Law and regulation

I applaud the government's efforts to weed out bad actors, but I'm deeply concerned about the unintended consequences this could have on much needed financial services for underbanked people.

Michael Andrew Collier, a fully disabled veteran, has voluntarily withdrawn his lawsuit against a law firm he alleged told him he "should have died" rather than collect disability payments, according to federal court documents.

Bruno Iksil, the former JPMorgan Chase trader whose bets caused more than $6.2 billion in losses last year, is now central to any U.S. charges against his former colleagues.

Eric Schneiderman, New York's top law enforcer, filed a suit Monday against three online lenders and their owners, alleging that they violated usury laws by making loans that carry annual interest rates of between 89% and 335%.

Sens. Elizabeth Warren and Bernie Sanders say Fed chair candidates should spell out whether they are willing to break up "too big to fail" banks and if the financial crisis was caused by the repeal of the Glass-Steagall Act.

The cost of doing business with the Federal Housing Administration could skyrocket if the agency adopts a new method for calculating lenders' liability for poorly underwritten loans that default.

Senate Majority Leader Harry Reid's surprise criticism of President Obama's plan to unwind Fannie Mae and Freddie Mac has upset the conventional wisdom surrounding housing finance reform.

The New York State Department of Financial Services issued subpoenas to 22 emerging payments players, including many that handle the digital currency Bitcoin, demonstrating that new payments models have not yet found their place in the eyes of the law.

Faced with a litany of legal and regulatory woes, JPMorgan Chase has vowed to minimize wrongdoing and tighten internal controls. But with financial incentives unchanged and regulators on the warpath, virtuous talk may not be enough to prevent more troubles.

The Office of the Comptroller of Currency has terminated a written agreement with Coastal Banking in Beaufort, S.C.

A top New York State regulatory agency sent cease-and-desist letters last week to 112 banks and 35 lenders that offer or facilitate short-term, high-interest payday loans to consumers online.

New York’s banking regulator issued subpoenoas to about two dozen companies associated with bitcoin as it looks into the virtual-currency industry, the Wall Street Journal reported, citing people familiar with the matter.

International regulators concede capital rules are too complex.

Bank of Wausau was shut down by Wisconsin regulators Friday.

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

EMV chips improve security over magnetic-stripe cards, but they have not been easy to implement. Years ago, a Forrester analyst said "the U.S. is going to adopt EMV in about the same way the U.S. adopted the metric system — somewhere between kicking and screaming and not at all." What have been the biggest hurdles?

A search committee has been assigned to find a successor for Sandra Pianalto, president of the Federal Reserve Bank of Cleveland, who plans to retire next year.

The Hill newspaper has named 18 of Washington's biggest power brokers who are most likely to influence financial policy decisions related to the implementation of the Dodd-Frank Act this fall.

The Consumer Financial Protection Bureau and the Department of Justice have launched an investigation into PNC Financial Services for possible discrimination on the pricing of certain mortgages.

The Hill newspaper named 18 insiders likely to influence efforts in the coming weeks related to the implementation of the Dodd-Frank Act, including JPMorgan Chase CEO Jamie Dimon, CFPB Director Richard Cordray and CBA President Richard Hunt.