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 joint interagency statement provides initial supervisory views on implementation of the new accounting standard, Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, issued by the Financial Accounting Standards Board. The new standard applies to all banks, savings associations, credit unions, and financial institution holding companies.
A new proposed rule, published today in the Federal Register, would set corporate governance, risk-management, and liquidity risk-management standards for nonbank financial companies that have been designated by the Financial Stability Oversight Council for Federal Reserve supervision and that have significant insurance activities. The deadline for public comment is August 17, 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.