Law and regulation

The Federal Reserve Board has terminated an enforcement action with CIT Group.

The Treasury Department and U.S. Department of Housing and Urban Development jointly agreed to allow the Making Home Affordable Program to continue to be available to American families for an additional two years through Dec. 31, 2015.

Southwest Bancorp in Stillwater, Okla., and Bank of Kentucky in Crestview Hills have completed exits from the Troubled Asset Relief Program.

Public officials talk as if facilitating anonymous financial transactions is in itself somehow nefarious. But there are legitimate reasons to keep online purchases and other activity private.

The list of policy heavyweights calling for a breakup of the big banks has continued to swell since our last slideshow on the topic. Here are some of the latest endorsing the concept:

In an interview this week, Jennifer Shasky Calvery, the director of Fincen, said the government was not trying to squash the development of digital currencies, but made it clear they must follow proper anti-money laundering procedures like other financial institutions.

The U.S. crackdown on Liberty Reserve is stoking fears that the government may effectively cut off digital currencies like Bitcoin as banks sever ties with businesses in this growing field.

Community banks and credit unions now have two years to continue originating balloon loans to all customers, a major change from a prior proposal that would have banned such loans except in rural or underserved markets.

Visa issuers have put 3.5 million chip-based smart cards in the hands of U.S. consumers since the card brand announced its EMV-card migration roadmap in August of 2011, a Visa executive says.

Treasury Secretary Jacob Lew, who was confirmed in February, repeated his commitment to completing the remaining rules of the Dodd-Frank Act.

While banks hit a landmark with their $40.3 billion in earnings, it appeared partly due to idiosyncratic transactions at big banks and was not a sign of a resurgent industry.

Lack of financial education blamed for low savings rates among young workers.

The crackdown on Liberty Reserve underscores the importance of regulatory expertise to digital currency startups. No wonder Liberty City Ventures (no relation to the indicted company) retained former Treasury officials as advisors.

The Troubled Asset Relief Program will cost taxpayers less than expected.

Wal-Mart Stores Inc. and Amazon.com Inc. joined more than 30 of the biggest U.S. retailers in objecting to a $7.25 billion antitrust settlement with Visa Inc. and MasterCard Inc. over merchant fees, saying the deal is meaningless when card companies can continue to fix the charges.

The California Senate passed SB233 on Friday, a measure that would require debt buyers to have a lengthy list of account information on hand before collection efforts can start.

Regulators, legislators, bankers, and the public should do everything they can so that Title I of Dodd-Frank works. The goal is to avoid Title II – orderly liquidation – at all cost.

Citigroup has agreed to settle a lawsuit by the federal government that charged the bank with misleading investors in the run-up to the mortgage meltdown.

The Treasury Department has proposed a rule designed to seal off the U.S. financial system from Liberty Reserve, the digital currency issuer authorities charged Tuesday with laundering more than $6 billion for criminal groups.

The Treasury Department has proposed a rule designed to seal off the U.S. financial system from Liberty Reserve, the digital currency issuer authorities charged Tuesday with laundering more than $6 billion for criminal groups.