Second, the Dodd-Frank Act sharpened our statutory mandate to make clear that the Federal Reserve is to regulate and supervise holding companies with a view to the safety and soundness of not only the holding company itself, but also its functionally regulated subsidiaries, including affiliated insured depository institutions.
From the early days of its work on interchange fees, the Bank has been concerned with the way in which competition between payment systems works. In particular, since merchants are reluctant to refuse any payment method that consumers present, for fear of losing a sale, they typically take as many as possible.