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ARTICLE · 30 AUGUST 2006

FRB Amends Regulation E Affecting Payroll Cards and Insufficient Funds Fees

Goodwin Procter LLP
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The FRB issued a final rule (the "Final Rule") and an interim final rule (the "Interim Final Rule") amending Regulation E, which implements the Electronic Funds Transfer Act.

United StatesFinance and Banking

Contents:

Developments of Note

  1. FRB Grants Bank Exception to Risk-Based Capital Guidelines for Certain Securities Lending Transactions

  2. FRB Amends Regulation E Affecting Payroll Cards and Insufficient Funds Fees

  3. MSRB Seeks Public Comment on Proposed Amendments to Municipal Fund Securities Advertising Rule

  4. FRB Issues Interpretive Letter Concluding that a Single Member LLC May Not Maintain a NOW Account

  5. FRB Seeks Comment on Proposed Reg D Revisions Regarding Bankers’ Bank Exemption

Developments of Note

FRB Grants Bank Exception to Risk-Based Capital Guidelines for Certain Securities Lending Transactions

The FRB published an interpretive letter (the "Interpretive Letter") granting a state member bank and its holding company (collectively, the "Bank") an exception from the FRB’s risk-based capital guidelines, allowing the Bank to reduce significantly the capital charge associated with certain of its securities lending transactions. The transactions at issue involve

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