District Circular Letters

The Federal Reserve Bank of San Francisco uses circular letters to communicate new policies and announcements to institutions in the Twelfth Federal Reserve District.

2019

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2018

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New Member Bank – First Choice Bank

Posted October 1, 2018

The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of First Choice Bank, Cerritos, California, for membership in the Federal Reserve System.

Election of Directors

Posted August 22, 2018

In accordance with the provisions of Section 4 of the Federal Reserve Act and the announcement dated July 11, 2018, the Federal Reserve Bank of San Francisco is conducting an election of directors to succeed Mr. Peter S.

New Member Bank – CalWest Bank

Posted April 2, 2018

The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of South County Bank, N.A.

2017

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Results of Director Elections

Posted September 29, 2017

This letter is in regard to the election of directors of this Bank to succeed Mr. Richard A.

Election of Directors

Posted September 7, 2017

In accordance with the provisions of Section 4 of the Federal Reserve Act and the announcement dated July 19, 2017, the Federal Reserve Bank of San Francisco is conducting an election of directors to succeed Mr. Richard A.

Election of Directors Nomination Procedures

Posted July 19, 2017

The Federal Reserve Bank of San Francisco will conduct an election under the provisions of Section 4 of the Federal Reserve Act for the positions held by the directors of this Bank whose terms expire on December 31, 2017.

Rates of Interest on Advances and Discounts

Posted June 14, 2017

The rates on advances and discounts made by the Federal Reserve Bank of San Francisco pursuant to the provisions of the Federal Reserve Act and Regulation A will change on June 15, 2017.

Rates of Interest on Advances and Discounts

Posted March 15, 2017

The rates on advances and discounts made by the Federal Reserve Bank of San Francisco pursuant to the provisions of the Federal Reserve Act and Regulation A will change on March 16, 2017.

2016

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Rates of Interest on Advances and Discounts

Posted December 14, 2016

The rates on advances and discounts made by the Federal Reserve Bank of San Francisco pursuant to the provisions of the Federal Reserve Act and Regulation A will change on December 15, 2016.

Election of Directors

Posted September 8, 2016

In accordance with the provisions of Section 4 of the Federal Reserve Act and the announcement dated July 20, 2016, the Federal Reserve Bank of San Francisco is conducting an election of directors to succeed Ms. Nicole C.

New Member Bank – Cornerstone Community Bank

Posted August 10, 2016

The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Cornerstone Community Bank, Red Bluff, California, for membership in the Federal Reserve System.

Election of Directors Nomination Procedures

Posted July 20, 2016

The Federal Reserve Bank of San Francisco will conduct an election under the provisions of Section 4 of the Federal Reserve Act for the positions held by the directors of this Bank whose terms expire on December 31, 2016.

2015

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Rates of Interest on Advances and Discounts

Posted December 16, 2015

The rates on advances and discounts made by the Federal Reserve Bank of San Francisco pursuant to the provisions of the Federal Reserve Act and Regulation A will change on December 17, 2015.

Election of Directors

Posted October 22, 2015

In accordance with the provisions of Section 4 of the Federal Reserve Act and the announcement dated September 2, 2015, the Federal Reserve Bank of San Francisco is conducting an election of directors to succeed Mr. Peter S.

Election of Directors Nomination Procedures

Posted September 2, 2015

The Federal Reserve Bank of San Francisco will conduct an election under the provisions of Section 4 of the Federal Reserve Act to choose successors to the following directors of this Bank, whose terms expire on December 31, 2015.

Twelfth District Member Bank Reclassification

Posted August 14, 2015

Pursuant to section 265.11(e)(9) of the Rules Regarding Delegation of Authority of the Board of Governors of the Federal Reserve System, this Bank has changed the classification of member banks in the Twelfth Federal Reserve District for the purpose of nomination and election of Class A and Class B directors of the Federal Reserve Bank of San Francisco.

Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies

Posted July 14, 2015

On July 8, 2015, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation announced the availability of the 2015 list of distressed or underserved nonmetropolitan middle-income geographies, where revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as community development.

Agencies Issue Host State Loan-to-Deposit Ratios

Posted July 8, 2015

On June 29, 2015, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued the host state loan-to-deposit ratios that they will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994.

CFPB Proposes to Delay the Effective Date of TILA-RESPA Integrated Disclosure Rule

Posted June 30, 2015

On June 24, 2015, the Consumer Financial Protection Bureau (CFPB) issued a proposed amendment to the TILA-RESPA Integrated Disclosure Rule, which would delay the rule’s effective date to October 3, 2015. The CFPB is issuing the proposal to correct an administrative error that would have delayed the effective date of the rule by at least two weeks.

Agencies Issue Flood Insurance Rule

Posted June 26, 2015

On June 22, 2015, five federal regulatory agencies, including the Board of Governors of the Federal Reserve System, announced the approval of a joint final rule that modifies regulations that apply to loans secured by properties located in special flood hazard areas.

CA 15-4 Expiration of the Protecting Tenants at Foreclosure Act

Posted June 19, 2015

The Protecting Tenants at Foreclosure Act of 2009 (PTFA), which originally became effective on May 20, 2009, expired on December 31, 2014. Accordingly, examiners in the Federal Reserve System will no longer evaluate institutions’ compliance with the PTFA.

New Member Bank – Mission Bank

Posted June 1, 2015

The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Mission Bank, Bakersfield, California, for membership in the Federal Reserve System.

CFPB Issues Guidance on Housing Counselor Requirement

Posted May 18, 2015

On April 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final interpretive rule that provides instructions for lenders to use in complying with the required provision of mortgage applicants with a list of local homeownership counseling organizations.

CFPB Releases New Mortgage Disclosure: “Your Home Loan Toolkit”

Posted May 7, 2015

On March 31, 2015, the Consumer Financial Protection Bureau (CFPB) released a new toolkit (“Your Home Loan Toolkit”), a consumer guide that is designed to replace the current Settlement Cost booklet when the TILA-RESPA Integrated Disclosures go into effect on August 1, 2015.

Interagency Frequently Asked Questions (FAQs) on the Regulatory Capital Rule

Posted April 17, 2015

On April 6, 2015, the Federal Reserve, together with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (the agencies), issued the attached FAQs in response to questions from regulated institutions about the agencies’ regulatory capital rule. Unless otherwise noted, all FAQs are interpretations and serve to clarify expectations concerning the regulatory capital rules.

FFIEC Releases Two Statements on Compromised Credentials and Destructive Malware

Posted April 10, 2015

On March 30, 2015, the Federal Financial Institutions Examination Council (FFIEC), which includes the Board of Governors of the Federal Reserve System, released two statements about ways that financial institutions can identify and mitigate cyber attacks that compromise user credentials or use destructive software, known as malware. In addition, the FFIEC provided information on what institutions can do to prepare for and respond to these threats.

FFIEC Information Technology Examination Handbook

Posted March 11, 2015

On February 6, 2015, the Federal Financial Institutions Examination Council (FFIEC) issued updated guidance for examiners, financial institutions, and technology service providers (TSPs) to explain the components of an effective third-party management program that can identify, measure, monitor, and control the risks associated with outsourcing.

Guidance on Private Student Loans with Graduated Repayment Terms at Origination

Posted February 10, 2015

On January 29, 2015, the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency, in conjunction with the State Liaison Committee (SLC) of the Federal Financial Institutions Examination Council, issued guidance to provide principles that financial institutions should consider in their policies and procedures for originating private student loans with graduated repayment terms.

Amendments to the TILA-RESPA Integrated Mortgage Disclosures Rule

Posted February 2, 2015

On January 20, 2014, the Consumer Financial Protection (CFPB) finalized two minor modifications to the 2013 Truth in Lending Act (TILA)-Real Estate Settlement Procedures Act (RESPA) Integrated Disclosures Rule, which goes into effect on August 1, 2015.

