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FOMC Updates

FOMC Updates: March 19-20, 2019 Yesterday, the Federal Open Market Committee (FOMC) met to discuss current and future economic conditions. It was previously predicted that there would be two rate hikes in 2019, but after their meeting it was reported that the rate will remain unchanged and continue to hold at 2.25-2.5 percent throughout the year. Fed chairman, Jerome Powell, assures us that the economy is in a good place. However, growth is slowing due to recent developments abroad, which led th...

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Topics: Regulations, Interest Rates

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What is the Impact of Fintech Charters on Community Banks and Credit Unions?

On July 31, 2018 the Office of the Comptroller of the Currency (OCC) announced the approval of the national fintech charter. This announcement followed the Treasury Department’s report about how non-banks, like fintechs, should be regulated. The OCC’s decision is based on government efforts to promote economic growth, and support innovation that improves financial services to customers, businesses and communities.

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Topics: Regulations, FinTech

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Working Together - Regulation D and Deposit Reclassification

Deposit Reclassification, also known as a retail sweep program, allows financial institutions to reduce their Federal Reserve Bank reserve requirement. The Federal Reserve’s 12 CFR 204 Regulation D sets out uniform requirements for all depository institutions’ reserve balances - either as vault cash or as funds held with their local Federal Reserve Bank. Retail sweep programs reduce reserve requirements, which Regulation D sets out for financial institutions to observe. How do these two opposing...

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Topics: Regulations, Deposit Reclassification, Federal Reserve Balance