Enforcement

The Consumer Financial Protection Bureau will require underperforming servicers to document the technology and process changes they're making to implement the agency's recently released servicing regulations.

Moody's Corp. said federal officials are planning a lawsuit over its ratings of residential mortgage securities that critics contend were inflated to win business in the years leading up to the 2008 financial crisis.

A federal court appeals decision could theoretically mean that Comptroller of the Currency Thomas Curry now answers directly to Treasury Secretary Jack Lew, a significant break from the agency's history of independence.

In an election year dominated by controversy and big personalities, political contributions from the mortgage industry have remained muted, reflecting apathy and uncertainty toward Hillary Clinton and Donald Trump.

BancorpSouth in Tupelo, Miss., reported higher third-quarter earnings after net interest and fee revenue improved from a year earlier.

The Consumer Financial Protection Bureau decried an appeals court ruling last week that found its single-director structure unconstitutional, saying the opinion was "wrongly decided" and had "no basis in the text of the Constitution or in Supreme Court case law."

Franklin Codel, Wells Fargo's head of mortgage, will now oversee all consumer lending as part of a management shakeup that comes amid the bank's fake account scandal.

Companies weighing whether to reopen past settlements with the Consumer Financial Protection Bureau after a federal appeals court limited the agency's powers may want to think twice, according to industry experts.

Servicers have long skimped on technology investment, leaving legacy systems that can't keep pace with compliance demands. But rising costs and a new round of regulations are compelling both servicers and vendors to finally address these deficiencies.

The ramifications for a U.S. Court of Appeals decision against the CFPB’s constitutionality go far beyond just the agency’s independence, and may have consequences for other federal agencies with similar structures. The ruling may also hamper the CFPB's powers going forward, including its ability to retroactively apply new rules.

Navy Federal Credit Union, the largest credit union in the country, agreed Tuesday to pay $28.5 million to settle regulatory allegations it engaged in illegal debt collection practices.

Talk show hosts have had a field day with the Wells Fargo phony-accounts scandal, underscoring just how much it has hurt the bank's reputation.

The bank's fake account scandal is further reason to make the results of Wells' 2012 Community Reinvestment Act exam public.

U.S. Bancorp has agreed to settle a lawsuit that claimed it neglected to maintain foreclosed properties in Southern California after the 2008 financial crisis.

Deutsche Bank jumped in Frankfurt trading after a media report that the lender is nearing a $5.4 billion settlement with the U.S. Department of Justice in a probe tied to residential mortgage-backed securities, less than half an initial request.

An FHA lender was cited for violating Department of Housing and Urban Development rules by allowing repayment provisions in second mortgages.

BB&T Corp. has agreed to pay $83 million to settle a Department of Justice investigation over loans that failed quality control tests but were still insured by the Federal Housing Administration.

The Department of Justice wants banks to more fully cooperate with civil investigations. Companies now are expected to "materially assist" the agency in providing documents, access to witnesses and even inculpatory documentary evidence such as emails and text messages.

Deutsche Bank isn't the only lender wrestling with the U.S. to resolve an investigation into toxic mortgage bonds: Credit Suisse Group and Barclays are also each in settlement talks with the Justice Department.

Royal Bank of Scotland Group agreed to pay $1.1 billion to settle the first of three major U.S. mortgage-backed securities probes the bank must overcome before it can resume dividend payments.