Law and regulation

WASHINGTON — Bankers' banks have joined the list of supporters for an extension of the transaction account guarantee program, which provides unlimited deposit insurance for noninterest bearing checking accounts.

PNC Financial Services Group has agreed to pay $90 million to settle a class action relating to its overdraft protection practices.

The banking industry, facing a rash of lawsuits over fee-disclosure signs on ATMs, is hoping for help this week both from Congress and the Supreme Court.

The company's fixed network fee penalizes merchants that route debit transactions to any competing network, and subverts the competition that the Durbin amendment was designed to foster.

The Federal Reserve Board has issued enforcement orders against two community bank holding companies requiring them to serve as sources of strength for their struggling bank subsidiaries.

John Allison's new book will examine the causes of the 2008 financial crisis and argue against excessive bank regulation. The announcement comes a day after Allison was tapped to lead the Cato Institute, a libertarian think tank.

The House Financial Services Committee votes Wednesday on a bill that would help banks avoid a rash of frivolous lawsuits over ATM fees. The following day, the Supreme Court is expected to issue a ruling that could have a similar effect as the legislation.

The Basel Committee on Banking Supervision issued a final directive to clarify how global banks must disclose the capital they use to meet regulatory requirements under Basel III.

A small Chicago bank that is largely owned by the members of an area church has warned that it could fail if it does not raise additional capital.

Big banks will soon begin submitting living wills to Washington regulators. The initial drafts should give important clues about the shape of the final documents and how effective they're likely to be in ending "too big to fail."

Do you ever have that recurring dream that it's almost the end of the semester and you have yet to write a 2,000-page essay about your death? Or is that just me and maybe a handful bank officers?

Also, it's OK just to make transactions easier and cheaper, even if consumers don't "graduate" to a bank account. And eight other lessons from the premier conference in this space.

Monitise PLC officially completed its acquisition of Clairmail Inc. on June 26, the mobile banking and payments providers announced.

Regions Financial is trying to make its products easier for customers to understand, in the latest example of a bank simplifying its disclosures.

The banking unit of Pinnacle Financial Partners (PNFP) in Nashville, Tenn., has filed an application to convert from a national charter to a state one to "simplify communications with regulatory authorities."

First Horizon National (FHN) in Memphis said Monday that it will take a $272 million charge in the second quarter primarily for mortgage repurchases from Fannie Mae and Freddie Mac.

The Basel Committee on Banking Supervision is currently entertaining tougher capital rules for certain types of construction and commercial real estate loans. If the rules go through, they could ice small banks' plans for returning to profit growth.

Foreign banks are sending letters to U.S. residents who have accounts, requiring that these customers waive secrecy rights and pressuring them to report on the accounts to the IRS.

Thousands of pages will soon arrive in Washington in the first round of living wills for systemically important firms. Many observers say these initial drafts could shape future standards and determine the wills' effectiveness in ending "too big to fail."

The Treasury Department is auctioning off shares it owns in seven more community banks still left in the Troubled Asset Relief Program and at least five of the banks intend to bid on all or some of the shares themselves.