Law and regulation

A House Financial Services subcommittee unanimously approved subpoenas for three officials at the Consumer Financial Protection Bureau on Tuesday, compelling them to testify about employee allegations of retaliation and discrimination at the agency.

First Horizon National Corp. announced late Tuesday that it will pay $110 million to the Federal Housing Finance Agency to settle allegations that it sold faulty mortgages to Fannie Mae and Freddie Mac in the years leading up to housing bust.

The future of housing finance reform remains in limbo on Tuesday, after Senate Banking Committee leaders postponed a key vote on legislation to unwind Fannie Mae and Freddie Mac.

Treasury Secretary Jacob J. Lew, who oversees the world's reserve currency and the largest bond market, was roped into a debate today about a new magnet for money: legalized marijuana.

The Government Accountability Office urged the Office of the Comptroller of the Currency and Federal Reserve Board to monitor how servicers were carrying out foreclosure prevention steps in amended consent orders.

Credit Sesame and Credit Karma were among the first companies to offer credit scores at no charge. Now they're looking to do the same with products that credit card issuers have traditionally sold.

Operation Choke Point, changing marijuana laws and increased anti-money laundering scrutiny are just a few of the governmental and regulatory factors affecting banks' relationships with certain customers these days. Now financial companies are under intense scrutiny over the payday lenders, check cashers, marijuana businesses and even individual customers that they do business with. American Banker editors discuss.

Big banks' alleged manipulation of Libor may have been unethical, but the FDIC faces long odds in proving that their actions caused community banks to fail.

WASHINGTON — The Senate Banking Committee voted Tuesday to advance three nominations to the Federal Reserve Board.

The Senate Banking Committee will delay a vote on its highly anticipated legislation to overhaul the housing finance market, a Senate aide confirmed Tuesday morning, just hours before the markup was scheduled to begin.

The deal’s approval following months of uncertainty represents a significant milestone in the DOJ’s controversial Operation Choke Point probe.

The debit networks and card brands have largely resolved two years of debate over routing EMV debit cards, but an ongoing court battle over debit fees and routing makes the full scope of their responsibilities unclear.

General Motors CEO Mary Barra has been out front and center during the auto manufacturer's massive recalls this year. Most bank chiefs appear less willing to be the public face of a disaster — with the notable exception of HSBC USA's Irene Dorner.

Observers expressed alarm over Monday's announcement that Bank of America submitted incorrect information to the Federal Reserve Board for its stress tests, saying it raises doubts about the credibility of the test.

The OCC plans to increase examination fees for the first time in nearly 20 years for institutions with over $40 billion in assets, a step the agency says is necessary because of its expanded role under the Dodd-Frank Act.

The Justice Department is grabbing the spotlight with Operation Choke Point, a controversial investigation that's drawing U.S. banks deeper into the fight against consumer fraud. But below the radar, another federal agency is tiptoeing in the same direction, and again drawing stiff opposition from the banking industry.

Other payments fights are grabbing more headlines, but banks are pushing hard against the Federal Trade Commission's proposed ban on the use of remotely created checks by telemarketers.

WASHINGTON — The Office of the Comptroller of the Currency plans to raise supervisory assessments for large banks and thrifts by as much as 14% starting in the fall to account for the agency's added regulatory responsibilities following passage of the Dodd-Frank Act.

Institutions become comfortable with the nominal profit increases from higher risk and ignore the warning signs. It is hard to recognize a problem when you are paid not to see it.

The Federal Reserve Board on Monday asked Bank of America to resubmit its capital plan and halt any planned distributions.