New Member Bank: Western Alliance Bank

Posted January 30, 2015

The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Western Alliance Bank, Phoenix, Arizona, for membership in the Federal Reserve System.

2014

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CFPB Guidance on Social Security Disability Income Verification

Posted December 19, 2014

On November 18, 2014, the Consumer Financial Protection (CFPB) issued CFPB Bulletin 2014-03 to remind creditors of: (1) their obligations under the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B, with respect to consideration of public assistance income; and (2) relevant standards and guidelines regarding verification of Social Security Disability Insurance (SSDI) and Supplemental Social Security Income (SSI) (collectively, Social Security disability income) received by mortgage applicants.

Release of the 2014 FFIEC BSA/AML Examination Manual

Posted December 10, 2014

On December 2, 2014, the Board of Governors of the Federal Reserve System issued Supervision and Regulation letter 14-10, “Release of the 2014 Federal Financial Institutions Examination Council’s Bank Secrecy Act/Anti-Money Laundering Examination Manual.

Cybersecurity Threat and Vulnerability Monitoring and Sharing Statement

Posted November 21, 2014

On November 3, 2014, the Federal Financial Institutions Examination Council (FFIEC), which includes the Board of Governors of the Federal Reserve System, issued guidance recommending that regulated financial institutions of all sizes participate in the Financial Services Information Sharing and Analysis Center (FS-ISAC) as part of their process to identify, respond to, and mitigate cybersecurity threats and vulnerabilities.

CFPB Finalizes Minor Changes to the 2013 Mortgage Rules

Posted October 30, 2014

On October 22, 2014, the Consumer Financial Protection Bureau (CFPB) finalized minor adjustments to its mortgage rules, which were proposed in April 2014, incorporating changes that address concerns about origination and servicing issues, including those of nonprofit housing providers.

Agencies Request Comment on Proposed Flood Insurance Rule

Posted October 30, 2014

On October 24, 2014, five federal regulatory agencies announced the approval of a joint notice of proposed rulemaking to amend regulations pertaining to loans secured by property in special flood hazard areas.

Election of Directors

Posted October 29, 2014

In accordance with the provisions of Section 4 of the Federal Reserve Act and the announcement dated September 10, 2014, the Federal Reserve Bank of San Francisco is conducting an election of directors to succeed Ms. Megan F.

Amendment to Annual Privacy Notice Requirement under Regulation P

Posted October 24, 2014

On October 20, 2014, the Consumer Financial Protection (CFPB) finalized an amendment to Regulation P, which requires, among other things, that financial institutions provide an annual disclosure of their privacy policies to their customers.

Federal Banking Regulators Finalize Liquidity Coverage Ratio

Posted September 25, 2014

On September 3, 2014, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency finalized a rule to strengthen the liquidity positions of large financial institutions.

TILA-RESPA Integrated Disclosure Rule Resources

Posted September 17, 2014

On September 8, 2014, the Consumer Financial Protection Bureau (CFPB) updated their resources related to the Truth in Lending Act (TILA)-Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure rule.

Loan Coverage Requirements for Safety and Soundness Examinations of Community Banks

Posted August 14, 2014

On July 22, 2014, the Board of Governors of the Federal Reserve System released SR letter 14-7, Loan Coverage Requirements for Safety and Soundness Examinations of Community Banks. This letter applies to community state member banks with $10 billion or less in total consolidated assets that are supervised by the Federal Reserve.

