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Financial Services Law Insights and Observations

Federal Reserve Board extends temporary actions on intraday credit availability

Federal Issues Covid-19 Federal Reserve FRB Consumer Credit Overdraft Fees Debit Cards

Federal Issues

On October 1, the Federal Reserve Board extended certain temporary actions that are designed to increase the availability of intraday credit to mitigate the impact of Covid-19.  The temporary actions were previously announced on April 23 (previously covered here), and include: (1) suspending uncollateralized intraday credit limits and waiving overdraft fees for eligible institutions; (2) permitting a streamlined procedure to request collateralized intraday credit; and (3) suspending two collections of information that are used to calculate net debit caps.  The actions are extended to March 31, 2021.

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