Fed Sets Fees

The Federal Reserve Board approved new fee schedules for payment services the Federal Reserve Banks provide to depository institutions, effective January 2, 2009. As more checks are presented electronically, the effective fees paid to collect checks using the Reserve Banks’ Check 21 services are expected to decline 10 percent. This change, along with a 41 percent increase in paper check fees, will further encourage the continued movement to electronic check collection, the Fed says.

FHFA Organized

James B. Lockhart, Director of the Federal Housing Finance Agency (FHFA), announced the formal integration of three agencies into FHFA on Oct. 27. The Housing and Economic Recovery Act (HERA) created FHFA to oversee Fannie Mae, Freddie Mac, and the 12 Federal Home Loan Banks. FHFA combines the Office of Federal Housing Enterprise Oversight (OFHEO), the Federal Housing Finance Board (FHFB), and the Department of Housing and Urban Development’s government-sponsored enterprise (GSE) mission team.