In early January, because of the strong interest in this emerging market, the Federal Reserve published a special fintech edition of “Consumer Compliance Outlook.” This issue includes the following articles and features:
- Perspectives on Fintech: A Conversation with Gov. Lael Brainard
- Fintech: Balancing the Promise and Risks of Innovation
- Fintech for the Consumer Market: An Overview
- Fintech Resources: Laws, Regulations and Supervisory Guidance
If you have the Federal Reserve website saved for accessing Selected Interest Rates (H.15), you are going to need to update your website bookmark or favorites. The Federal Reserve announced on September 26, 2016, that it will cease publication of the following interest rates on its Selected Interest Rates H.15 statistical release effective October 11th.
- Eurodollar deposits
- Corporate bonds
- State and local bonds
- Conventional Mortgages
The new website for these rates may be found at: http://www.federalreserve.gov/datadownload/Choose.aspx?rel=H15. For instructions on how to access the desired rate, please refer to the Q & A’s found at http://www.federalreserve.gov/releases/h15/h15_technical_qa.htm.
The Board will continue to publish the following interest rates in the H.15 release (old website address): federal funds (effective), commercial paper, bank prime loan, discount window primary credit, and U.S. Treasury securities (including Treasury Constant Maturities).
Additionally, the Board will no longer publish the H.15 in PDF format or publish weekly and monthly averages directly on the H.15. Instead, weekly and monthly averages will continue to be available through the Board’s Data Download Program.
The Federal Reserve System’s second quarter issue of the Consumer Compliance Outlook focuses entirely on how financial institutions can mitigate risks for its products and services. The seventh anniversary issue, “Managing Risk Throughout the Product Life Cycle,” examines specific consumer compliance-related risks in greater detail throughout the product life cycle—from the beginning stages of product design to the last stage of the product cycle. The second quarter issue can be found here.
An article by the Federal Reserve outlines the various risks and challenges banks should consider before engaging in, or providing banking services to those who engage in, virtual currency transactions. The article, “What Community Bankers Should Know About Virtual Currencies,” provides an overview of the current virtual currency landscape and identifies some of the more prominent currencies, exchanges and wallet providers.
On Wednesday, July 29, the Federal Reserve will host a free webinar covering hot topics in consumer compliance and how bankers can more effectively manage growing compliance obligations.
During the webinar, Fed staff will cover areas where they believe substantive or common violations occur — including the Home Mortgage Disclosure Act, spousal signatures under the Equal Credit Opportunity Act, the Flood Disaster Protection Act of 1973 and the Unfair and Deceptive Acts or Practices Act — and answer questions from participants. Register.
The Consumer Financial Protection Bureau (CFPB) and the Federal Reserve Board have made available a recording of an August 26, 2014 webinar answering specific questions raised to the CFPB about the implementation of the merger of the TILA-RESPA mortgage disclosure rules. The webinar was the second in a series that will help financial institutions implement the new forms, known as the Loan Estimate and the Closing Disclosure. The recording can be downloaded here.
The Federal Reserve offers a website to help new bank directors learn how they can work to ensure the safety and soundness of their institutions. The website, BankDirectorsDesktop.org, also provides a refresher course for experienced board members.
BankDirectorsDesktop.org is tailored to directors of community banks and features online training and other resources to help directors better understand the issues and challenges associated with serving on a bank’s board. The website includes links to the “Training for Bank Directors” interactive course and the latest edition of Basics for Bank Directors, a comprehensive guide to directors’ roles and responsibilities.
“Many people who are asked to serve on bank boards have little training or experience to prepare them for their new roles,” said Patrick M. Parkinson, director of the Federal Reserve Board’s Division of Banking Supervision and Regulation. “This website has been developed with new directors in mind, but there is plenty of useful information for those who have already spent time on bank boards.”