09/21/22
In the interest of controlling inflation, the Fed has announced an aggressive 75 basis point interest rate increase today.
09/21/22
In a move that surprised most administration insiders, President Biden this week nominated two individuals to the vacant republican seats on the FDIC Board.
09/14/22
From stablecoins legislation to a potential increase in capital requirements, the OBL highlights the latest banking news out of Washington.
09/07/22
Jeff Tassey, board chairman of the Electronic Payments Coalition (EPC), released the following statement highlighting the more than 140 organizations—spanning across finance, banking, merchant, and consumer advocate industries—that oppose the Credit Card Competition Act's harmful credit card routing mandates introduced by Senator Dick Durbin (D-IL) and Senator Roger Marshall (R-KS).
08/31/22
Included within the Inflation Reduction Act of 2022 (the Act) signed into law by President Biden on August 16, 2022, is a one percent excise tax on corporate stock repurchases. For banks and bank holding companies, it’s important to note the law does not contain any express exemptions for banking organization, or any minimum thresholds based on asset size. The law applies to all domestic corporations with stock traded on an “established securities market.” This includes all publicly traded banks (those with shares listed on a national securities exchange), as well as those banks with shares traded on regional or local exchanges or interdealer quotation systems, e.g. over-the-counter (OTC).
08/31/22
Does your bank have customers that are attorneys? Are you holding their trust accounts aka IOLTAs?
If your bank holds attorney IOLTAs, you are statutorily obligated to notify the Office of Disciplinary Counsel “when a properly payable instrument is presented for payment from the account, and the account contains insufficient funds,” - i.e., when there is an overdraft. See R.C. 4507.10(A)(4). Further, you are to provide this notice “without regard to whether the instrument is honored by the depository institution.”
08/31/22
The Federal Reserve announced this week its FedNow service will launch midyear 2023, targeting May to July as the production rollout window for the anticipated instant payments service.
08/17/22
In a supervisory letter issued yesterday, the Federal Reserve said that Fed-supervised banks seeking to engage in activities related to cryptocurrency and other digital assets must first assess whether such activities are legally permissible and determine whether any regulatory filings are required. The letter also stated that banks should notify the Fed prior to engaging in crypto-asset-related activities
08/10/22
The federal banking regulators have a jam packed rule making agenda over the next 18 months. The OBL details all the battles and engagement bankers need to know.
08/03/22
Following the atypical August primary election for state legislature races, OBL provides a summary of the outcomes.
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