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.
The deadline for public comment on the Board of Governors proposal detailing conceptual capital requirements for certain systemically important insurance companies and insurance companies that own a bank or thrift has been extended to September 16, 2016.
A new joint interagency proposed rule would allow certain exemption thresholds for small loans to keep pace with the Consumer Price Index for Urban Wage Earners and Clerical Workers. Currently, loans of $25,500 or less are exempt from appraisal requirements applicable to higher-priced loans. A companion proposal would amend the implementing interpretations and commentary for Regulations Z and M. The deadline for public comment on either proposal is September 6, 2016.
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.