Law and regulation

More than 600 collection agencies and creditors were sued in the Nov. 1-15 period and FDCPA legislation is on track to finish six percent behind last year's record, according to data from district courts.

The House Democratic Caucus formally elected Rep. Maxine Waters Tuesday as ranking member for the House Financial Services Committee.

The Senate passed an amendment Monday that would tighten a law barring lenders from charging members of the military more than 36% interest on their loans.

The FDIC's third-quarter report on the health of the industry shows lending climbed upward, but reduced loss provisions and sales of existing assets are what boosted earnings.

Federal Reserve Board Gov. Daniel Tarullo voiced concern Tuesday about a potential move to reestablish Glass-Steagall, a Depression-era law that separated investment and commercial banking.

The Credit Union National Association is urging Senate leaders not to pass an extension of the Transaction Account Guarantee program.

Just when you thought it couldn't get any nastier between banks and credit unions, the credit unions are opposing a TAG extension that many small banks have been pushing for.

Anywhere in the world, if you had $55 billion in capital, and then lost $55 billion, your capital would be zero. But under the Fed’s own special accounting rule, if it lost $55 billion, its capital would still be $55 billion.

Senator-elect Elizabeth Warren successfully beat out GOP incumbent Sen. Scott Brown securing herself a spot on the Senate Banking Committee.

Senator-elect Elizabeth Warren has secured a spot on the Senate Banking Committee and she'll be joined by Sen. Joe Manchin, according to a Democratic Senate aide.

Better communication can improve the relationship between banks and their regulators.

A sharp rise in noninterest income — including gains on asset sales — helped banks and thrifts record their best quarterly earnings total in six years, the Federal Deposit Insurance Corp said Tuesday.

Banks often choose not to bring questions about products, terms and marketing to regulators, citing fear of retribution from front-line examiners. Creation of the CFPB separates consumer policymaking from examination activities, offering hope for open, clear communication.

House Republicans are preparing to add several members to the Financial Services Committee next year, as well as kicking two current members off the panel.

Curry praised banks' tighter mortgage underwriting standards but cautioned that they are squeezing out potential borrowers, particularly low-income families and minorities

Rep. Jo Ann Emerson, a member of the House Appropriations Committee, is leaving Congress in February to head the National Rural Electric Cooperative Association.

With just a few short weeks until Congress adjourns for the year, Washington is experiencing a rush of activity covering everything from a potential extention of the TAG program to the delay of the Volcker and remittance rules. Following were the highlights of last week:

Stewart Larsen, Bank of the West's head of mortgage lending, still frets about pending regulation, but he prefers to stay focused on matters he can control.

Several important bills, including one protecting information banks share with the CFPB and another nixing the requirement that banks have a physical sign disclosing ATM fees, could be poised for passage in the Senate during the lame duck session. But the fate of others, including an extension of TAG, is less clear.

The money in TAG accounts is the hottest of the hot. If interest rates rise, these funds will disappear, hurting liquidity and capital for the banks that use the program.