Enforcement

The Federal Deposit Insurance Corp. has downgraded the Community Reinvestment Act rating for BancorpSouth in Tupelo, Miss.

PricewaterhouseCoopers LLP failed to spot for seven years a multibillion fraud that led to the demise of Taylor Bean & Whitaker Mortgage Corp., a lawyer for the lender's bankruptcy trustee told a Miami jury on Tuesday.

Securities regulators are investigating and preparing to bring a civil case against Edwin K. Chin, a mortgage bond trader who was fired from Goldman Sachs Group Inc. in 2012, according to people with knowledge of the matter.

The former officers and directors for Midwest Bank & Trust have reached a $26.5 million settlement with the Federal Deposit Insurance Corp. over charges of negligence during the financial crisis.

The U.S. asked a federal appeals court to reconsider its May decision to toss out an almost $1.3 billion judgment against Bank of America's Countrywide Financial unit, claiming the panel overlooked "a wealth of evidence."

In a political season teeming with tension around income inequality, racial economic disparities and animus toward the banking industry, reforming the Community Reinvestment Act seems like it should be a cornerstone of the debate. Yet the law has been almost entirely absent from the discussion. Here's why.

The Consumer Financial Protection Bureau's proposal Friday updating its mortgage disclosure rule did not give lenders what they wanted: an ability to correct errors after a loan has closed and a release from liability for technical violations. But the 293-page proposal did provide revisions that will help in compliance and the closing of more loans.

Carver Bancorp in New York is dealing with a new set of challenges just months after being released from a longstanding enforcement order. The company’s woes highlight the challenges for banks with narrowly constrained business models.

The CFPB updated its "Know Before You Owe" mortgage disclosure rule to provide more clarity to lenders. It has proposed additional tolerance provisions, clarified a partial exemption for housing finance agencies, extended the rule's coverage to all cooperative units, and provided more clarity about privacy and the sharing of information.

Ocwen Financial Corp. posted yet another net loss during the second quarter, this time reflecting the impact of legal and settlement costs among other factors.

Deutsche Bank is nearing an agreement with the U.S. Department of Justice to settle a long-running investigation into its mortgage-backed securities business.

The recent White House fintech summit was helpful in exposing companies to regulators, and vice versa, but we need to strengthen the lines of communications even more.

HUD reverses course and decides to investigate findings by the Inspector General that some DPA programs don't comply with FHA rules.

The Consumer Financial Protection Bureau's fifth anniversary marks an important shift for the agency in which it pivots from rules required by the Dodd-Frank Act to pursuing other areas.

HUD Secretary Julian Castro, said to be a contender for Hillary Clinton's running mate, was found by the U.S. Office of Special Counsel to have violated a law prohibiting federal employees from engaging in political activity while working in their official capacity.

The Little Rock, Ark., bank got the final regulatory approval it needed to buy C&S and C1, but not before agreeing to address some community reinvestment concerns in the Atlanta market and elsewhere.

BancorpSouth Bank agreed Wednesday to a $10.6 million settlement with the Consumer Financial Protection Bureau and the Justice Department for allegedly discriminatory mortgage lending practices that harmed minorities.

The Supreme Court on Monday agreed to hear an appeal by Wells Fargo and Bank of America in a lawsuit brought by the City of Miami to determine whether the city can seek redress for lost tax revenue from allegedly predatory mortgages.

Ocwen Financial Corp. has agreed to a $30 million settlement in two lawsuits alleging that the West Palm Beach, Fla.-based company violated the False Claims Act.

U.S. prosecutors have abandoned their case against Angelo Mozilo, a pioneer of the risky subprime mortgages that fueled the financial crisis, after a two-year quest to bring a civil suit against him.