Law and regulation

The legislation, sponsored by Rep. Blaine Luetkemeyer, R-Mo., would delay implementation of a provision of Basel III capital rules that establishes higher requirements on mortgage servicing rights.

The Justice Department's legal case against American Express will not benefit consumers and will weaken competition, said Jeff Campbell, executive vice president and CFO of American Express.

An in-depth look by the Consumer Financial Protection Bureau into its consumer complaint database has yielded some surprising insights, including a relative lack of grievances against payday lenders and that most consumers appear satisfied by companies' response.

WASHINGTON — Federal and state regulators announced a settlement Tuesday with Colfax Capital Corp. and its subsidiary over charges it "lured" 17,000 U.S. servicemembers into expensive loans with hidden charges and withheld information on billing statements.

The Federal Deposit Insurance Corp. issued five corrective actions and three money penalties in June, according to the agency's monthly roundup of regulatory actions.

Following a wave of enforcement actions against global and national institutions, regulators are now scrutinizing the anti-money laundering controls of community banks, says Walter Mix, a consultant and former regulator. Examiners are raising questions about banks' transaction monitoring systems, as well as the documentation supporting decisions about enhanced due diligence (such as whether to file suspicious activity reports), he says.

The FDIC tries to take itself off the front lines of the battle over Operation Choke Point by formally withdrawing a list of high-risk merchants.

Lloyds Banking Group Plc, bailed out by British taxpayers during the financial crisis, will pay 218 million pounds ($370 million) in fines to U.K. and U.S. regulators after manipulating benchmark interest rates.

The Federal Deposit Insurance Corp. has withdrawn a list of merchant categories, including payday lenders, debt consolidation firms, pornography businesses and others, that it said warranted heightened attention by banks processing their transactions.

WASHINGTON — The Federal Deposit Insurance Corp. said Monday that it has withdrawn a list of merchant categories, including payday lenders, debt consolidation firms, pornography businesses and others, that it said warranted heightened attention by banks processing their transactions.

Studies of whether big banks enjoy implicit funding subsidies should take into account the effect of post-Dodd-Frank legislation and regulation, write Aaron Klein and Peter Ryan of the Bipartisan Policy Center.

Zions Bancorp. in Salt Lake City is planning to raise $525 million in fresh capital to satisfy regulators' concerns about its ability to withstand a severe economic downturn.

Theories abound. So do bankers' frustrations. And regulators like FinCEN Director Jennifer Shasky Calvery promise the toughened stance is here to stay.

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Traditionally, August can be a wasteland for banking policy wonks as Congress takes a summer recess. But here's why next month could actually be an eventful one.

Castro takes helm as housing recovery continues to lag the rest of the economy.

A U.S. district court ordered BNP Paribas SA to pay $80 million for submitting false claims for payment in a federal grain export program.

Sen. Sherrod Brown, D-Ohio, has scheduled a hearing next Thursday to discuss a highly anticipated Government Accountability Office report on "too big to fail" due out the same day.

Although the proposal to add more Home Mortgage Disclosure Act requirements was required by the Dodd-Frank Act, those in the lending industry said they were taken aback by the amount of additional information the CFPB is seeking, arguing it goes way beyond the regulatory reform law.

Friends of Traditional Banking has narrowed its watch list of candidates for the November elections, saying it will focus solely on Senate races this year.