Proposed Amendments to Regulation C (Home Mortgage Disclosure Act)

Posted July 31, 2014

On July 24, 2014, the Consumer Financial Protection (CFPB) issued a proposed rule to amend Regulation C to implement the amendments to the Home Mortgage Disclosure Act (HMDA) made by section 1094 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

Application of Regulation Z’s Ability-to-Repay Rule to Certain Situations Involving Successors-in-Interest

Posted July 29, 2014

On July 11, 2014, the Consumer Financial Protection (CFPB) issued an interpretive rule to clarify that where a successor-in-interest (successor) who has previously acquired title to a dwelling agrees to be added as obligor or substituted for the existing obligor on a consumer credit transaction secured by that dwelling, the creditor’s written acknowledgement of the successor as obligor is not subject to the Ability-to-Repay Rule (ATR Rule).

Banking Agencies Issue Host State Loan-to-Deposit Ratios

Posted July 11, 2014

On July 2, 2014, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued the host state loan-to-deposit ratios that banking agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios update data released on July 1, 2013.

New Member Bank – Territorial Savings Bank

Posted July 10, 2014

The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Territorial Savings Bank, Honolulu, Hawaii, for membership in the Federal Reserve System.

Interagency Guidance on Home Equity Lines of Credit Nearing Their End-of-Draw Periods

Posted July 8, 2014

The Federal Reserve, along with the other federal financial institutions regulatory agencies and the Conference of State Bank Supervisors, issued the attached guidance to reiterate principles of sound risk management for home equity lines of credit (HELOCs) that have reached or will be reaching their end-of-draw periods.

New Member Bank – Seacoast Commerce Bank

Posted June 25, 2014

The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Seacoast Commerce Bank, San Diego, California, for membership in the Federal Reserve System.

CA 14-3 Interagency Statement on Increased Maximum Flood Insurance Coverage for Other Residential Buildings

Posted June 13, 2014

On May 30, 2014, the Federal Reserve, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Farm Credit Administration (Agencies) issued an interagency statement regarding the new National Flood Insurance Program (NFIP) maximum limit of flood insurance coverage for non-condominium residential building designed for use for five or more families, which are classified as “Other Residential Buildings” by the NFIP.

Notice of Availability of Certain Revised Consumer Information Publications

Posted January 27, 2014

On January 10, 2014, the Consumer Financial Protection (CFPB) published the Notice of Availability of Certain Revised Consumer Information Publications (notice) in the Federal Register. The notice advises of the availability of three revised consumer publications, including a consumer information brochure and two booklets required under the Real Estate Settlement Procedures Act (RESPA), Regulation X, the Truth in Lending Act (TILA), and Regulation Z.

SR 13-23, Risk Transfer Considerations When Assessing Capital Adequacy – Supplemental Guidance on Consolidated Supervision Framework for Large Financial Institutions (SR letter 12-17/CA letter 12-14)

Posted January 24, 2014

On December 20, 2013, the Board of Governors of the Federal Reserve System issued SR letter 13-23, Risk Transfer Considerations When Assessing Capital Adequacy – Supplemental Guidance on Consolidated Supervision Framework for Large Financial Institutions. This letter provides guidance on how certain risk transfer transactions affect assessments of capital adequacy at large financial institutions (hereafter referred to as firms) covered by the Federal Reserve’s Consolidated Supervision Framework for Large Financial Institutions (SR letter 12-17/CA letter 12-14).

Agencies Approve Interim Final Rule Authorizing Retention of Interests in and Sponsorship of Collateralized Debt Obligations Backed Primarily by Bank-Issued Trust Preferred Securities

Posted January 21, 2014

On January 14, 2014, the Federal Reserve and four other federal agencies approved an interim final rule to permit banking entities to retain interests in certain collateralized debt obligations backed primarily by trust preferred securities (TruPS CDOs) from the investment prohibitions of section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, known as the Volcker rule.

Managing Foreign Exchange Settlement Risks for Physically Settled Transactions

Posted January 13, 2014

On December 23, 2013, the Federal Reserve issued SR letter 13-24, “Managing Foreign Exchange Settlement Risks for Physically Settled Transactions.” This letter transmits the Basel Committee on Banking Supervision (Committee) “Supervisory Guidance for Managing Risks Associated with the Settlement of Foreign Exchange Transactions” (guidance), issued in February 2013.

