The Payments Law Reporter is published to coincide with meetings of the Payments Advisory Council of the Fifth Federal Reserve District, which presently meets three times per year. The Payments Law Reporter is a publication of the Legal Department of the Federal Reserve Bank of Richmond.
A new final interagency rule, published today in the Federal Register, requires regulated lending institutions to escrow flood insurance premiums and fees for loans extended, increased, or renewed on or after January 1, 2016 and secured by residential improved real estate. The changes implement certain provisions of the Homeowner Flood Insurance Affordability Act of 2014 and integrate the OCC’s flood insurance regulations for national banks and federal savings associations.
A final order has established the enhanced prudential standards and a compliance timeline for General Electric Capital Corporation, a nonbank financial company designated for Board of Governors supervision by the Financial Stability Oversight Council.
The counterfeit cashier's check scheme traditionally targets people who are selling items over the Internet or through classified ads. The cashier's check given to a seller and/or potential employee may be fraudulent and eventually returned to the bank.
The Supervision News Flash helps you stay abreast of topics and trends affecting financial institutions in the Fifth Federal Reserve District. On a periodic basis we’ll share insights on what our examiners, analysts and economists are seeing both within the Richmond Fed’s portfolio as well as trends from across the entire System.
The National Federal Reserve Financial Services website presents the products and services available for institutions in the Fifth District.