Topics In This Issue:

• Federal Issues

• Firm News

• Mortgages

• Banking

• Consumer Finance

Excerpt from Banking:

Federal Reserve Announces Fee Schedule Changes. On October 31, the Board of Governors of the Federal Reserve System (Federal Reserve) announced changes to the Private Sector Adjustment Factor (PSAF) and fees for priced services and its decision to maintain the current earnings credit rate on clearing balances. Effective January 3, 2012, the overall price level for priced services will increase approximately 4 percent over the 2011 price level, and the Federal Reserve anticipates recovering 100.8 percent of their priced services costs in 2012. The Federal Reserve states that this projected price level increase takes into account various fee adjustments for Check 21 services, FedACH services, Fedwire Funds and National Settlement Services, Fedwire Securities Service and changes to electronic access fees. In addition, the Federal Reserve approved the PSAF of $29.9 million for Reserve Bank priced services, which the Federal Reserve states should not adversely affect private sector service providers' ability to compete. Fee schedules and additional information can be found at FRBservices.org.

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