Former Congressman Barney Frank testified before the House Committee on Financial Services on Wednesday, dismissing criticisms of his namesake Wall Street reform act. In the more than three hour long hearing, Frank and others faced tough questions on the effect that the act has had on the economy and the value of the changes when compared with the toll it takes on financial services firms.

Wells Fargo's Economics Group recently released its July 2014 economic outlook for Minnesota, reinforcing that while the state's economy is greatly improved, housing still lags behind, with traditional homebuyers in no great hurry to return to the market.

Economic growth so far this year has been "bittersweet" as housing takes a backseat in moving the recovery forward, Freddie Mac said Monday in its July 2014 Economic and Housing Outlook. But with employment bouncing back and household formations expected to improve, all is not last, says Freddie Mac VP and chief economist Frank Nothaft.

The CFPB this week proposed a new rule to allow consumers that post complaints the option to opine on the details on its public-facing database. The banking and servicing community is concerned at the idea, with the Consumer Bankers Association's CEO, Richard Hunt, commenting that the proposed system runs the risk of being too one-sided.

In a conference call Tuesday,JPMorgan CEO Jamie Dimon took the time to single out FHA-backed lending as a source of risk for the megabank. "[T]he real question is should we be in the FHA business at all? We're still struggling with that," Dimon said. "Until they come up with some kind of safe harbors or something, we're going to be very, very cautious in that line of business."

In a testimony before the Senate Banking Committee on Tuesday, Federal Reserve Chair Janet Yellen made the case that while the economy has seen improvement, the economic recovery is still too fragile to deviate from the present course of Fed policy. Notably, Yellen noted the recent cooling in housing as a sign.

The CFPB issued guidance to curb brokers transitioning into the "mini-correspondent" model in the hopes of avoiding rules affecting broker compensation. "Today we are putting companies on notice that they cannot avoid those rules by calling themselves by a different name," commented CFPB Director Richard Cordray with the release of the new guidance.

The Consumer Financial Protection Bureau (CFPB) issued guidance this week aimed at making it easier for surviving family members who have inherited a property due the death of ...

Representatives John K. Delaney (D-Maryland), John Carney (D-Delaware), and Jim Himes (D-Connecticut) introduced Thursday new housing finance reform legislation aimed at winding down Fannie Mae and Freddie Mac and replacing them with a federally backed insurance program administered through Ginnie Mae.

Citing unnamed sources, the Wall Street Journal reported late Tuesday that Citigroup and the Justice Department are closing in on a $7 billion settlement to resolve an investigation into the bank's sale of faulty mortgage-backed securities. The Journal reports that according to people familiar with the matter, the deal will include $4 billion in cash payments to the federal government, with the rest coming in the form of borrower relief.