Durbin To-Do’s for Smaller Financial Institutions
On June 29, 2011, the Federal Reserve Board released the final regulation pertaining to Section 1075 (the Durbin Amendment) of the Dodd-Frank Wall Street Reform Act. Because most of the provisions take effect on October 1st of this year, financial institutions must act quickly to achieve compliance and take necessary strategic steps to minimize any negative impact on their business.
Although smaller financial institutions are exempt from the interchange provision of the regulations, they do have new requirements related to network exclusivity. Read "What to Do Next: A Post-Durbin Checklist for Financial Institutions with Less than $10B in Assets" to learn more.