Law and regulation

After two years in court, the many legal fights over banks’ overdraft practices have produced a national class action against Union Bank of California. And in a move that may put more pressure on banks, plaintiffs’ attorneys have moved to unseal records in the case.

In an overdraft class action, plaintiffs' attorneys moved to unseal records in the case. This move could prompt greater public scrutiny of banks' motives.

Visa's fiscal third-quarter net income rose 40.4% due partly to a gain from the revaluation of a deal with Visa Europe.

Bank regulators told Congress Wednesday they are encountering problems as they seek to implement a provision of last year's financial reform law aimed at lessening the importance of credit rating agencies.

Foreign entities could account for roughly half of reserves booked at the Fed, but, recently, wavering confidence in European banks appears to have channeled some reserves to domestic banks.

The central bank's survey finds improved loan demand in New York, Richmond and Chicago, while other areas lagged behind.

Jim Grant discusses public policy and industry consolidation.

Basel III aims to hold global banks to a common capital standard but since Dodd-Frank will require an even stronger system here, should U.S. regulators waste time writing rules to implement the international capital accord?

Michelle Korsmo will become the new chief executive of the American Land Title Association, replacing Kurt Pfotenhauer, who is leaving at the end of the month to become executive vice president and vice chairman of First American Title Insurance Co.

WASHINGTON — In the battle over Dodd-Frank implementation, large U.S. banks may do well to remember the story of the boy who cried wolf.

In attempting to prevent abuses of the interchange cap exemption for reloadable prepaid cards, the Fed may have inadvertently scuttled an opportunity for banks to serve low-balance account holders.

WASHINGTON — The Treasury Department said Tuesday that Elizabeth Warren is stepping down as the special advisor to the secretary effective August 1.

Massachusetts Attorney General Martha Coakley told the state's Register of Deeds Association that she will not sign a multistate settlement with large mortgage servicers that includes a widespread release of liability for claims against the Mortgage Electronic Registry Systems.

FinCEN's final rule to prevent prepaid accounts from being used to launder money attempts to balance the concerns of many parties.

WASHINGTON — In its first annual report to Congress, the Financial Stability Oversight Council warned that increasing the federal debt limit is vital to the stability of the financial system.

Legal experts say the placement and wording of the CFPB's form for credit card complaints may put an unwelcome spotlight on issuers' risk management strategies.

A final rule the Financial Crimes Enforcement Network established July 26 to prevent prepaid products from being used to launder money appears to have struck a balance between the concerns of retailers, program providers and law-enforcement officials.

The Consumer Financial Protection Bureau’s credit card industry actions since opening its doors July 21 so far appear to be relatively benign to many observers, who expect the agency to focus at first on ensuring that credit card agreements are clear and easy for consumers to understand.

If the debt ceiling isn't raised, the Treasury Department could give Fannie Mae and Freddie Mac payment priority. But without a spending deal, the threat of downgrades would loom.

While Martin Gruenberg's path to succeed Sheila Bair as FDIC Chairman seems assured, less clear was whether Thomas Curry would win bipartisan support as OCC chief.