Law and regulation

Sen. Sherrod Brown, the top Democrat on the Senate Banking Committee, sharply criticized Wells Fargo on Friday for failing to respond to questions about the phony-accounts scandal, including when the board and top executives first learned of the illegal sales practices.

The Consumer Financial Protection Bureau has formally appealed an October court ruling that undercut the agency's independent status, arguing that the decision laid out a theory of separation of powers without precedent in case law or the Constitution.

The Federal Reserve is slamming a wedge into the revolving door between government and Wall Street, by placing several restrictions on former officials who go to work for financial services firms.

Smaller banks risk falling behind if they do not make space for financial innovation, Comptroller of the Currency Thomas Curry warned Friday.

For all of the sophisticated ways criminals might try to launder money, banks still need to defend against low-tech methods that aren’t easy to track.

American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.

WASHINGTON — Sen. Elizabeth Warren, D-Mass., sharply criticized President-elect Donald Trump's transition team on Thursday, saying he has reneged on his promises to "drain the swamp" and instead has put "swamp monsters" in charge.

Banks are butting heads with consumer groups and fintech firms over the need for new regulations governing the use of financial data.

Banks already have a difficult time collecting data on mortgage lending to minorities. New data requirements scheduled to take effect in early 2018 could lead to even more mistakes — and financial penalties — not to mention higher compliance costs and longer delays in closing loans.

Carter Bank in Virginia had been enjoying record profit until it was ordered to beef up Bank Secrecy Act compliance. The institution is the latest community bank to take a hit from enhanced oversight.

WASHINGTON – Progressive Democrats sent a letter to congressional leadership on Thursday urging them not to pass a budget bill that would reform the Consumer Financial Protection Bureau and other components of the Dodd-Frank Act.

Federal Reserve Chair Janet Yellen has promised to serve out her term heading the central bank until it expires in 2018, ending speculation that she could resign earlier and give President-elect Donald Trump another important appointment to make when he assumes office in January.

Two consumer advocacy groups in California have accused CIT Group's OneWest Bank of failing to provide mortgages and other financial services in minority neighborhoods.

The complexity for large banks trying to improve culture is they are made up of different entities with competing missions and therefore competing cultures.

JPMorgan Chase has agreed to pay about $264 million to settle U.S. allegations that it hired children of Chinese decision makers to win business in violation of anti-bribery laws.

A long-awaited report by the Federal Reserve’s Office of Inspector General found “significant variability” between regional banks’ willingness to consider dissenting supervisory views, and said the challenges facing the New York Fed are especially daunting.

The Home Equity Mortgage Conversion program experienced a huge swing in its net worth during the fiscal 2016 year, plummeting from a value of $6.8 billion in fiscal 2015 to negative $7.7 billion.

The Consumer Financial Protection Bureau issued a proposal Thursday that asks the public to weigh in on consumer access to financial information, part of a fight between banks and fintech companies about the sharing and control of consumer records.

WASHINGTON — Sen. Elizabeth Warren said this week that Republicans would be making a grave mistake if they try to gut the Consumer Financial Protection Bureau, saying that the agency embodies the same populist wave that helped elect Donald Trump.

House Financial Services Committee Chairman Jeb Hensarling recited a litany of priorities for his panel next year, touching on everything from the very broad, like housing finance reform, to the specific, including targeting a proposal to rein in payday lending.