Update on Debit Card Interchange Fees

by John B.C. Porter, Esq. On December 16, 2010, the Federal Reserve Board (“Board”) released its proposed rule to implement the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted on July 21, 2010.  The Durbin Amendment amends the Electronic Fund Transfer Act by adding a new section 920…

Current Issues in Credit Unions Episode #60.

Andrea Stritzke from PolicyWorks joins Hal, Guy, Katherine and Rob on the show this month.  Also, we say goodbye to our good friend Anthony who has left the show (because of a terrific promotion).  Here are the topics: –CFPB Shenanigans.             –EW on The Daily Show.             –Interchange             –Model forms             –Politics. –Update on the Texas…

HAMP Single Point of Contact

By Alan C. Hochheiser, Esq. On May 18, 2011, The Treasury Department issued Supplemental Directive 11-04 under the Home Affordable Modification Program (HAMP).  The purpose of this Directive is to require servicers of non-GSE mortgages to have a single point of contact for dealing with customers who are currently in or may be eligible for…

Changes in Indiana Foreclosure Procedures

By Zarksis Daroga, Esq. As a result of Senate Bill 582 (SB 582), the Indiana legislature has made several procedural changes as to the foreclosure process effective July 1, 2011. These changes include the following: For all residential foreclosure actions filed after June 30, 2011, the lender must provide to the Court, at the time…

Federal Bank Regulators Are Proposing Tougher Rules Governing Executive Compensation Arrangements for $1 Billion Plus Banks

By Francis X. Grady On March 30, 2011, all Federal bank regulators jointly released proposed rules with respect to incentive-based compensation arrangements for banks with $1 billion or more in assets. Issued under the authority of Section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), the proposed rules would…

ATM ADA Compliance Deadline

By Matthew M. Young, Esq. March, 2011 or March, 2012?  There has been significant confusion and varied opinions concerning the deadline for compliance with the Americans with Disabilities Act (ADA) new accessibility requirements for Automated Teller Machines (ATMs).  Some industry experts suggest this deadline is not until March, 2012 while others indicate this deadline already…