Law and regulation

Under Fincen's March 2013 guidance, companies that transmit virtual currency must register as money services businesses. De Castro was unsure whether his investment company would be treated the same way. According to the letter from Fincen, its rules are not meant to apply to De Castro's business.

Central Valley Community Bancorp in Fresno, Calif., has redeemed $7 million of preferred stock issued to the Treasury Department under the Small Business Lending Fund.

So far, the big mortgage servicers have received stellar report cards for their compliance with the $25 billion national settlement. That could change this year as testing gets tougher -- potentially costing these companies further embarrassment and penalties.

Fred Joseph retired from overseeing banks and securities firms last month. In a wide-ranging interview, he reflected on his career and provided perspective on the future of the banking industry.

While a bankruptcy court has traditionally been a "debtors’ court" committed to helping grant debtors a fresh start, it should not allow for unchecked opportunities to hold the whole process hostage.

The push to regulate payday lenders is expanding to the city of Houston, where officials have agreed to join the growing list of Texas cities to approve new regulations on the industry.

Massachusetts' freshman senator, one year in.

WASHINGTON -- The legal battle over the application of the Volcker Rule is unlikely to be resolved until mid-January.

The Consumer Financial Protection Bureau was one of the most active regulators in 2013, writing a slew of new rules and taking a host of enforcement actions against banks and nonbanks alike. But that may pale in comparison to what the agency undertakes in 2014.

The “ability-to-repay” regime eviscerates fundamental principles of a mortgage “market.” It will not guarantee against a housing bubble and crash. It will constrain the availability of credit and increase home financing costs.

The “ability-to-repay” regime eviscerates fundamental principles of a mortgage “market.” It will not guarantee against a housing bubble and crash. It will constrain the availability of credit and increase home financing costs.

Community Bank System (CBU) in DeWitt, N.Y., will take a $6.9 million loss in the fourth quarter after selling collateralized-debt obligations and other securities in response to concerns over the Volcker Rule.

December was one of the most active months for the Consumer Financial Protection Bureau as it took several enforcement actions spanning from mortgage servicing to indirect auto lending. A number of cases were key milestones for the agency as it partnered with federal and state authorities as well as employed some controversial legal theories such as disparate impact. Here’s a countdown of the big cases for the month.

Including the Wells settlement, Fannie has collected nearly $14 billion from eight large mortgage lenders since the start of 2013.

The Federal Deposit Insurance Corp. still faces questions over how its resolution platform for systemically important firms will work. But international dialogue, a document detailing the agency's resolution strategy and the endorsement of a key rating agency highlighted progress during the year.

Commercial lending perked up after the government shutdown ended, though bankers are still having to cut deals on pricing to land business. Consumer lending continued to decelerate.

United Community Banks (UCBI) in Blairsville, Ga., plans to redeem $180 million of stock issued under the Treasury Department's Troubled Asset Relief Program along with $16.8 million of other outstanding preferred stock.

Brazil will boost levies on withdrawals abroad to restrain a widening current account deficit and prevent a six-percentage point gap in tax levels from reducing the use of credit cards.

The Volcker Rule is a veritable leviathan in size and complexity, but the jury is out on whether it can truly avert another London Whale-type fiasco. Don’t hold your breath.

Wells Fargo & Co., the largest U.S. home lender, agreed to pay Fannie Mae $591 million to resolve repurchase demands on loans sold to the government-backed firm before Jan. 1, 2009.