Law and regulation

The Financial Industry Regulatory Authority on Tuesday fined Citigroup Global Markets Inc. $3.5 million in a settlement related to charges of nonconforming residential mortgage-backed securities violations that Citi neither admitted to nor denied.

Bank of America will buy back $330 million of home mortgages from Freddie Mac because the bank did not get full appraisals on some properties, raising concerns that some newly originated loans are not meeting underwriting guidelines.

The Federal Reserve Board has posted a video reminding borrowers that they may be eligible for compensation if they were harmed by the foreclosure process in 2009 or 2010.

The Federal Reserve has ordered Britton & Koontz Capital to obtain the regulator’s approval before making a number of strategic moves.

The Consumer Financial Protection Bureau said May 22 that it plans to issue a rule to expand Regulation E consumer protections for prepaid cards.

Last week, we witnessed the largest initial public offering of a technology company in U.S. history — a company that offers its main service for free, lives entirely on the internet, and is run by a 28-year-old. The euro fell into deeper jeopardy, not merely because of news from the debt markets and at the ballot box, but because Greek and Spanish borrowers reacted to that news in real time, withdrawing much of their euro-denominated savings from domestic banks. And a $2 billion bank loss, based on computer-driven and model-based decision making, almost instantaneously impacted policy discussions and market movements, even before facts became clear.

The Consumer Financial Protection Bureau said Tuesday it intends to issue a rule extending consumer protections under Reg E to general purpose reloadable cards.

Vermont Sen. Bernie Sanders, hoping to capitalize on recent calls for JPMorgan Chase CEO Jamie Dimon to resign from the board of the Federal Reserve Bank of New York, introduced legislation Tuesday that would bar bank industry executives from serving on the boards of regional Fed banks.

Market regulators told Congress on Tuesday that they learned about the trades the same way that everyone else did – by reading press reports.

Lost in all the talk about Dodd-Frank Act's various regulatory pieces is a looming — and transformational — rule around compensation.

WASHINGTON – Four Democratic senators and Delaware Attorney General Beau Biden unveiled a bill Tuesday to offer more credit relief for military families.

The Federal Reserve has lifted a written agreement with Guaranty Bancorp and its bank, which could free the Denver company to retire some of its more costly debt.

Fisher sat down with American Banker to talk about when a bank is too big, if more capital will ever be enough, and why it's time for regulators to go back to simplicity when it comes to crafting a rule to ban proprietary trading.

In a sit-down interview, Richard Fisher, president of the Federal Reserve Bank of Dallas, discusses why too big to fail isn't over yet — and what can be done about it.

The Treasury Department Tuesday cited a Belarus-based bank as potentially having links to money laundering, and proposed barring U.S. banks from opening or maintaining accounts with the institution.

JPMorgan Chase's "London Whale" episode highlights just how much risk is shared by U.S. and U.K. regulators.

Two House Democrats — Reps. Elijah Cummings and Peter Welch — called Tuesday for JPMorgan Chase & Co. (JPM) chief executive James Dimon, along with two figures who played a role in the bank's recent multi-billion-dollar trading losses, to testify before Congress.

Lots of ink has been spilled over the loss of at least $2 billion in JPMorgan Chase's Chief Investment Office in London. And nothing, so far, has been learned.

The announcement is surprising as it follows so soon after hefty penalties were assessed against many other banks for their overdraft programs.

James Freis was dismissed from his position as director of the Financial Crimes Enforcement Network last week after refusing to step down, a person familiar with the situation confirmed Monday.