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.
New final interagency capital rules, applicable to large banking organizations that calculate their capital ratios according to the “advanced approaches” rule, take effect October 1, 2015.
As directed by the Dodd-Frank Act, a new final interagency rule sets standards for assessing the policies and practices supervised financial institutions use to promote diversity and inclusion in their business, management, and employment activities. The federal financial supervisory agencies seek public comment on the information-collection process these new standards will entail. The deadline for public comment is August 10, 2015.
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.