Law and regulation

Proponents of national servicing standards aren't gaining much traction in their efforts to eliminate conflicts of interest.

A new examination manual from the Consumer Financial Protection Bureau highlights a chapter on procedures for evaluating mortgage servicers.

The Federal Reserve on Thursday announced a prompt corrective action against Anchor Commercial Bank in Juno Beach, Fla., after the bank failed to provide the Fed with an acceptable capital restoration plan.

Independent ATM operators and a trade association have filed a new suit charging that Visa Inc. and MasterCard Worldwide network rules unlawfully prohibit ATM operators from offering lower prices for transactions over PIN-debit networks that are not affiliated with the two companies.

"Face It, Bankers: You're Not Apple" by Andy Sobel [BankThink, Oct. 11, p. 21] contends banking shouldn't focus on innovation and instead should act like the utility sector. It conjures a Prius-driving straw man who only wants his bank to deliver cash from the ATM – "a human right," as utilities deliver water from the faucet.

With millions of American homeowners living under a Sword of Damocles otherwise known as foreclosure, expect to see more protestors turning out to block evictions and sheriff’s sales.

In the 2008 elections, the largest U.S. banks gave far more money to Barack Obama than John McCain, and more generally, favored Democratic candidates over Republicans.But after passage of the Dodd-Frank Act, the same banks are favoring Mitt Romney over President Obama. And they've tilted their contributions more toward Republican candidates.This slideshow looks at changes in campaign-finance trends at the largest banks over the last four years.

HUD is seeking comments on a proposed rule that would allow Farm Credit System lenders the ability to make FHA-backed loans. Since Farm Credit is already a GSE, bankers oppose the proposed rule.

Zombie mortgages, or home loans that are worth more than the underlying collateral of the house, are impeding a recovery in home sales and in the broader economy, according to Barclays Capital chief economist Dean Maki.

Congress should require the Federal Home Loan Banks to pay for an explicit government guarantee on their debt, according to a former GSE regulator and congressman.

President Obama, who has criticized Bank of America specifically and big banks in general, is scheduled to accept his party's nomination in the institution's home town.

In a letter to Attorney General Eric Holder, lawmakers suggest banks have colluded in announcing their fee increases after implementation of the interchange cap.

Savannah Bancorp Inc. in Georgia said earlier this week that its bank had entered into a written agreement with the Office of the Comptroller of the Currency that reflects an "elevated level" of classified assets.

WASHINGTON — Credit unions appear to be facing an uphill battle in their ongoing effort to pass legislation that would double their cap on business lending.

A bipartisan bill in the House seeks to repeal the Durbin Amendment. But for now, at least, its prospects in the Senate appear dim.

Putting a commission in charge of the bureau would at best produce partisan gridlock, and risks handing the young agency over to financial institutions.

Consumers are understandably angry that their debit cards and checking accounts will be subject to new fees. No one likes price increases, especially when they appear suddenly and without apparent justification. However, the current backlash against the nation's large banks is misdirected, and the rationale for these new fees is generally misunderstood.

When banks attempt to mark up the transaction involving a dollar, the fee for the service is stark. It stands out in a manner that makes it both obvious and occasionally controversial.

As lawmakers consider an overhaul to the housing finance system, the banks and their allies are lobbying to be kept out of the process.

U.S. Congressman Jason Chaffetz (R-Utah) and Congressman Bill Owens (D-New York) today plan to introduce legislation aimed at repealing the debit card interchange rate-control provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the lawmakers announced.