Law and regulation

IBM will purchase Promontory Financial Group — a consultancy so influential it has been dubbed the industry's "shadow regulator" — in a move that could extend artificial intelligence into every aspect of banking.

The Office of the Comptroller of the Currency has moved forward on a plan to require large banks to establish recovery plans – a type of self-administered stress test to be shared with the agency.

Three Democratic senators led by Sen. Elizabeth Warren, D-Mass., have asked the Securities and Exchange Commission to investigate whether Wells Fargo and senior officials violated laws by misleading investors and firing whistleblowers while the bank oversaw the creation of 2 million phony accounts.

It's time that financial institutions in America recognize the value that women can bring to the executive suite and boardroom.

WASHINGTON — More than one hundred House Democrats sent a letter to Consumer Financial Protection Bureau Director Richard Cordray on Wednesday calling for the agency to strengthen its proposal to rein in payday lending.

The Department of Justice wants banks to more fully cooperate with civil investigations. Companies now are expected to "materially assist" the agency in providing documents, access to witnesses and even inculpatory documentary evidence such as emails and text messages.

Federal Reserve chair Janet Yellen testified for the second consecutive year on regulatory issues, touching on the Fed's stress tests, banks' ownership of commodities, the fate of Wells Fargo and whether the central bank acts in a political fashion.

WASHINGTON — Members of the Senate Banking Committee introduced legislation Wednesday that would make municipal debt securities more attractive to banks.

ST. LOUIS – Risk management is critical as small banks aim to make money in a low-rate environment.

The Wells Fargo cross-selling controversy has raised questions about its well-telegraphed succession plan. Tim Sloan, the company's president, has been the heir apparent, but his longtime association with Wells could be a problem if investors or regulators push for an outsider to overhaul the corporate culture.

Comptroller of the Currency Thomas Curry provided new details Wednesday about guidance expected soon that will attempt to discourage banks from cutting off relationships with foreign financial institutions in certain parts of the world.

CU Bancorp in Los Angeles has agreed to a consent order to address deficiencies in its Bank Secrecy Act and anti-money laundering compliance program.

If stories like the Wells Fargo scandal are repeated at other institutions, U.S. banks could soon experience the same reputational and regulatory fate of their cousins in the United Kingdom.

Wells Fargo's Chief Executive Officer John Stumpf, struggling to quell a scandal and demands for management accountability, plans to offer House lawmakers the same apology he gave senators last week except for a key change, according to a copy of the testimony obtained by Bloomberg News.

Wells Fargo Chief Executive Officer John Stumpf will forfeit $41 million of stock, plus some salary, as the bank's board investigates the company's bogus-account scandal.

Following industry objections to how the Federal Deposit Insurance Corp. defines brokered deposits, a House panel heard testimony Tuesday on a series of bills that would amend the definition.

The Federal Housing Administration issued a proposal Tuesday that would make it easier for lenders to secure government guarantees for condominium loans.

Since John Stumpf's appearance before the Senate Banking Committee last week, the situation has become even worse for the Wells Fargo CEO, with new lawsuits filed, the Labor Department opening an investigation and the CFTC fining it for an unrelated action. Here's what to expect when Stumpf appears in the House on Thursday.

IBM is introducing a set of new systems and tools to help banks in the U.S., Europe and Asia adapt to certain global initiatives to modernize financial services, including advancing real-time payments and sharing customer data with third parties through APIs.

WASHINGTON -- The Chamber of Digital Commerce has opened a new outpost in the nation’s capital. But instead of looking for a staid law office, the bitcoin advocacy group formed a partnership with local incubator 1776 to launch the DC Blockchain Center.