Law and regulation

WASHINGTON — A Senate Banking subcommittee will examine the role of independent consultants in the financial services industry, including Promontory Financial Group, at a hearing next week.

Federal Reserve Board Chairman Ben Bernanke called on business and finance students and faculty on Thursday to make improving the public's financial literacy a priority in their careers.

Fannie Mae and the Federal Housing Finance Agency's inspector general are taking a hard look at the bills the government mortgage giant receives from servicers who maintain foreclosed properties. If controls are found to be lax, servicers will likely face a clampdown.

The Consumer Financial Protection Bureau announced enforcement orders against four mortgage insurance firms that allegedly provided kickbacks to lenders, but the agency signaled additional actions are in the offing.

A think tank examines what's happened to the nominees for top jobs at financial regulators under both President Bush and President Obama.

Banks are increasing their research and monitoring of third parties as regulators take a closer look at outsourcing.

Regulators have ordered Germany's Nordbank to improve anti-money-laundering safeguards at its New York branch.

Four mortgage insurers have been ordered by the Consumer Financial Protection Bureau to pay $15 million in penalties and halt alleged kickbacks to mortgage lenders in exchange for business.

The Federal Reserve Board approved the final rule that outlines the standard regulators will use to determine if a nonbank is systemically important.

The Consumer Financial Protection Bureau announced four enforcement actions Thursday against mortgage insurers, ordering them to pay $15 million in penalties and stop "improper kickbacks" to mortgage lenders in exchange for business.

FHFA's decision to sell foreclosures in bulk is hindering the rising Hispanic consumer segment, along with other first-time buyers, from driving a healthy housing rebound.

The independent foreclosure review process was disorganized, ineffective and inconsistent, according to a draft report by the Government Accountability Office.

The Florida Attorney General’s office is investigating College Education Services LLC, a company that markets relief from student debt.

Instawallet, a Bitcoin wallet service, has "suspended indefinitely" because of fraudulent access, according to a notice on the company’s website today. It is the latest in a series of attacks and glitches to afflict businesses that work with the digital currency.

The plan, which was first reported by the Washington Post, sounds similar to a framework the Federal Housing Finance Agency unveiled in September to help alleviate mortgage lenders' concerns about exposure to bad loans.

The Federal Reserve Board approved a rule Wednesday that outlines the criteria regulators will use to determine if a nonbank is systemically important.

A number of community banks are relying on fixed-rate loans to produce short-term profits, but the move could backfire when interest rates rise.

There is no simple solution to "too big to fail," a complicated problem born of a series of policy missteps that will take years to unwind. The sooner everyone accepts that reality, the sooner we can tackle the necessary items to make sound public policy.

Federal Reserve Board Gov. Daniel Tarullo said Wednesday that regulators have not yet eliminated "too big to fail" but continue to make progress in that direction.

Lawyers representing retail trade organizations in the class action over card swipe fees are preparing "a strong response" to allegations that they are misleading in how they urge their members to oppose the proposed settlement in the eight-year-long case.