Law and regulation

Michael Perry will pay the FDIC $1 million in cash from his personal funds, while the FDIC can seek the rest from Perry's professional liability insurers.

WASHINGTON — Community Bank of the Ozarks in Sunrise Beach, Mo., became the nation’s 51st failed bank of the year late Friday after it was closed by state regulators.

Deposits in accounts temporarily protected by unlimited insurance represented more than 10% of assets at more than 900 banks at Sept. 30

After spending nearly a year deliberating on an approach, the Federal Reserve Board on Friday released a proposal that will overhaul the way regulators will supervise foreign banks that operate in the United States, a significant shift from its longstanding case-by-case method.

Retiring Massachusetts Rep. Barney Frank, who chaired the House Financial Services Committee when the Democrats last held control, offered a mea culpa Wednesday to the incoming chairman of the panel, Rep. Jeb Hensarling.

Brian Moynihan said Friday the housing market continues to improve, but warned that a full transition to a largely privatized mortgage finance system is years, if not decades, away.

An activist investor group has threatened to file a lawsuit against Orrstown Financial Services (ORRF) unless the Shippensburg, Pa., company makes certain changes to its bylaws.

Only one day after Federal Reserve Board Chairman Ben Bernanke announced that regulators are close to finalizing the Volcker Rule, House Republicans continue their attack.

Bank regulators have lifted a memorandum of understanding against Timberland Bank nearly three years after the bank was hit with the enforcement action.

The Consumer Financial Protection Bureau issued a proposal which would allow banks to test different disclosure programs on consumers. The testing would make disclosures more succinct and cost-effective.

Majority Leader Harry Reid's proposed two-year extension of the Transaction Account Guarantee has been put to a stop.

Comedian Stephen Colbert singled out Jamie Dimon and his bank as "the dopest financial services institution around" for its support of a concert benefiting Hurricane Sandy victims.

In an appearance on former New York Gov. Eliot Spitzer's TV show, Rolling Stone columnist Matt Taibbi and his host were outraged that HSBC did not face criminal prosecution after the government said it allegedly helped drug dealers and terrorists launder money.

Jeffersonville Bancorp (JFBC) is set to become the latest New York company to exchange the federal charter of its bank for oversight by a state regulator.

The holding company for AmericanWest Bank in Spokane, Wash., has agreed to repay what PremierWest Bancorp (PRWT) owes the Troubled Asset Relief Program before the banks merge.

QBE's concession, made amid scrutiny of its relationship with major banks, would save investors and homeowners in the state $98 million a year. Part of that money would come from reducing the commissions it pays to banks.

A U.S. district court has temporarily halted a debt relief operation that allegedly charged consumers hundreds of dollars based on claims that it could obtain rates as low as zero percent.

The Transaction Account Guarantee program ran into trouble, a columnist warned of innovation's risk to banks and JPM's Jamie Dimon took to the spotlight.

Banks might have more success winning over underbanked consumers if they lowered initial deposit requirements and offered banking services to noncustomers, according to a new report from the Federal Deposit Insurance Corp.

A battle over Senate procedures and the FDIC's absence from the debate were viewed as contributing to blocking a bill to extend the TAG program.