Law and regulation

Rep. Spencer Bachus, former chairman of the House Financial Services Committee, said Monday that he will not seek reelection in 2014.

Regulators and financial firms must listen to each other and work together to protect the interests of customers and stakeholders. Only then, will they be able to build a safe and sound financial system.

The banking regulators will remain open in the event of a government shutdown, but the ongoing fiscal battle in Congress could still have significant implications for the financial services industry.

The state has reached a settlement with five payday lenders under which they would be prevented from collecting on certain loans and pay restitution to customers, Eric Schneiderman's office announced Monday.

The PCI council continues to expand its reach, with the intent of remaining a strong guide for data security well into the future.

The threat of Basel III-related dividend restrictions could make it harder for the more than 2,000 banks with S corporation tax status to attract investors. S Corp banks were already on the decline.

WASHINGTON — The Federal Deposit Insurance Corp. sought to ease concerns about its view of banks' affiliations with online lenders, saying institutions correctly managing their third-party relationships "are neither prohibited nor discouraged" from processing payments for legal entities.

FHA Commissioner Carol Galante says mandatory accounting rules forced the agency to ask for additional funds and don't reflect significant improvements in its mortgage portfolio this year.

WASHINGTON — Trading revenue at banks and thrifts remained strong in the second quarter, despite falling off slightly from the first quarter, according to the Office of the Comptroller of the Currency.

JPMorgan Chase & Co. and Citigroup Inc. were among the banks that lost a bid to throw out a Federal Deposit Insurance Corp. lawsuit over $388 million in securities sold to a failed lender.

Higher interest rates have cut into bank profits in recent months, but that was only the start of the problem for big banks. The volatility is also hurting the value of their available-for-sale debt securities, which could cost them once Basel III takes effect Jan. 1.

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

Several institutions in one of the nation's hardest-hit banking markets have shed enforcement actions, or have hired new leaders, as they attempt to stage comebacks.

A Treasury Department program that supplies credit to small businesses spurred $1.9 billion in loans and created or saved 53,000 jobs in its first 18 months of operation, the department says.

Several Native American tribal leaders who were looking to block a civil investigation into their online payday lending practices have been denied by the Consumer Financial Protection Bureau.

Democratic lawmakers including Senator Elizabeth Warren today demanded that eight U.S. banks produce information about agreements they may have with colleges to encourage students to use their products.

Because third-party processors are on the hook for losses from fraudulent transactions, they have as much interest in eliminating bad actors as anyone.

Some bankers would liken the Consumer Financial Protection Bureau to "Saturday Night Live" 's famous land shark, but the agency is said to do its best work when — like a bunch of late-night TV writers — it invites broad input.

The Consumer Financial Protection Bureau on Thursday denied an appeal made by several Native American tribal lenders who were seeking to block a civil investigation into their online payday lending practices.