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Post-Durbin, many issuers of prepaid debit cards have introduced higher fees upon their cardholders when they make a purchase with their PIN, but new data from the Federal Reserve shows that two-tiered pricing schedules are out-of-synch with the empirical results.
On May 1st, the Fed published a report on its examination of actual interchange prices on a per-transaction basis. The data compared signature transactions with PIN transactions. Networks
The Federal Reserve will hold the first of three public meetings to give the public a chance to comment on the acquisition of ING by Capital One.
Interest in the deal is so great that the Fed is taking the unusual step of holding the first meeting in a DC hotel. Seven panels, each made up of at least five commenters, fill the schedule. The hearings include testimony from Cap One and ING. Consumer advocates will speak against approval, but the Fed will hear support from the deal from many community development groups that have received grants from the two financial entities.
Advocates face a strategic dilemma: should they oppose the deal or instead ask for the Fed to give the merger the merger their blessing, albeit with conditions? Such an arrangement would require Cap One to develop a plan to make investments and grants to nonprofits and CDCs.
- Editor's Note: This is a guest editorial by Peter Skillern. Mr. Skillern is the Executive Director of the Community Reinvestment Association of North Carolina. His comments also appear in a story published in today's Charlotte Observer.
I am an advocate who for 20 years has petitioned for lenders to be held accountable for unfair and illegal loan practices. Yesterday, the Federal Reserve fined Wells Fargo $85 million and ordered up to $200 million in restitution to borrowers. The penalty is meant to address violations made by Wells Fargo Finance, which was a mortgage loan
It is more than clear that the qualified residential mortgage will stifle access to home mortgages, but the Federal Reserve is pressing ahead with its campaign to ramp up the standard for down payments. The QRM is a part of the Dodd-Frank bill that implements a risk retention standard for loans. The idea is to make sure that borrowers have "skin in the game" when they take out a
News that the Federal Reserve will buy more debt is good news for many American workers, but bad news for working people in the rest of the world.
During last week's meeting, the Fed said that it would buy$600 billion in Treasuries. When coupled with existing, but as yet unrealized commitments to buy other debt (MBS), then the Fed is poised to double down on US debt.
One key distinction in the new policy is the means by which the Fed plans to implement the buy. The Fed
The Federal Reserve will hear the first round of testimony next Thursday on the construction and dissemination of data provided for by the Home Mortgage Disclosure Act. The meeting will be held at the Atlanta branch of the Federal Reserve. Three other meetings are scheduled in the following weeks for Washington, DC, Chicago, and San Francisco.
HMDA data is freely distributed each fall through the Federal Financial Institutions Examination Council (FFIEC). The