Law and regulation

The government faces significant obstacles in enacting a plan to turn government-controlled foreclosure properties into rental housing, including the exact goals of such a program and its structure.

"We should not be penalized because we were not on the favored list of institutions that were deemed 'too-big-to-fail,' " Mike Perry says in a public campaign rarely seen from an executive of a failed bank.

Citigroup Inc. is raising the fees it charges customers for its basic checking accounts to $10 per month, and it will no longer give them rewards for using its debit cards, in the wake of new regulations capping debit interchange fees.

PHILADELPHIA — In his first speech since taking over for Elizabeth Warren as the public face of the Consumer Financial Protection Bureau, Raj Date warned that the agency will take a firm stance when it identifies practices that are harmful for consumers.

Global accounting firms have not been drawing lines between audit services and everything else all that strictly.

U.S. regulators are examining whether the nation's home lenders have accurately valued $845 billion of home equity and other second-lien mortgages, according to seven people with direct knowledge of the matter.

The residential mortgage market has been plagued by uncertainty as the industry waits for guidance on risk retention, new disclosure requirements, and some kind of resolution of Fannie Mae and Freddie Mac.

The Fed governor said systemic risk could be a factor, but not the entire reason an acquisition is rejected. His comments come as the central bank weighs whether to block the merger of Capital One and ING.

The Federal Reserve Bank of Kansas City named Esther George, its No. 2 official, as president to succeed Thomas Hoenig, the U.S. central bank's longest-serving policy maker, who is retiring.

United Kingdom-based Ryanair Ltd. is giving consumers the opportunity to avoid what have become controversial airline booking fees when tickets are purchased with plastic.

In his first speech, Raj Date, the defacto head of the Consumer Financial Protection Bureau, warned banks and other financial firms that the bureau will use its enforcement authority to crack down on harmful practices and services and suggested the agency would be scrutinizing overdraft fees.

A Fannie Mae announcement late Wednesday heaping praise on the highest-rated mortgage servicers was notable for its glaring omissions: Bank of America Corp., JPMorgan Chase & Co., and five other large banks did not make the list.

The same uncertainties about the economy, capital rules and other matters that are slowing deal activity could ultimately prod sellers to give in. The question is when.

Tax-preparation company H&R Block, Inc. said this week that it did not have a "compelling reason" to offer refund anticipation loans during the upcoming 2012 tax season — but the decision was out of its hands. Federal banking regulators last year effectively killed H&R Block's tax refund loan business.

Housing advocates and industry representatives said reducing the number of foreclosure properties and preventing new foreclosures is key to economic revival.

WASHINGTON — The Department of Labor said Wednesday it ordered Bank of America Corp. to pay $930,000 to an employee improperly fired in a whistleblower case.

The Securities and Exchange Commission is reviewing a regulatory exemption for mortgage real-estate investment trusts. If the SEC decides to lift the exemption, mortgage REITs could become unprofitable, and an important source of liquidity for the housing market could dry up, analysts say.

The American Bankers Association is calling on the Treasury Department to provide more details about rejected applications for the Small Business Lending Fund.

The clock is running down on investors looking to sue the nation's biggest banks over now-soured mortgage-backed securities.

The Federal Deposit Insurance Corp. plans to close its temporary suburban Chicago office next September, nine months earlier than expected.