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Williams Mullen: FDIC Issues Final Rule Permitting Interest on Demand Deposits of State Non-Member Banks per Dodd-Frank

by Edmund D. Harllee Section 627 of the Dodd-Frank Wall Street Reform and Consumer Protection Act repeals the prohibition against the payment of interest on demand deposits, effective July 21, 2011. On Thursday, July 14, 2011, the Federal Deposit Insurance Corporation (the "FDIC") issued...

Final Rules Published to Implement Dodd-Frank Requirements for Risk-Based Pricing Notices

by Edmund D. Harllee On July 15, 2011, the Board of Governors of the Federal Reserve System (the "Board") issued final rules with respect to its Regulation V (Fair Consumer Reporting) to incorporate new content requirements for risk-based pricing notices, as required by the Dodd-Frank Wall...

Final Rules Published to Implement Dodd-Frank Requirements for Debit Card Interchange Fees and Routing

by Edmund D. Harllee On July 20, 2011, the Board of Governors of the Federal Reserve System (the "Board") issued a final rule implementing its new Regulation II (12 CFR Part 235) with respect to debit card pricing and other requirements for debit card transactions and systems, as required...

Dodd-Frank: President Obama Installs Richard Cordray as Director of the CFPB

On January 4, 2012, President Obama installed Richard Cordray as Director of the new Consumer Financial Protection Bureau Financial Protection ("CFPB"). Mr. Cordray had served as Attorney General for the State of Ohio and most recently was in charge of the enforcement division of the Treasury...

Federal Reserve Board Issues Proposed New Regulation YY to Regulate Certain “Covered Companies” as Required by Dodd-Frank

by Edmund D. Harllee On Thursday, January 5, the Federal Reserve Board (the "Board") issued proposed new Regulation YY, in order to implement changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"). Sections 165 and 166 of the Act require...