From: Barrons
By Avi Salzman
Rep. Barney Frank (D-Mass.), who proudly slapped his name on the Dodd-Frank financial reform law, is now willing to delay implementation of one of the most controversial sections of the law. Frank said he thinks that the rules limiting debit interchange fees should be delayed so that the Fed can study their impact.
From: CardRatings.com
Fed Chairman Ben Bernanke has received more than 11,000 letters commenting on the Federal Reserve Board’s December 2010 proposal to limit interchange fees on debit cards to 12 cents, according to a March 30 report from American Banker.
“Detailed and extensive” comments
Bernanke said many of the letters were “quite detailed and extensive” and justified the Fed taking additional time to review the information and assess the full effects of the proposed limits on U.S. consumers and financial institutions.
| Host: | PYMNTS.com | ||||
| What: | A half-day conference will examine the potential impact of proposed Federal Reserve Board regulations on debit card interchange fees. Under the proposed regulations, bank debit card fees charged to merchants for debit card transactions would drop by some 80%. Banks have expressed dismay over what would be a massive revenue loss, while merchants applaud the proposal. The conference will examine what the rules ultimately could mean for consumers, banks and economic efficiency. A final decision by the Fed is expected on April 21, 2011, unless Congress passes legislation to postpone the deadline to allow for further study. |
From: Bloomberg
By Joshua Zumbrun
Patrick Parkinson, the Federal Reserve’s chief bank regulator, said about 30 percent of U.S. banks have “less than satisfactory” supervisory ratings.
Parkinson, director of the central bank’s division of banking supervision and regulation, told a gathering of bankers today that while asset quality is “stabilizing,” the “conditions in real estate markets are still very difficult” and the banking system is “still in the repair and recovery stage.”
From: HousingWire
by JON PRIOR
Maryland’s Commissioner of Financial Regulation Mark Kaufman met with large servicers in 2009 to voice concerns about their ability to handle a growing number of foreclosures.
In his testimony Tuesday before the House Oversight and Government Reform Committee’s special hearing in Baltimore, Kaufman said he was assured that the mounting casework was manageable.
But by the fall of 2010, it became apparent these companies were overwhelmed and cutting corners, according to Kaufman. Many of the largest servicers had to freeze foreclosures and conduct reviews of thousands of affidavits signed without a review of the documentation. The result has been an investigation from the 50 state attorneys general and federal regulators, as well as a proposed settlement that reached the negotiation stage this week.