2013

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Federal Reserve Board Seeks Comment on Proposed Amendments to Regulation A Regarding Emergency Lending Authority

Posted December 30, 2013

On Monday, December 23, 2013, the Federal Reserve Board invited public comment on proposed amendments to Regulation A (Extensions of Credit by Federal Reserve Banks) to implement section 1101 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 1101 amended the Federal Reserve’s emergency lending authority in section 13(3) of the Federal Reserve Act.

Agencies Announce Increases in Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease Transactions

Posted November 25, 2013

On November 20, 2013, the Federal Reserve Board and the Consumer Financial Protection Bureau (CFPB) announced they are increasing the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for exempt consumer credit and lease transactions. Transactions at or below the thresholds are subject to the protections of the regulations.

Implementation Guidance for Certain Mortgage Servicing Rules and Interim Final Rule

Posted November 19, 2013

On October 15, 2013, the Consumer Financial Protection Bureau (CFPB) issued CFPB Bulletin 2013-12 to provide guidance in implementing certain provisions of the 2013 Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) Servicing Final Rules. The CFPB issued the 2013 RESPA and TILA Final Rules in January 2013, and they take effect on January 10, 2014.

Guidance on Providing List of Housing Counselor Agencies

Posted November 15, 2013

On November 8, 2013, the Consumer Financial Protection Bureau (CFPB) issued CFPB Bulletin 2013-13 to provide guidance to lenders regarding the homeownership counseling list requirement finalized in the High-Cost Mortgage and Homeownership Counseling Amendments to the Truth in Lending Act (Regulation Z) and Homeownership Counseling Amendments to the Real Estate Settlement Procedures Act (RESPA Homeownership Counseling Amendments) Final Rule, collectively referred to as the 2013 HOEPA Final Rule. The 2013 HOEPA Final Rule, originally issued in January 2013, is effective January 10, 2014.

Results of Director Elections

Posted September 27, 2013

This letter is in regard to the election of directors of this Bank to succeed Ms. Betsy Lawer, a Class A director, elected by banks in Group Two, and Ms.

Election of Directors

Posted September 5, 2013

In accordance with the provisions of Section 4 of the Federal Reserve Act and the announcement dated July 17, 2013, the Federal Reserve Bank of San Francisco is conducting an election of directors to succeed Ms. Betsy Lawer, a Class A director, elected by banks in Group Two, and Ms.

Financial Regulators Propose Guidance on Social Media

Posted January 31, 2013

On January 22, 2013, the Federal Financial Institution Examination Council (FFIEC) released proposed guidance on the applicability of consumer protection and compliance laws, regulations, and policies to activities conducted via social media by banks, savings associations, and credit unions, as well as nonbank entities supervised by the Consumer Financial Protection Bureau and state regulators.

Federal Reserve Board Announces Release Dates for Results from Supervisory Stress Tests and from the Comprehensive Capital Analysis and Review (CCAR)

Posted January 29, 2013

On Monday, January 28, 2013, the Federal Reserve Board announced that results from the supervisory stress tests conducted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act will be released on Thursday, March 7, and the related results from the Comprehensive Capital Analysis and Review, or CCAR, will be released on Thursday, March 14. Results will be released for both exercises at 4:30 p.

Federal Reserve Offers $3 Billion in 28-day Term Deposits Through its Term Deposit Facility

Posted January 10, 2013

On Monday, January 14th, 2013, the Federal Reserve will offer $3 billion in 28-day term deposits though its Term Deposit Facility. As noted in the Federal Reserve Board’s September 8, 2010 release, this offering is part of ongoing small-value operations designed to provide eligible institutions with an opportunity to become familiar with term deposit operations.

2012

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2011

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2010

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2009

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