Links in “Federal Reserve”
- “Compliance Culture” to be a Focus of Revised Approach to Fed Reserve’s Consumer Compliance Supervision
Consumer compliance examiners will place a greater focus on an individual bank's risk profile, including its "compliance culture." [10/4]
- Fedâs Debit Interchange Rule to Remain in Effect
At least until an appealâs court rules on the pending appeal of the lower courtâs decision that overturned the Federal Reserve Boardâs ruling on debt card interchange fees. [9/23]
- NCUA Planning to Propose Stress Test Requirement for the Largest Credit Unions
NCUA Chair Debbie Matz announced that the agency is working on a proposed rule to requires that credit unions with more than $10 billion in assets undergo stress tests to determine whether they have sufficient capital to withstand certain economic shocks. The Federal Reserve Board will develop the âshocksâ to be used for testing purposes. [9/19]
- CUNA and NAFCU Submit Brief Opposing an Interim Debit Card Rule
CUNA, NAFCU and other coalition partners have submitted a brief that opposes requiring the Federal Reserve Board to issue an Interim Final Rule that would reduce the interchange fee cap for debit card transactions while the District Court ruling is being appealed; group argues that an interim rule could cause significant harm to the industry and could be overturned by the Appellate Court. [8/29]
- Federal Agencies Issue a Second Proposed Interagency Rule on QRMs
Although proposed rule issued by the FDIC, FHFA, FRB, Dept. of Housing and Development, SEC and the OCC does not directly affect credit unions, as participants in the mortgage market place they would likely feel the impact; proposed rule would make the definition of a âqualified residential mortgageâ consistent with the CFPBâs definition of a âqualified mortgage.â [8/29]
- Next Step in Interchange Rule Case Begins Today
Washington, DC, District Court holds a hearing today to determine whether the Federal Reserve Board should issue an interim final rule to lower the cap on debit card interchange fees; key issue at the hearing is whether card issuers should be required to refund to merchants excess fee income they earned in light of the courtâs July 31Â decision that the Fed did not follow Congressional intent when it set the current interchange fee cap. [8/21]
- Hearing May Address Card Issuer Refunds to Merchants
In a hearing scheduled for this Wednesday, the Federal Reserve will advise a federal district court judge on whether it can issue an interim final rule to lower the debit interchange fee cap and to revise the network requirements; hearing follows the district courtâs ruling that invalidated the Fedâs current debit card interchange rule and could potentially lead to a requirement that card issuers refund merchants for a portion of the fees charged since the Fedâs final rule went into effect. [8/19]
- Net Worth Increases + Debt Ratio Declines = More Loan Opportunities
Federal Reserve data show that lenders are easing their underwriting standards on real estate and auto loans in response to the increasing net worth and declining debt ratio for the average consumer; Alliance Bernstein in New York reports that household finances are in the best shape theyâve been in a decade. [8/6]
- Regulators Echo Commitment to Students in Financial Dire Straits
FDIC, OCC, FRB promote workout program guidance for FIs under $1B in handling problem student loan borrowers. [8/1]
- Price Caps on Debit Card Fees Struck Down
In a move that could have a serious impact on small credit unions, a U.S. District Court in Washington, DC, struck down the Federal Reserveâs price caps on debit card interchange fees, with the judge stated that the Fed disregarded Congressâs intent; it is not certain yet whether the Fed will appeal the ruling, but the current price caps will remain in place for the interim time. [8/1]
