The Dodd-Frank Act, among other things: • established the Consumer Financial Protection Bureau, an independent organization within the Federal Reserve with centralized responsibility for promulgating and enforcing federal consumer protection laws applicable to all entities offering consumer financial products or services; • established the Financial Stability Oversight Council, tasked with the authority to identify and monitor institutions and systems that pose a systemic risk to the financial system; • changed the assessment base for federal deposit insurance from the amount of insured deposits held by the depository institution to the institution’s average total consolidated assets less tangible equity; • increased the minimum reserve ratio for the Deposit Insurance Fund from 1.15% to 1.35%; • permanently increased the deposit insurance coverage amount from $100,000 to $250,000; • required the FDIC to make its capital requirements for insured depository institutions countercyclical, so that capital requirements increase in times of economic expansion and decrease in times of economic contraction; • required bank holding companies and banks to be “well capitalized” and “well managed” in order to acquire banks located outside of their home state and requires any bank holding company electing to be treated as a financial holding company to be “well capitalized” and “well managed”; • directed the Federal Reserve to establish interchange fees for debit cards under a restrictive “reasonable and proportional cost” per transaction standard; • limited the ability of banking organizations to sponsor or invest in private equity and hedge funds and to engage in proprietary trading; • increased regulation of consumer protections regarding mortgage originations, including originator compensation, minimum repayment standards and prepayment consideration; • restricted the preemption of select state laws by federal banking law applicable to national banks and disallowed subsidiaries and affiliates of national banks from availing themselves of such preemption; • authorized national and state banks to establish de novo branches in any state that would permit a bank chartered in that state to open a branch at that location; and • repealed the federal prohibition on the payment of interest on demand deposits, thereby permitting depository institutions to pay interest on business transaction and other accounts.