidential hopeful Mitt Romney wants to repeal Dodd-Frank and replace it with… Dodd-Frank. Confused? You are not alone.

Assurant, facing reviews into whether it overcharges for insurance that some homeowners are compelled to buy, expanded disclosure about its profits after an inquiry from the SEC.

FDIC's Quarterly Banking Profile shows broad improvements in the number of institutions making more loans. But with rock-bottom interest rates squeezing margins, banks yet again looked toward reduced loss provisions to drive earnings.

The Office of the Comptroller of the Currency has released PVF Capital's (PVFC) bank unit from an enforcement order after the Solon, Ohio, bank met capital requirements.

Midsize banks will most likely not have to go through stress tests mandated by Dodd-Frank until September 2013. The rulemaking on the tests has yet to be finalized and regulators want to make sure those banks have enough time to prepare.

Hampton Roads Bankshares finds itself between a rock and a hard place. As a Tarp participant, it has refused to pay severance to several former executives. Several of those officers, including former CEO Jack Gibson, filed lawsuits asserting that their employment contracts preempt the Tarp prohibition.

With their "Project Oscar" mobile payment joint venture remaining uncertain because of a regulator's investigations, major European telcos are turning to traditional payment companies to get back in the mobile payments game. MasterCard's new five-year agreement with Everything Everywhere is a case in point.

Bain Capital's relationship with auditor PricewaterhouseCoopers, though not necessarily inappropriate, is still too casual and in need of more monitoring.

The presidential election is beginning to overshadow most issues. Want proof? Three of the top five stories from last week were directly related to the campaign, including the banking SuperPAC's move to target races and a preview of the political conventions.

The banking industry earned $34.5 billion in the second quarter as continued declines in loan loss expenses outpaced a reduction in net interest margins, the Federal Deposit Insurance Corp. said Tuesday.

As the Republican convention kicks into high gear this week, don't expect the headliners to spend much time discussing the Dodd-Frank Act, much less its specific parts.

Thrift holding companies, industrial loan companies and other limited-charter financial institutions will be subject to a rule, mandated by Dodd-Frank, that will require parent companies to act as a "source of strength."

The Office of the Comptroller of the Currency has issued an enforcement order against Citizens First National Bank that requires the Princeton, Ill., bank to become adequately capitalized or sell itself.

Most of the program's participants are increasing business loans, though some are having to reduce lending rates to book the best loans.

Securities and Exchange Commission Chairman Mary Schapiro may have lost the first round in her push to reform the $2.6 trillion money market mutual fund industry, but the fight has only just begun.

The Dodd-Frank Act gives the Securities Investor Protection Corp. a new role in unwinding failed financial companies.