Tagged: federal reserve board

July 22, 2024 @ 11:53 am By Omar Faridi  |  

The Federal Reserve Board this past Friday reportedly took action to address consumer compliance breakdowns by Green Dot, fining the firm $44 million “for numerous unfair and deceptive practices and a deficient consumer compliance risk management program.” Green Dot Corporation (NYSE: GDOT) is said to… Read More

January 28, 2023 @ 9:11 am By Omar Faridi  |  

The Federal Reserve Board announced its denial of the application by Custodia Bank, Inc., Cheyenne, Wyoming, “to become a member of the Federal Reserve System.” The Board has concluded that the firm’s application “as submitted is inconsistent with the required factors under the law.” Custodia… Read More

October 5, 2022 @ 9:21 pm By Omar Faridi  |  

The Federal Reserve Board announced that it has finalized updates to the Board’s rule concerning debit card transactions. Pursuant to statute, the updates “specify that debit card issuers should enable at least two payment card networks to process all debit card transactions, including ‘card-not-present’ transactions,… Read More

August 17, 2022 @ 9:39 pm By Omar Faridi  |  

The Federal Reserve Board on Monday (August 15, 2022) announced final guidelines that establish “a transparent, risk-based, and consistent set of factors for Reserve Banks to use in reviewing requests to access Federal Reserve accounts and payment services.” The final guidelines are substantially “similar to… Read More

December 3, 2019 @ 11:51 am By JD Alois  |  

The Office of the Comptroller of the Currency (OCC) along with three other federal agencies and in conjunction with the state bank regulators have issued a statement clarifying the legal status of hemp growth and production and the relevant requirements under the Bank Secrecy Act… Read More