Law and regulation

American Express, Wells Fargo and Citigroup are continuing to sell controversial credit card payment protection and monitoring services, even as the industry braces for a second round of regulatory crackdowns.

Having one risk expert on the board’s risk committee is better than none, but a bit like having a general physician in an operating room when a heart surgeon, oncologist or anesthesiologist is needed.

Former Treasury Secretary Larry Summers has withdrawn his name from consideration to be chairman of the Federal Reserve, President Barack Obama said in a statement.

The Office of the Comptroller of the Currency shuttered the $3.1 billion-asset First National Bank in Edinburg, Texas, and it was sold by the Federal Deposit Insurance Corp. in a deal estimated to cost $637 million to the Deposit Insurance Fund.

The Consumer Financial Protection Bureau made additional changes to its mortgage rules on Friday in an ongoing effort to respond to lender concerns, but refused to yield to pleas that it delay the January implementation date.

Former Rep. Barney Frank has joined a growing chorus of observers warning that an exemption in regulators' proposed risk retention rule for mortgages is overly broad.

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

The U.S. Consumer Financial Protection Bureau said it will police employer usage of payroll cards to ensure workers don’t face hidden fees or other abuses.

A class-action lawsuit filed in St. Louis City Circuit Court on Monday by former clients of Missouri-based consumer attorneys James Eason and Richard Voytas and The Eason Law Firm outlines allegations that serve as a reminder for consumers to be aware of a wolf in sheep’s clothing, according to the Missouri Collectors Association.

Jim Bruce, the director of a new documentary on the Fed, said Summers "doesn’t really have a background… in central banking" while praising Yellen’s character and integrity.

Old National is trying to shed assets ahead of an acquisition in hopes of staying below $10 billion in assets, a level that ensures increased regulation.

Most of the five-year retrospectives on the financial crisis were pretty boring, according to Editor-at-Large Barbara A. Rehm. But a few were very revealing about the industry’s future, including the massive onslaught of rules still on their way.

American Banker readers share their views on the most pressing banking topics of the week. As excerpted from the comments sections of AmericanBanker.com articles.

A 1999 memorandum explains why the DOJ refrains from prosecuting large financial institutions for their blatant regulatory violations, but why does it refrain from going after the employees who behaved badly?

JPMorgan Chase Chief Executive Officer Jamie Dimon overhauled leadership of the bank's regulatory matters this year as U.S. examiners said they had lost trust in management, the Wall Street Journal reported.

WASHINGTON — The Consumer Financial Protection Bureau warned banks and other companies that it will pursue action against any employer that forces employees to deposit wages into a payroll card account.

Lawmakers blasted the Consumer Financial Protection Bureau on Thursday, claiming it had failed to respond to their questions about its data gathering activities.

The top leaders of the Senate Banking Committee said Thursday that they intend to reach a bipartisan agreement by yearend on a bill to revamp the mortgage finance system despite fears that the issue is losing momentum.

The Treasury Department plans to auction nearly $118 million of shares in six lenders as it continues to wind down the Troubled Asset Relief Program.

Sen. Elizabeth Warren continued her drive to end "too big to fail" in a speech on Thursday, arguing lawmakers shouldn't wait until regulators have fully implemented the Dodd-Frank Act before taking action.