Law and regulation

Altisource Portfolio Solutions promoted John Vella to the new position of chief revenue officer in a bid to grow beyond its relationship with embattled former parent Ocwen Financial.

WASHINGTON — The Supreme Court has declined to take up an appeal from retailers seeking to toughen Federal Reserve Board restrictions on debit interchange fees charged by financial institutions.

A Wall Street lobbying group said President Barack Obama's plan to raise $110 billion over the next decade through a new tax on financial companies could stifle economic growth and make banks less likely to lend.

The Office of the Comptroller of the Currency closed First National Bank of Crestview in Florida on Friday, marking this year's first bank failure.

The Federal Trade Commission announced its largest-ever payday lending settlement on Friday, as two companies agreed to pay $21 million and waive another $285 million in charges that were never collected from customers.

Industry officials insist the Federal Reserve's extension of a key compliance deadline was meant to aid the implementation process, but critics say it could lead to another effort on Capitol Hill to roll back key chunks of the controversial regulation.

WASHINGTON — The Federal Reserve announced the formation of a federal advisory council to examine and advise the board on matters related to community and consumer affairs.

A recap of the informed opinions (and the discussions they generated) on BankThink this week.

U.S. travelers may soon be able to hop on flights to Havana, but it will take much more time for the banking industry to feel the full impact of the Obama administration's new rules on economic links with Cuba.

The former head of the bankrupt Mt. Gox Co. bitcoin exchange was originally believed by U.S. investigators to be the secret mastermind behind the Silk Road online drug marketplace, an agent who infiltrated the website told jurors at the trial of the man prosecutors now accuse of running it.

American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and from our social media platforms and sister publications.

Total overhaul of Fannie Mae and Freddie Mac is a long shot, but Congress can pass measures that set the housing agencies on a path to reform. Mandating deeper mortgage insurance coverage for loans sold to the housing agencies would be a good place to start.

WASHINGTON — The Federal Deposit Insurance Corp. said Thursday that Charles Yi has been appointed as the agency's general counsel.

The Obama Administration's issued looser rules Thursday for transactions in the small island nation, but banks still face impediments.

Under pressure from Congress and credit unions, the NCUA significantly dialed back its proposal to institute risk-based capital requirements, raising the threshold of which institutions must comply and softening other provisions.

Facing the prospect of losing its license in California, Ocwen would be wise to settle its probe by state regulators in a timely manner, observers said. If it doesn't, the mortgage servicer could lose significant revenue and might even face a cash crunch.

Regulators on Thursday posted another round of abridged resolution plans for regional U.S. banks and scores of foreign-owned institutions.

Sen. Richard Shelby, R-Ala., is quickly assembling his team after being formally named head of the Banking Committee just last week, with many current and former staffers for the lawmaker taking top slots.

While put-backs and litigation risk are widely recognized as factors that have contributed to tight credit conditions, another factor — high servicing costs for nonperforming loans — is being overlooked.

The Bancorp in Wilmington, Del., said the Federal Deposit Insurance Corp. will assess an insurance premium surcharge after a broader ruling on the status of prepaid cards.