Law and regulation

Community bankers should continue to bolster lending despite challenges created by compliance with a host of new Dodd-Frank regulations, Federal Reserve Gov. Elizabeth Duke said Tuesday.

U.S. financial institutions may see their reporting burdens rise as a result of a law designed to prevent taxpayers from hiding funds offshore.

The Treasury Department is planning to wind down its Troubled Asset Relief Program investments in six financial institutions by auctioning off approximately $358 million in preferred stock and subordinated debt investments.

An international crime ring created thousands of fake identities to obtain tens of thousands of credit cards and steal more than $200 million, the Justice Department said.

The defendants in a tax debt relief scheme that allegedly bilked consumers out of more than $100 million must surrender more than $15 million in cash and assets to settle charges against them.

Payments associations and organizations applauded Visa Inc.'s Feb. 4 move to address one of the most nagging EMV smart-card migration issues in the U.S., but they are not ready to say all their problems have been solved.

VeriFone Systems Inc. said Chief Executive Officer Douglas Bergeron’s trading was the subject of inquiries by the U.S. Attorney and Securities and Exchange Commission, which ended their probes without action.

Local merchants, especially those with credit card minimums, may find a small surcharge improves customer service. Alternately, all retailers should consider product-level surcharging, with fees only for high-cost cards.

The European Union may target banks with fines as high as 10 percent of their annual revenue if they fail to combat money laundering and terrorist financing.

McGraw-Hill and its Standard & Poor's unit were sued by the U.S. over claims S&P knowingly understated the credit risks of bonds and derivatives.

WASHINGTON — GOP Sens. Bob Corker of Tennessee and David Vitter of Louisiana have introduced legislation that would require the Federal Reserve to focus on price stability to keep inflation low as its top priority.

The Consumer Financial Protection Bureau is expected to be inundated with comments on how to rework the proposed 3% cap on loan origination points and fees.

The act clearly stipulates that the Senate be involved in appointing the CFPB. Recess appointments, constitutional or not, are impermissible.

The ABA is raising concerns about a credit union's potential plans to change its field of membership from just Lutherans to serve all Christian denominations.

Treasury Secretary Tim Geithner was clearly dedicated to making the Financial Stability Oversight Council work, despite doubts the group of financial regulators would prove unwieldy and ineffective. The question remains, however, whether his nominated successor, Jack Lew, will be as committed to the council.

The quality of lending for most types of loans is likely to remain fairly steady this year, according to a survey of loan officers released Monday by the Federal Reserve Board.

Dodd-Frank repealed the ban on paying interest on business checking accounts. No longer necessary to circumvent that restriction, sweep accounts with overnight repos can still protect and retain high-balance depositors.

The CEO of the country's largest bank sounded off once again, admitting mistakes and waving the banner for banks on Monday in Miami.

Sections of Dodd-Frank and the JOBS Act have made allowances for certain community banks but, whether by design or oversight, have left small thrifts to fend for themselves.

The month of January closed out on a week of surprises, with an unexpected change near the top of the OCC, and a lawmaker's unanticipated push for a new structure at that agency in addition to the CFPB. Following are the six stories you didn't want to miss: