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.
2022
Results of Director Elections
Posted September 15, 2022
This letter is in regard to the election of directors of this Bank to succeed Ms. Simone Lagomarsino (who is eligible for re-election), a Class A director, elected by banks in Group Two, and Mr. Sanford M. Michelman, a Class B director, elected by banks in Group One, both of whose terms end on December 31, 2022. These elections have been duly held in accordance with the requirements of Section 4 of the Federal Reserve Act and the provisions of the circulars issued by this office dated July 20 and September 1, 2022.
Election of Directors
Posted September 1, 2022
In accordance with the provisions of Section 4 of the Federal Reserve Act and the announcement dated July 20, 2022, the Federal Reserve Bank of San Francisco is conducting an election of directors to succeed Ms. Simone Lagomarsino (who is eligible for re-election), a Class A director, elected by banks in Group Two, and Mr. Sanford M. Michelman, a Class B director, elected by banks in Group One, both of whose terms end on December 31, 2022.
Election of Directors Nomination Procedures
Posted July 20, 2022
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, 2022.
2021
New Member Bank – Town & Country Bank
Posted December 20, 2021
The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Town & Country Bank, Las Vegas, Nevada, for membership in the Federal Reserve System.
Results of Director Elections
Posted September 10, 2021
This letter is in regard to the election of directors of this Bank to succeed Mr. Greg Becker, a Class A director, elected by banks in Group One, and Mr. Arthur F. (Skip) Oppenheimer, a Class B director, elected by banks in Group Three, whose terms end on December 31, 2021, and Mr. Richard M. Sanborn, a Class A director, elected by banks in Group Two, who ended his service early on April 23, 2021, but whose unexpired term ends on December 31, 2022. These elections have been duly held in accordance with the requirements of Section 4 of the Federal Reserve Act and the provisions of the circulars issued by this office dated July 14 and August 23, 2021.
Election of Directors
Posted August 23, 2021
In accordance with the provisions of Section 4 of the Federal Reserve Act and the announcement dated July 14, 2021, the Federal Reserve Bank of San Francisco is conducting an election of directors to succeed Mr. Greg Becker, a Class A director, elected by banks in Group One, and Mr. Arthur F. (Skip) Oppenheimer, a Class B director, elected by banks in Group Three, whose terms end on December 31, 2021, and Mr. Richard M. Sanborn, a Class A director, elected by banks in Group Two, who ended his term early on April 23, 2021, but whose unexpired term ends on December 31, 2022.
Election of Directors Nomination Procedures
Posted July 14, 2021
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, 2021.
New Member Bank – Farmington State Bank
Posted July 1, 2021
The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Farmington State Bank, Farmington, Washington, for membership in the Federal Reserve System.
New Member Bank – UniBank
Posted January 1, 2021
The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of UniBank, Lynnwood, Washington, for membership in the Federal Reserve System.
2020
New Member Bank – Plumas Bank
Posted October 1, 2020
The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Plumas Bank, Quincy, California, for membership in the Federal Reserve System.
Results of Director Elections
Posted September 11, 2020
This letter is in regard to the election of directors of this Bank to succeed Mr. S. Randolph Compton, a Class A director, elected by banks in Group Three, and Ms. Tamara L. Lundgren, a Class B director, elected by banks in Group Two, whose terms end on December 31, 2020, respectively. These elections have been duly held in accordance with the requirements of Section 4 of the Federal Reserve Act and the provisions of the circulars issued by this office dated July 15 and August 26, 2020.
Election of Directors
Posted August 25, 2020
In accordance with the provisions of Section 4 of the Federal Reserve Act and the announcement dated July 15, 2020, the Federal Reserve Bank of San Francisco is conducting an election of directors to succeed Mr. S. Randolph Compton, a Class A director, elected by banks in Group Three, and Ms. Tamara L. Lundgren, a Class B director, elected by banks in Group Two, whose terms end on December 31, 2020.
Election of Directors Nomination Procedures
Posted July 14, 2020
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, 2020.
2019
Results of Director Elections
Posted September 13, 2019
This letter is in regard to the election of directors of this Bank to succeed Mr. Sanford L. Michelman, a Class B director, elected by banks in Group One, and Mr. Steven R. Gardner, a Class A director, elected by banks in Group Two, whose terms end on December 31, 2019, respectively. These elections have been duly held in accordance with the requirements of Section 4 of the Federal Reserve Act and the provisions of the circulars issued by this office dated July 10 and August 21, 2019.
Election of Directors
Posted August 21, 2019
In accordance with the provisions of Section 4 of the Federal Reserve Act and the announcement dated July 10, 2019, the Federal Reserve Bank of San Francisco is conducting an election of directors to succeed Mr. Steven R. Gardner, a Class A director, elected by banks in Group Two, and Mr. Sanford L. Michelman, a Class B director, elected by banks in Group One, whose terms end on December 31, 2019.
Election of Directors Nomination Procedures
Posted July 11, 2019
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, 2019.
2018
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.
Results of Director Elections
Posted September 14, 2018
This letter is in regard to the election of directors of this Bank to succeed Mr. Peter S. Ho, a Class A director, elected by banks in Group One, and Mr. Steven E. Bochner, a Class B director, elected by banks in Group Three, whose terms end on December 31, 2018, respectively. These elections have been duly held in accordance with the requirements of Section 4 of the Federal Reserve Act and the provisions of the circulars issued by this office dated July 11 and August 22, 2018.
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. Ho, a Class A director, elected by banks in Group One, and Mr. Steven E. Bochner, a Class B director, elected by banks in Group Three, whose terms end on December 31, 2018.
New Member Bank – Nano Banc
Posted August 13, 2018
The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Nano Banc, Murrieta, California, for membership in the Federal Reserve System.
Election of Directors Nomination Procedures
Posted July 11, 2018
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, 2018
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., Rancho Santa Margarita, California, to retain membership in the Federal Reserve System following its conversion to a state-chartered bank, effective today. The bank has been renamed CalWest Bank.
2017
Rates of Interest on Advances and Discounts
Posted December 13, 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 December 14, 2017.
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. Galanti, a Class B director, elected by banks in Group Two, and Ms. Megan F. Clubb, a Class A director, elected by banks in Group Three, whose terms end on December 31, 2017. These elections have been duly held in accordance with the requirements of Section 4 of the Federal Reserve Act and the provisions of the circulars issued by this office dated July 19 and September 7, 2017.
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. Galanti, a Class B director, elected by banks in Group Two, and Ms. Megan F. Clubb, a Class A director, elected by banks in Group Three, whose terms end on December 31, 2017. There are given herein the names of the candidates nominated and the names of the banks which made the nominations.
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
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.
Results of Director Elections
Posted September 30, 2016
This letter is in regard to the election of directors of this Bank to succeed Ms. Nicole C. Taylor, a Class B director, elected by banks in Group One, and Mr. Steven R. Gardner, a Class A director, elected by banks in Group Two, whose terms end on December 31, 2016, respectively. These elections have been duly held in accordance with the requirements of Section 4 of the Federal Reserve Act and the provisions of the circulars issued by this office dated July 20 and September 8, 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. Taylor, a Class B director, elected by banks in Group One1, and Mr. Steven R. Gardner, a Class A director, elected by banks in Group Two, whose terms end on December 31, 2016. There are given herein the names of the candidates nominated and the names of the banks which made the nominations.
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
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.
Results of Director Elections
Posted November 16, 2015
This letter is in regard to the election of directors of this Bank to succeed Mr. Peter S. Ho, a Class A director, elected by banks in Group One, and Mr. Steven E. Bochner, a Class B director, elected by banks in Group Three, whose terms end on December 31, 2015, respectively. These elections have been duly held in accordance with the requirements of Section 4 of the Federal Reserve Act and the provisions of the circulars issued by this office dated September 2 and October 22, 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. Ho, a Class A director, elected by banks in Group One1, and Mr. Steven E. Bochner, a Class B director, elected by banks in Group Three, whose terms end on December 31, 2015. There are given herein the names of the candidates nominated and the names of the banks which made the nominations.
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.
CFPB Guidance on Section 8 Housing Choice Voucher (HCV) Homeownership Program
Posted June 8, 2015
On May 11, 2015, the Consumer Financial Protection (CFPB) issued CFPB Bulletin 2015-02 to help mortgage lenders avoid illegal discrimination against applicants whose income includes vouchers from the Section 8 HCV Homeownership Program, which was created to assist low-income, first-time homebuyers in purchasing homes.
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 Temporarily Suspends Card Issuers’ Obligation to Submit Credit Card Agreements
Posted May 18, 2015
On April 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule that temporarily suspends, for one year, a requirement that each quarter certain credit card issuers send their agreements to the CFPB, which publishes them in a public database on its website.
CA 15-3 Revised Interagency Examination Procedures for Regulation Z and Regulation X
Posted May 18, 2015
The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently developed the attached interagency examination procedures for Regulation Z – Truth in Lending (TILA) and Regulation X – Real Estate Settlement Procedures Act (RESPA).
Small Bank Holding Company Policy Statement – Final Rule
Posted May 18, 2015
On April 9, 2015, the Federal Reserve System issued a final rule to expand the applicability of the Small Bank Holding Company Policy Statement (Policy Statement). The final rule was effective May 15, 2015.
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 to Encourage Financial Institutions’ Youth Savings Programs and Address Related Frequently Asked Questions
Posted March 6, 2015
On February 24, 2015, the Federal Reserve, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (as members of the Financial Literacy and Education Commission), and the U.S. Department of Treasury’s Financial Crimes Enforcement Network issued guidance regarding youth savings programs.
Proposed Amendments Relating to Small Creditors and Rural or Underserved Areas under the Truth in Lending Act (Regulation Z)
Posted March 2, 2015
On January 29, 2015, the Consumer Financial Protection (CFPB) proposed several changes to the mortgage rules issued in 2013 that are designed to facilitate lending by small creditors, particularly those in rural and underserved areas.
Tool for Calculating Capital Requirements Using the Simplified Supervisory Formula Approach
Posted March 2, 2015
On February 13, 2015, the Board of Governors of the Federal Reserve System (the Board) issued SR letter 15-4, Tool for Calculating Capital Requirements Using the Simplified Supervisory Formula Approach.
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.
Truth in Lending Act (Regulation Z) Adjustment to the Asset-Size Exemption Threshold for Higher-Priced Mortgage Loans
Posted January 20, 2015
On December 29, 2014, the Consumer Financial Protection Bureau (CFPB) amended the official commentary that interprets the requirements of Regulation Z (Truth in Lending Act) to reflect a change in the asset-size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan.
2014
Annual CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions
Posted December 31, 2014
On December 19, 2014, the federal bank regulatory agencies announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act (CRA) regulations.
Adjustment to the Appraisals for Higher-Priced Mortgage Loans Exemption Threshold
Posted December 31, 2014
On December 23, 2014, the Federal Reserve Board announced the annual adjustment of the dollar amount used to determine whether a small loan is exempt from the special appraisal requirements that apply to higher-priced mortgage loans.
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.
Incorporating Federal Reserve Policies into the SLHC Supervision Program
Posted December 10, 2014
On November 7, 2014, the Federal Reserve System issued Supervision and Regulation letter 14-9, “Incorporation of Federal Reserve Policies into the Savings and Loan Holding Company (SLHC) Supervision Program.”
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.”
CFPB Proposes Federal Protections for Prepaid Products
Posted December 3, 2014
On November 13, 2014, the Consumer Financial Protection (CFPB) issued a proposed rule to amend Regulations E and Z to create comprehensive consumer protections for prepaid financial products.
Results of Director Elections
Posted November 21, 2014
This letter is in regard to the election of directors of this Bank to succeed Ms. Megan F. Clubb, a Class A director, elected by banks in Group Three, and Mr. Richard A. Galanti, a Class B director, elected by banks in Group Two, whose terms end on December 31, 2014, respectively. These elections have been duly held in accordance with the requirements of Section 4 of the Federal Reserve Act and the provisions of the circulars issued by this office dated September 10 and October 29, 2014.
FFIEC Cybersecurity Assessment General Observations
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, released observations from a recent cybersecurity assessment at community banking institutions.
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.
Agencies Announce EGRPRA Outreach Meetings
Posted November 12, 2014
On November 5, 2014, the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Board of Governors of the Federal Reserve System (agencies) announced the first of a series of outreach meetings to review their regulations under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA).
2015 “Rural” and “Rural or Underserved” Counties Lists
Posted October 30, 2014
On October 27, 2014, the Consumer Financial Protection Bureau (CFPB) posted new “rural” and “rural or underserved” counties lists to their website.
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. Clubb, a Class A director, elected by banks in Group Three, and Mr. Richard A. Galanti, a Class B director, elected by banks in Group Two, whose terms end on December 31, 2014. There are given herein the names of the candidates nominated and the names of the banks which made the nominations.
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 Reserve Board Releases Answers to Frequently Asked Questions Regarding Competitive Review Process for Bank Acquisitions, Mergers, and Other Transactions
Posted October 23, 2014
On October 9, the Federal Reserve Board released answers to frequently asked questions (FAQs) regarding the competitive review process for bank acquisitions, mergers, and other transactions.
Financial Institutions Should Move Quickly to Address Shellshock Vulnerability
Posted October 9, 2014
On September 26, 2014, the Federal Financial Institutions Examination Council (FFIEC) member agencies, which include the Board of Governors of the Federal Reserve System, advised financial institutions of a material security vulnerability in the Bourne-again shell (Bash) system software.
New Member Bank: Friendly Hills Bank
Posted September 29, 2014
The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Friendly Hills Bank, Whittier, California, for membership in the Federal Reserve System.
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.
CFPB Updates Guidance on Potential Risks Related to Mortgage Servicing Transfers
Posted September 17, 2014
On August 19, 2014, the Consumer Financial Protection (CFPB) updated its compliance bulletin and policy guidance regarding the potential risks to consumers that may arise in connection with transfers of residential mortgage servicing rights.
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.
Increases in Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease Transactions
Posted September 15, 2014
On September 9, 2014, the Federal Reserve Board and the Consumer Financial Protection Bureau (CFPB) announced increases in the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for exempt consumer credit and lease transactions.
Agencies Request Comment on Proposed Questions and Answers Regarding Community Reinvestment
Posted September 12, 2014
On September 8, 2014, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency requested comment on proposed revisions to the “Interagency Questions and Answers Regarding Community Reinvestment.
Election of Directors Nomination Procedures
Posted September 12, 2014
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, 2014.
New Member Bank: TomatoBank
Posted September 2, 2014
The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of TomatoBank, Alhambra, California, to retain its membership in the Federal Reserve System upon conversion from a national to a state bank charter.
CA 14-5 Interagency Guidance Regarding Unfair or Deceptive Credit Practices
Posted August 28, 2014
On August 22, 2014, the Federal Reserve Board (Board), the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) (collectively, the Agencies) issued the attached interagency guidance regarding certain consumer credit practices.
Regulation E (Remittance Rule) – Extension of Temporary Exception and Clarifications to the Rule
Posted August 28, 2014
On August 22, 2014, the Consumer Financial Protection (CFPB) finalized revisions to the remittance rule that it had proposed in April of this year.
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.
Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
Posted July 10, 2014
On June 30, 2014, the federal regulatory agencies announced the availability of the 2014 list of distressed or underserved nonmetropolitan middle-income geographies where revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as “community development.”
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.
Federal Banking Regulators Finalize Joint Supplemental Guidance on Income Tax Allocation Agreements
Posted June 25, 2014
On June 13, 2014, Federal banking regulators issued final supplemental guidance on income tax allocation agreements involving holding companies and insured depository institutions, unchanged from the proposal issued late last year.
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.
Federal Reserve Announces New Schedule Margins Applicable Collateral Pledged Depository Institutions
Posted June 6, 2014
The Federal Reserve System is announcing new collateral margins for discount window lending and payment system risk purposes, effective July 1, 2014. These changes stem from the most recent review of margins and valuation practices that the Federal Reserve periodically conducts, as well as the incorporation of updated market data.
FFIEC: OpenSSL “Heartbleed” Vulnerability Alert
Posted April 17, 2014
On April 10, 2014, the Federal Financial Institutions Examination Council (FFIEC) members, which include the Board of Governors of the Federal Reserve System, issued an alert on OpenSSL “Heartbleed” Vulnerability.
CA 14-2 Revised Interagency Large Institution CRA Examination Procedures and Consolidation of Interagency CRA Examination Procedures and Supporting Materials
Posted April 15, 2014
The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (Agencies) recently approved the attached interagency Large Institution Community Reinvestment Act (CRA) examination procedures.
Small Entity Compliance Guide for the TILA-RESPA Integrated Disclosure Rule
Posted April 11, 2014
On March 31, 2014, the Consumer Financial Protection (CFPB) released its Small Entity Compliance Guide for the TILA-RESPA Integrated Disclosure Rule (Rule).
SR 14-2 / CA 14-1 Enhancing Transparency in the Federal Reserve’s Application Process
Posted March 24, 2014
On February 24, 2014, the Federal Reserve issued SR letter 14-2/CA letter 14-1, Enhancing Transparency in the Federal Reserve’s Applications Process. This guidance provides financial institutions and the public with a better understanding of the Federal Reserve’s approach to filings that do not satisfy statutory requirements for approval of the proposed transaction or possibly raise supervisory or regulatory concerns.
Agencies Issue Final Dodd-Frank Act Stress Test Guidance for Medium-Sized Firms
Posted March 13, 2014
On March 5, 2014, the Board of Governors of Federal Reserve System and two other federal bank regulatory agencies issued final guidance describing supervisory expectations for stress tests conducted by financial companies with total consolidated assets between $10 billion and $50 billion.
Federal Reserve Plans to Conduct a Series of Seven-day Term Deposit Operations in March Under the Term Deposit Facility (TDF)
Posted February 27, 2014
On February 21, 2014, the Federal Reserve announced plans to conduct a series of seven-day term deposit operations in March under the Term Deposit Facility (TDF) as part of the ongoing program of small-value offerings announced on September 8, 2010.
Federal Reserve Board Approves Final Rule Strengthening Supervision and Regulation of Large U.S. Bank Holding Companies and Foreign Banking Organizations
Posted February 27, 2014
On Tuesday, February 18, 2014, the Federal Reserve Board approved a final rule strengthening supervision and regulation of large U.S. bank holding companies and foreign banking organizations.
Federal Reserve Seeks Comment on Repealing Its Regulations DD and P and Amending Regulation V
Posted February 18, 2014
On February 12, 2014, the Federal Reserve Board requested comment on proposals to repeal its Regulation DD (Truth in Savings) and Regulation P (Privacy of Consumer Financial Information) and to make amendments to the Identity Theft Red Flags rule in Regulation V (Fair Credit Reporting).
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.
Federal Reserve Announces Results of Offering of 28-day Term Deposits on January 13
Posted January 17, 2014
On January 13, 2014, the Federal Reserve conducted a fixed-rate offering of term deposits with full allotment of tenders through its Term Deposit Facility. The operation offered 28-day term deposits at an interest rate of 0.
CA 13-24 and CA 13-25 Revised Interagency Examination Procedures for Regulations X and Z
Posted January 15, 2014
On December 23, 2013, the Federal Reserve issued two CA letters to transmit the revised interagency examination procedures for Regulations X and Z. The procedures reflect amendments to the regulations issued by the Consumer Financial Protection Bureau (CFPB) to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Federal Reserve Offers 28-day Term Deposits with Full Allotment at 26 Basis Points through its Term Deposit Facility
Posted January 14, 2014
On January 13, 2014, the Federal Reserve will conduct a fixed-rate offering of term deposits with full allotment of tenders through its Term Deposit Facility (TDF).
Annual Asset-Size Exemption Threshold Adjustments in Regulations C and Z
Posted January 13, 2014
On December 30, 2013, the Consumer Financial Protection Bureau (CFPB) adjusted the asset-size exemption thresholds in Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), and in Regulation Z, which implements the Truth in Lending Act.
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.
CA 13-26 Regulation X Homeownership Counseling List Requirement
Posted January 9, 2014
On December 23, 2013, the Federal Reserve Board issued CA Letter 13-26 to clarify the Board’s supervisory expectations in light of guidance issued by the Consumer Financial Protection Bureau (CFPB) on November 8, 2013, relating to one of its new mortgage rules under Regulation X, 12 CFR Part 1024.
Agencies Reviewing Treatment of Collateralized Debt Obligations Backed by Trust Preferred Securities under Final Rules Implementing the “Volcker Rule”
Posted January 3, 2014
On Friday, December 27, 2013, the Federal Reserve Board issued SR 13-25, Interagency Statement Regarding the Treatment of Certain Collateralized Debt Obligations Backed by Trust Preferred Securities under the Volcker Rule.
2013
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 Release Annual CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions
Posted December 24, 2013
On December 19, 2013, the federal bank regulatory agencies announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act (CRA) regulations.
Federal Banking Regulators Seek Comment on Joint Supplemental Guidance on Income Tax Allocation Agreements
Posted December 23, 2013
Federal banking regulators are seeking comment on supplemental guidance on income tax allocation agreements involving holding companies and insured depository institutions. An aim of the proposed guidance is to reduce confusion regarding ownership of any tax refunds.
Federal Financial Regulators Extend Comment Period for Proposed Policy Statement on Assessing Diversity Policies and Practices of Regulated Entities
Posted December 23, 2013
On December 19, 2013, six federal financial regulatory agencies announced that they are extending the comment period for their proposed policy statement for assessing diversity policies and practices of the institutions they regulate to allow the public more time to analyze the issues and prepare their comments.
SR 13-20 / CA 13-23 Interagency Statement on Supervisory Approach for Qualified and Non-Qualified Mortgage Loans
Posted December 18, 2013
On Friday, December 13, 2013, the Federal Reserve issued SR 13-20 / CA 13-23, which transmits the attached interagency statement that clarifies safety-and-soundness expectations and Community Reinvestment Act (CRA) considerations for regulated institutions engaged in residential mortgage lending in light of the Consumer Financial Protection Bureau’s (Bureau) Ability-to-Repay and Qualified Mortgage Standards Rule (Ability-to-Repay Rule).
CA 13-22 Social Media: Consumer Compliance Risk Management Guidance
Posted December 17, 2013
On Wednesday, December 11, 2013, the Federal Reserve issued the attached interagency guidance, Social Media: Consumer Compliance Risk Management Guidance (Guidance) through CA 13-22, to address the applicability of federal consumer protection and compliance laws, regulations, and policies to activities conducted via social media by financial institutions.
Agencies Issue Final Rule to Exempt Subset of Higher-Priced Mortgage Loans from Appraisal Requirements
Posted December 17, 2013
On Thursday, December 12, 2013, six federal financial regulatory agencies issued a final rule that creates exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans. The exemptions are intended to save borrowers time and money while still ensuring that the loans are financially sound.
Agencies Issue Final Rules Implementing the Volcker Rule
Posted December 13, 2013
On December 10, 2013, five federal agencies issued final rules developed jointly to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”).
Federal Reserve Board Releases Guidance Reminding Financial Institutions to Exercise Appropriate Risk Management and Oversight when Using Service Providers
Posted December 10, 2013
On Thursday, December 5, 2013, the Federal Reserve Board released guidance reminding financial institutions it supervises to exercise appropriate risk management and oversight when using service providers.
Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z)
Posted December 4, 2013
On November 20, 2013, the Consumer Financial Protection Bureau (CFPB) issued a final rule to integrate the mortgage disclosures under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z).
Consumer Compliance Risk Focused Supervision Program and Consumer Compliance and CRA Examination Frequency Policy
Posted November 25, 2013
On November 18, 2013, the Federal Reserve issued two policy letters: CA 13-19 Community Bank Risk Focused Consumer Compliance Supervision Program and CA 13-20 Consumer Compliance and Community Reinvestment Act (CRA) Examination Frequency Policy. Both policies relate to the Federal Reserve’s supervision program and are effective January 1, 2014.
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.
CA 13-18 Final Revisions to Interagency Questions and Answers Regarding Community Reinvestment
Posted November 21, 2013
On November 15, 2013, the Federal Reserve issued CA 13-18 “Final Revisions to Interagency Questions and Answers Regarding Community Reinvestment”.
Agencies Release a Regulatory Capital Estimation Tool for Community Banks
Posted November 21, 2013
On Tuesday, November 19, 2013, the federal bank regulatory agencies released an estimation tool to help community banks understand the potential effects of the recently revised regulatory capital framework on their capital ratios.
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.
CA 13-16 Interagency Examination Procedures for Garnishment of Accounts Containing Federal Benefit Payments Rule
Posted November 14, 2013
On October 30, 2013, the Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council approved the attached interagency examination procedures for the Garnishment of Accounts Containing Federal Benefit Payments Rule (Garnishment Rule).
CA 13-17 Revised Interagency Examination Procedures for Regulation E
Posted November 14, 2013
On October 30, 2013, the Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council approved the attached interagency examination procedures for Regulation E – Electronic Fund Transfers.
SR 13-18 Uniform Agreement on the Classification and Appraisal of Securities Held by Depository Institutions
Posted November 12, 2013
On October 29, 2013, the Federal Reserve issued SR 13-18 Uniform Agreement on the Classification and Appraisal of Securities Held by Depository Institutions.
Interagency Supervisory Guidance Addressing Certain Issues Related to Troubled Debt Restructurings
Posted October 30, 2013
The Federal Reserve, together with the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency, (the agencies) has issued the attached guidance, which addresses certain issues related to the accounting treatment, and regulatory credit risk grade or classification of commercial and residential real estate loans that have undergone troubled debt restructurings (TDRs).
Federal Reserve Board Proposes Rule to Strengthen Liquidity Positions of Large Financial Institutions
Posted October 28, 2013
On Thursday, October 24, 2013, the Federal Reserve Board proposed a rule to strengthen the liquidity positions of large financial institutions.
Federal Financial Regulators Proposing Joint Standards for Assessing Diversity Policies and Practices of Regulated Entities Pursuant to Section 342 of the Dodd-Frank Act
Posted October 28, 2013
The Board of Governors of the Federal Reserve System and five other federal financial regulatory agencies are proposing joint standards for assessing the diversity policies and practices of the institutions they regulate.
CA 13-15 Federal Regulators Provide Guidance on Qualified Mortgage Fair Lending Risks
Posted October 25, 2013
On Tuesday, October 22, 2013, five federal regulatory agencies issued a statement to address industry questions about fair lending risks associated with offering only Qualified Mortgages.
Federal Regulatory Agencies Request Comment on Proposed Flood Insurance Rule
Posted October 18, 2013
Five federal regulatory agencies are issuing a joint notice of proposed rulemaking to amend regulations pertaining to loans secured by properties located in special flood hazard areas. The proposed rule would implement certain provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters) with respect to private flood insurance, the escrow of flood insurance payments, and the forced-placement of flood insurance.
Regulators Encourage Institutions to Work with Borrowers Affected by Government Shutdown
Posted October 11, 2013
On October 9, 2013, five federal regulatory agencies issued a press release encouraging institutions to work with borrowers affected by the shutdown of the federal government.
Federal Reserve Board Issues Interim Final Rules Clarifying how Companies should Incorporate Basel III Reforms into Capital and Business Projections
Posted September 30, 2013
On Tuesday, September 24, 2013, the Federal Reserve Board issued two interim final rules that clarify how companies should incorporate the Basel III regulatory capital reforms into their capital and business projections during the next cycle of capital plan submissions and stress tests.
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. Nicole C. Taylor, a Class B director, elected by banks in Group One, whose terms end on December 31, 2013, respectively. These elections have been duly held in accordance with the requirements of Section 4 of the Federal Reserve Act and the provisions of the circulars issued by this office dated July 17 and September 5, 2013.
CA 13-14 Interagency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults
Posted September 26, 2013
On September 24, 2013, the Federal Reserve issued the attached statement, Interagency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults, to clarify the applicability of privacy provisions of the Gramm-Leach-Bliley Act (GLBA) to reporting suspected financial exploitation of older adults.
CFPB Finalizes 2013 Mortgage Rule Modifications Initially Proposed in June 2013
Posted September 23, 2013
On September 13, 2013, the Consumer Financial Protection Bureau (CFPB) finalized a rule amending the 2013 Mortgage Rules under the Equal Credit Opportunity Act (Regulation B), Real Estate Settlement Procedures Act (Regulation X), and the Truth in Lending Act (Regulation Z). The rule, which in connection with a proposed rule issued on June 24, 2013, contains amendments to several topics.
Federal Reserve Offers 28-day Term Deposits with Full Allotment at 26 Basis Points Through its Term Deposit Facility
Posted September 6, 2013
On September 9, 2013, the Federal Reserve will conduct a fixed-rate offering of term deposits with full allotment of tenders through its Term Deposit Facility (TDF).
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. Nicole C. Taylor, a Class B director, elected by banks in Group One, whose terms end on December 31, 2013. There are given herein the names of the candidates nominated and the names of the banks which made the nominations.
Agencies Revise Proposed Risk Retention Rule
Posted September 5, 2013
On Wednesday, August 28, 2013, six federal agencies, including the Board of Governors of the Federal Reserve System, issued a notice revising a proposed rule requiring sponsors of securitization transactions to retain risk in those transactions.
Federal Reserve Board Announces Community Depository Institutions Advisory Council Members
Posted August 29, 2013
On Monday, August 12, 2013, the Federal Reserve Board announced the members of its Community Depository Institutions Advisory Council (CDIAC) and the president and vice president of the council for 2014.
CA 13-13 Revised Real Estate Settlement Procedures Act (RESPA) Interagency Examination Procedures
Posted August 27, 2013
On August 21, 2013, the Federal Reserve Board issued CA 13-13, which transmits the revised RESPA interagency examination procedures.
CA 13-12 Revised Interagency Examination Procedures for Regulation Z
Posted August 27, 2013
On August 21, 2013, the Federal Reserve Board issued CA 13-12, which transmits the revised interagency examination procedures for Regulation Z – Truth-in-Lending.
Federal Reserve Board Issues a Final Rule Establishing Annual Assessment Fees for Supervision and Regulation of Large Financial Companies
Posted August 22, 2013
On Friday, August 16, 2013, the Federal Reserve Board issued a final rule establishing annual assessment fees for its supervision and regulation of large financial companies.
CFPB Updates Remittance Transfer Rule Resources
Posted August 14, 2013
On August 8, 2013, the Consumer Financial Protection Bureau (CFPB) released updates to their Remittance Transfer Rule resources. Specifically, the CFPB released an updated small entity compliance guide, which is designed to provide an easy-to-use summary of the Remittance Transfer Rule.
SR 13-15 / CA 13-11 Federal Reserve Resources for Minority Depository Institutions
Posted August 9, 2013
On August 5, 2013, the Federal Reserve issued SR 13-15/CA 13-11, Federal Reserve Resources for Minority Depository Institutions. The purpose of this letter is to reaffirm the Federal Reserve’s ongoing commitment to preserving the existence of minority depository institutions (MDIs), consistent with statutory mandates, and to highlight the Federal Reserve’s resources available to MDIs.
Agencies Seek Comment on Dodd-Frank Act Stress Test Guidance for Medium-Sized Firms
Posted August 2, 2013
Three federal bank regulatory agencies are seeking comment on proposed guidance describing supervisory expectations for stress tests conducted by financial companies with total consolidated assets between $10 billion and $50 billion.
Changes to the Borrower-In-Custody of Collateral Program Policy
Posted August 1, 2013
In response to more depository institutions participating in the Borrower-in-Custody (BIC) program and feedback we have received from BIC program participants, the Federal Reserve Bank of San Francisco (FRBSF) is making several changes to our BIC program policy effective August 5, 2013.
CFPB Finalizes April Clarifications to the Ability-to-Repay and Mortgage Servicing Rules
Posted July 31, 2013
On July 10, 2013, the Consumer Financial Protection Bureau (CFPB) finalized corrections, clarifications, and amendments to its Ability-to-Repay and mortgage servicing rules. The clarifications were first proposed in April 2013.
Agencies Encourage Lenders to Work with Student Loan Borrowers
Posted July 29, 2013
On Thursday, July 25, 2013, the federal bank regulatory agencies issued a statement encouraging financial institutions to work constructively with private student loan borrowers experiencing financial difficulties. Prudent workout arrangements are consistent with safe and sound lending practices and are generally in the long-term best interest of both the financial institution and the borrower.
Federal Reserve Announces Results of Offering of 28-day Term Deposits on July 15
Posted July 18, 2013
On Monday, July 15, 2013, the Federal Reserve conducted a fixed-rate offering of term deposits with full allotment of tenders through its Term Deposit Facility.
Election of Directors Nomination Procedures
Posted July 17, 2013
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, 2013.
SR 13-14 Timing Standards for the Completion of Safety-and-Soundness Examination and Inspection Reports for Community Banking Organizations
Posted July 16, 2013
On July 8, 2013, the Federal Reserve issued SR Letter 13-14, Timing Standards for the Completion of Safety-and-Soundness Examination and Inspection Reports for Community Banking Organizations. This letter sets forth standards for the timely completion of safety-and-soundness examination and inspection reports for community banking organizations.
Agencies Propose Amendment to Regulation Z to Exempt Subset of Higher-Priced Mortgage Loans from Appraisal Requirements
Posted July 15, 2013
On Wednesday, July 10, 2013, six federal financial regulatory agencies issued a proposed rule that would create exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans.
Federal Reserve Offers 28-day Term Deposits with Full Allotment at 26 Basis Points Through its Term Deposit Facility
Posted July 12, 2013
On July 15, 2013, the Federal Reserve will conduct a fixed-rate offering of term deposits with full allotment of tenders through its Term Deposit Facility (TDF). The Federal Reserve will offer 28-day term deposits with an interest rate of 0.
CFPB Releases Semi-Annual Rulemaking Agenda and 2014 Rural and Underserved Counties List
Posted July 11, 2013
In early July, the Consumer Financial Protection Bureau (CFPB) released their semi-annual rulemaking agenda and the 2014 list of rural and underserved counties.
Agencies Adopt Supplementary Leverage Ratio Notice of Proposed Rulemaking
Posted July 11, 2013
On Tuesday, July 9, 2013, the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) proposed a rule to strengthen the leverage ratio standards for the largest, most systemically significant U.S.
Agencies Release Public Sections of Resolution Plans for Four Institutions
Posted July 8, 2013
On Tuesday, July 2, 2013, the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board made available the public portions of resolution plans for four firms with U.S.
Banking Agencies Issue Host State Loan-to-Deposit Ratios
Posted July 5, 2013
On Monday, July 1, 2013, 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 the 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 June 29, 2012.
Federal Reserve Board Approves Final Rule to Help Ensure Banks Maintain Strong Capital Positions
Posted July 5, 2013
On Tuesday, July 2, 2013, the Federal Reserve Board approved a final rule to help ensure banks maintain strong capital positions that will enable them to continue lending to creditworthy households and businesses even after unforeseen losses and during severe economic downturns.
CFPB Issues Proposed Modifications to the 2013 Mortgage Rules
Posted July 1, 2013
On June 24, 2013, the Consumer Financial Protection Bureau (CFPB) issued a proposal to amend certain mortgage rules that were issued in January 2013. Comments on the proposal must be received on or before July 22, 2013.
Federal Reserve Board Proposes New Data Collection Requirements Related to Money Market Instruments
Posted June 27, 2013
The Federal Reserve Board on Tuesday proposed new data collection requirements related to selected money market instruments. To assist the Federal Reserve in monitoring money market conditions, the proposal would require insured depository institutions with total assets of $26 billion or more, and U.
SR 13-13 / CA 13-10 Supervisory Considerations for the Communication of Supervisory Findings
Posted June 27, 2013
The purpose of this letter is to update and clarify existing examiner guidance concerning the communication of supervisory findings to banking organizations and institutions supervised by the Federal Reserve (collectively referred to as “banking organizations” or “organizations” in the guidance). The attached guidance discusses the Federal Reserve’s standard language for examination/inspection findings, which improves the consistency and clarity of written communications to banking organizations, and enhances the focus on matters requiring attention by an organization’s board of directors.
Federal Reserve Regulation KK: Prohibition Against Federal Assistance to Swaps Entities
Posted June 21, 2013
On June 5, 2013, the Federal Reserve Board approved an interim final rule clarifying the treatment of uninsured US branches and agencies of foreign banks under the so-called swaps push-out provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
SR 13-12: Commodity Futures Trading Commission (CFTC) Swap Clearing Rules
Posted June 21, 2013
On Friday, June 7, 2013, the Federal Reserve Board published SR Letter 13-12 as a reminder to supervised institutions that they need to consider new swap clearing rules developed by the CFTC. Section 723 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) added section 2(h) to the Commodity Exchange Act (CEA), which establishes a clearing requirement for swaps.
Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
Posted June 20, 2013
On Tuesday, June 18, 2013, the federal bank and thrift regulatory agencies announced the availability of the 2013 list of distressed or underserved nonmetropolitan middle-income geographies where revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as “community development.
CA 13-9 Revised Examination Procedures for Regulation Z and Consumer Financial Protection Bureau (CFPB) Interim Examination Procedures
Posted June 17, 2013
On June 6, 2013, the Federal Reserve Board issued CA 13-9, which transmits the revised examination procedures for Regulation Z. The revised procedures reflect the following amendments and adjustments to Regulation Z.
CFPB Delays Effective Date of Prohibition on Financing Credit Insurance Premiums and Updates Rural and Underserved Counties List
Posted June 13, 2013
On May 29, 2013, the Consumer Financial Protection Bureau (CFPB) issued a final rule to delay the June 1, 2013, effective date of the provision that prohibits creditors from financing credit insurance premiums in connection with certain consumer credit transactions secured by a dwelling. The prohibition was adopted under the Loan Originator Compensation Requirements Rule, which was issued on January 20, 2013.
CFPB Finalizes Amendments to the Ability-to-Repay Rule
Posted June 6, 2013
On May 29, 2013, the Consumer Financial Protection Bureau (CFPB) issued a final rule to create specific exemptions and make modifications to its Ability-to-Repay rule for small creditors, community development lenders, and housing stabilization programs. The amendments also revise the rules on how to calculate loan origination compensation and circumstances under which they would be excluded from the points and fees limits applicable to qualified mortgages.
CA Letter 13-8: Guidance on the Use of 2010 Census Data in Fair Lending Examinations
Posted May 28, 2013
On May 16, 2013, the Board of Governors of the Federal Reserve System (Board) issued CA Letter 13-8 Guidance on the Use of 2010 Census Data in Fair Lending Examinations. The letter discusses the three changes related to the Census Bureau’s release of the 2010 decennial census data that affects fair lending examinations.
Exemption for Small Debit Card Issuers from Interchange Fee Standards Working as Intended
Posted May 28, 2013
On Thursday, May 23, 2013, the Federal Reserve Board reported that the exemption designed to protect small debit card issuers from interchange fee standards applied to large issuers is working as intended. Small depository institutions with consolidated assets of less than $10 billion, which are exempt from the interchange fee standard in Regulation II, received fee revenue of 43 cents per transaction in 2012.
Federal Reserve Announces Results of Offering of 28-day Term Deposits on May 20
Posted May 24, 2013
On May 20, 2013, the Federal Reserve conducted a fixed-rate offering of term deposits with full allotment of tenders through its Term Deposit Facility. The operation offered 28-day term deposits at an interest rate of 0.
Final Rule to Clarify 2013 Escrow Rule and Extend Protections for Higher-Priced Mortgage Loans (HPMLs)
Posted May 24, 2013
On May 16, 2013, the Consumer Financial Protection Bureau (CFPB) issued a final rule to clarify and make technical amendments to the Escrow Requirements under the Truth in Lending Act (Regulation Z) (Escrow Rule). The Escrow Rule, which goes into effect on June 1, 2013, lengthens the mandatory escrow account period for HPMLs from one to five years and establishes an exemption from the escrow requirements for certain creditors that operate predominately in “rural” and “underserved” areas.
CFPB Finalizes Revisions to its Remittance Transfer Rule and Establishes New Effective Date
Posted May 6, 2013
On April 30, 2013, the Consumer Financial Protection Bureau (CFPB) issued a rule (2013 Final Rule) to modify the final remittance transfer rules issued in February, July, and August 2012 (collectively the 2012 Final Rule) that implement Section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding remittance transfers.
CA 13-7 Statement on Deposit Advance Products
Posted May 3, 2013
On April 25, 2013, the Board of Governors of the Federal Reserve System (Board) issued CA Letter 13-7 Statement on Deposit Advance Products. The letter and guidance was issued to emphasize to state member banks the significant consumer risks associated with deposit advance products in light of the Consumer Financial Protection Bureau’s (CFPB) April 24, 2013, white paper entitled “Payday Loans and Deposit Advance Products: A White Paper of Initial Data Findings.
Proposed Clarifications of the Ability-to-Repay / Qualified Mortgage and Mortgage Servicing Rules
Posted April 26, 2013
On April 19, 2013, the Consumer Financial Protection Bureau (CFPB) issued a proposal to clarify certain provisions of the Ability to Repay / Qualified Mortgage and Mortgage Servicing Rules. The proposal is in response to questions the CFPB received since the rules were issued in January 2013.
SR 13-9 / CA 13-6 Minimum Standards for Prioritization and Handling Borrower Files with Imminent Scheduled Foreclosure Sale
Posted April 26, 2013
The Federal Reserve is issuing this letter to set forth guidance on sound business practices for residential mortgage servicing that Federal Reserve supervised financial institutions are expected to address in their collections, loss mitigation, and foreclosure processing functions. The guidance confirms the minimum standards that all regulated institutions are expected to adopt in prioritizing and handling borrowers’ files with imminent risk of foreclosure.
SR 13-7 / CA 13-4 State Member Bank Branching Considerations
Posted April 19, 2013
On April 5, 2013, the Federal Reserve issued SR 13-7/CA 13-4, State Member Bank Branching Considerations. This letter clarifies the Federal Reserve’s policy concerning the application process for a state member bank in less-than-satisfactory condition for the establishment of a de novo branch.
Proposal to Clarify Escrow Rule and Extend Protections for Higher-Priced Mortgage Loans (HPMLs)
Posted April 19, 2013
On April 12, 2013, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule to clarify and make technical amendments to the Escrow Requirements under the Truth in Lending Act (Regulation Z) (Escrow Rule). The Escrow Rule, which goes into effect on June 1, 2013, lengthens the mandatory escrow account period for HPMLs from one to five years and establishes an exemption from the escrow requirements for certain creditors that operate predominately in “rural” and “underserved” areas.
Federal Reserve Board Invites Comment on Proposal to Establish Annual Assessments
Posted April 18, 2013
On Monday, April 15, 2013, the Federal Reserve Board invited comment on a proposal to establish an annual assessment of bank holding companies and savings and loan holding companies with $50 billion or greater in total consolidated assets and for nonbank financial companies designated by the Financial Stability Oversight Council for supervision by the Federal Reserve.
SR 13-8/CA 13-5 Extension of the Use of Indicative Ratings for Savings and Loan Holding Companies
Posted April 17, 2013
On April 11, 2013, the Federal Reserve issued SR 13-8/CA 13-5, “Extension of the Use of Indicative Ratings for Savings and Loan Holding Companies.” The Federal Reserve will continue to use the “RFI/C(D)” rating system (referred to as “RFI”) to assign “indicative ratings” to savings and loan holding companies (SLHCs).
CFPB Issues Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage Rule
Posted April 17, 2013
In February 2013, the Consumer Financial Protection Bureau (CFPB) announced its plans to work with the mortgage industry and other regulators to facilitate the implementation of its mortgage rules. As part of this process, the CFPB is issuing small entity compliance guides, which are “easy-to-understand” summaries of its rules.
SR 13-6 / CA 13-3 Supervisory Practices Regarding Banking Organizations and their Borrowers and Other Customers Affected by a Major Disaster or Emergency
Posted April 8, 2013
On March 29, 2013, the Board of Governors of the Federal Reserve System issued SR 13-6 / CA 13-3. The purpose of the letter is to highlight the supervisory practices that the Federal Reserve can employ when banking organizations and their borrowers and other customers are affected by a major disaster or emergency.
Federal Reserve Board Approves Final Rule Establishing Requirements for Determining when a Company is “Predominantly Engaged in Financial Activities”
Posted April 8, 2013
On Wednesday, April 3, 2013, the Federal Reserve Board announced approval of a final rule that establishes the requirements for determining when a company is “predominantly engaged in financial activities.” The requirements will be used by the Financial Stability Oversight Council (FSOC) when it considers the potential designation of a nonbank financial company for consolidated supervision by the Federal Reserve.
Federal Reserve Board Finalizes Standards for Fed-regulated Banks Engaged in Certain Types of Foreign Exchange Transactions with Retail Customers
Posted April 8, 2013
On Thursday, April 4, 2013, the Federal Reserve Board announced the finalization of standards for banking organizations regulated by the Federal Reserve that engage in certain types of foreign exchange transactions with retail customers. The rule becomes effective on May 13, 2013.
CFPB Bulletin on Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act
Posted April 5, 2013
On March 21, 2013, the Consumer Financial Protection Bureau (CFPB) issued CFPB Bulletin 2013-02 on indirect auto lending and compliance with the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B. While the bulletin is directed at institutions under the CFPB’s jurisdiction, the guidance is consistent with the Federal Reserve’s existing position on the applicability of the ECOA to indirect lending programs.
CA Letter 13-2 Interagency Statement on the Impact of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act) and Rescission of FEMA’s Mandatory Purchase of Flood Insurance Guidelines
Posted April 5, 2013
On July 6, 2012, Congress amended the Flood Disaster Protection Act of 1973 when it enacted the Biggert-Waters Act. Certain provisions of the Biggert-Waters Act impact regulations, as well as guidance that the federal financial institution supervisory agencies have provided to lenders to assist them in complying with federal flood insurance statutes.
CFPB Amends Regulation Z to Revise Credit Card Fee Limits in Response to Federal Court Ruling
Posted April 4, 2013
On March 22, 2013, the Consumer Financial Protection Bureau (CFPB) finalized a revision to a 2011 rule that the Federal Reserve Board had issued on credit card fees. The final rule is in response to a federal court ruling last year that had granted a preliminary injunction to block a part of the 2011 rule from taking effect.
SR 13-5 Revisions to the Required Data Fields for the Interagency Loan Data Request
Posted April 3, 2013
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies) and the Conference of State Bank Supervisors (CSBS) have increased the number of required loan data fields in the Interagency Loan Data Request (ILDR). In 2002, the agencies and the CSBS implemented a voluntary standardized request for 82 data fields of electronic loan information to be used in safety-and-soundness examinations.
Federal Reserve Survey Provides Information on Mobile Financial Services
Posted April 1, 2013
The Federal Reserve Board completed its first Survey of Consumers’ Use of Mobile Financial Services in December 2011, and released a summary report in March 2012. The Board conducted a second survey in late November 2012 to monitor trends in the use of mobile financial services, and to understand how the rapidly expanding use of this technology affects consumer decisionmaking and the overall economy.
SR 13-3 Interagency Guidance on Leveraged Lending
Posted March 25, 2013
The Board of Governors of the Federal Reserve System, together with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, has issued the attached Interagency Guidance on Leveraged Lending (2013 leveraged lending guidance). This guidance outlines high-level principles related to safe–and–sound leveraged lending activities.
Agencies Issue Updated Leveraged Lending Guidance
Posted March 22, 2013
On Thursday, March 21, 2013, the Federal bank regulatory agencies released updated supervisory guidance on leveraged lending, which has been increasing since 2009 after declining during the financial crisis.
Agencies Release Proposed Revisions to Interagency Questions and Answers Regarding Community Reinvestment
Posted March 20, 2013
On March 18, 2013, the federal bank regulatory agencies requested comment on proposed revisions to “Interagency Questions and Answers Regarding Community Reinvestment.” The Questions and Answers document provides additional guidance to financial institutions and the public on the agencies’ Community Reinvestment Act (CRA) regulations.
Results of Auction of $3 Billion in 28-day Term Deposits from its Term Deposit Facility
Posted March 14, 2013
On March 11, 2013, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility.
Federal Reserve Releases Summary Results of Bank Stress Tests
Posted March 11, 2013
On Thursday, March 7, 2013, the Federal Reserve announced the nation’s largest bank holding companies have continued to improve their ability to withstand an extremely adverse hypothetical economic scenario and are collectively in a much stronger capital position than before the financial crisis, according to the summary results of bank stress tests.
Federal Reserve Offers $3 Billion in 28-day Term Deposits Through its Term Deposit Facility
Posted March 7, 2013
On Monday, March 11, 2013, the Federal Reserve will offer $3 billion in 28-day term deposits through 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.
Federal Reserve Board Publishes Report Containing Summary Information on Debit Card Transactions in 2011
Posted March 7, 2013
On Tuesday, March 05, 2013, the Federal Reserve Board published a report containing summary information on the volume and value, interchange fee revenue, certain debit card issuer costs, and fraud losses related to debit card transactions in 2011. The report is the second in a series to be published every two years pursuant to section 920 of the Electronic Fund Transfer Act (EFTA).
Federal Reserve Board Extends Comment Period on Proposed Rule to Implement Enhanced Prudential Standards and Early Remediation Requirements until April 30, 2013
Posted February 25, 2013
On February 22, 2013, the Federal Reserve Board announced the extension of the comment period to the proposed rule to implement the enhanced prudential standards and early remediation requirements established under sections 165 and 166 of the Dodd-Frank Wall Street Reform and Consumer Protection Act for foreign banking organizations and foreign nonbank financial companies supervised by the Board until April 30, 2013. The enhanced prudential standards include risk-based capital and leverage requirements, liquidity standards, risk management and risk committee requirements, single-counterparty credit limits, and stress test requirements.
CFPB Issues Guidance on Potential Risks Related to Mortgage Servicing Transfers
Posted February 22, 2013
On February 11, 2013, the Consumer Financial Protection Bureau (CFPB) issued CFPB Bulletin 2013-01 to advise mortgage servicers of the potential risk to consumers that may arise in connection with the transfer of mortgage servicing. As noted in its press release, the CFPB’s concern in this area is heightened due to the number and size of recent servicing transfers.
CFPB Communicates Implementation Plan for New Mortgage Rules
Posted February 22, 2013
On February 13, 2013, the Consumer Financial Protection Bureau (CFPB) communicated its plans to work with the mortgage industry and the other federal regulators to facilitate the implementation of its mortgage rules that go into effect in January 2014.
Recap of Recent Mortgage Rules
Posted February 8, 2013
Over the past few weeks, the federal agencies have finalized a number of mortgage-related rules. As they were issued through separate press releases, this letter is designed to bring the rules together to facilitate easy access to source documentation.
CFPB Launches Inquiry on Campus Financial Products
Posted February 8, 2013
On January 31, 2013, the Consumer Financial Protection Bureau (CFPB) launched an inquiry into the impact of financial products marketed to students through colleges and universities. According to their press release, the CFPB intends to use the information gathered to determine whether these arrangements are in the best interest of students.
CFPB Temporarily Delays Effective Date of its Remittance Transfer Rule
Posted February 2, 2013
On January 22, 2013, the Consumer Financial Protection Bureau (CFPB) issued a final rule to delay the February 7, 2013, effective date of the final remittance transfer rule, which was published by the CFPB on February 7, 2012, and August 20, 2012 (collectively, 2012 Final Rule). The rule amends Regulation E, which implements the Electronic Funds Transfer Act (EFTA).
SR/CA 13-1: Supplemental Policy Statement on the Internal Audit Function and Its Outsourcing
Posted January 31, 2013
Applicability to Community Banking Organizations: This guidance does not apply to community banking organizations, defined as institutions supervised by the Federal Reserve with total consolidated assets of $10 billion or less.
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.m. Eastern Time.
Federal Reserve Announces Results of Auction of $3 Billion in 28-day Term Deposits Held on January 14, 2013
Posted January 17, 2013
On January 14, 2013, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility.
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.
President Signs ATM Bill and CFPB Adjusts HMDA Asset-Size Exemption Threshold
Posted January 9, 2013
This letter includes two updates to existing consumer protections laws and regulations concerning ATM Fee Notices and the HMDA Asset Size Exemption Threshold.
2012
CFPB Proposes to Revise Remittance Transfer Rule Including Extending Implementation Period
Posted December 28, 2012
On December 21, 2012, the Consumer Financial Protection Bureau (CFPB) issued proposed revisions to their international remittance rule, including a proposal to extend the implementation period until 90 days after it issues a revised final rule. The proposal builds on a final rule on international money transfers that was published by the CFPB on February 7, 2012, and later supplemented on August 20, 2012.
Agencies Release Annual CRA Asset-size Threshold Adjustments for Small and Intermediate Small Institutions
Posted December 21, 2012
On December 19, 2012, the federal banking regulatory agencies announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act (CRA) regulations. The annual adjustments are required by the CRA rules.
SR 12-17 CA 12-14: Consolidated Supervision Framework for Large Financial Institutions
Posted December 21, 2012
Applicability to Community Banking Organizations: This guidance does not apply to community banking organizations, defined as institutions supervised by the Federal Reserve with total consolidated assets of $10 billion or less.
Federal Reserve Board Releases Proposed Rules to Strengthen the Oversight of U.S. Operations of Foreign Banks
Posted December 19, 2012
On December 14, 2012, The Federal Reserve Board proposed rules to strengthen the oversight of U.S.
SR 12-16 /CA 12-12 Interagency Statement on Restrictions on Conversions of Troubled Banks
Posted December 10, 2012
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies), in conjunction with the Conference of State Bank Supervisors, have issued the attached guidance to explain the procedures that the agencies will follow to implement section 612 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), concerning certain charter conversions.
New Member Bank – Silvergate Bank
Posted December 7, 2012
The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Silvergate Bank, La Jolla, California, for membership in the Federal Reserve System.
CFPB Plans to Propose Changes to the Remittance Rule Including Extending Effective Date
Posted December 5, 2012
On November 27, 2012, the CFPB issued Bulletin 2012-8 to explain the CFPB’s intention to propose certain limited adjustments to the remittance transfer rule, as well as an extension of the date the rule would become effective.
SR 12-15 Investing in Securities without Reliance on Nationally Recognized Statistical Rating Organization Ratings
Posted December 5, 2012
The Federal Reserve is issuing this letter to advise state member banks that effective January 1, 2013, they may no longer rely solely on credit ratings issued by nationally recognized statistical rating organizations (external credit ratings) to determine whether a particular security is an “investment security” that is permissible for investment by a state member bank. Under regulations of the Office of the Comptroller of the Currency (OCC), securities qualify for investment by national banks only if they are determined by the bank to be “investment grade” and not predominantly speculative in nature.
SCA 12-13 Revised Interagency Examination Procedures for Regulation Z
Posted December 5, 2012
The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently approved the attached interagency examination procedures for Regulation Z – Truth in Lending. These revised examination procedures supersede the Regulation Z interagency examination procedures transmitted with CA Letter 11-8.
New Member Bank – CommerceWest Bank
Posted November 30, 2012
The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of CommerceWest Bank, Irvine, California, to retain its membership in the Federal Reserve System upon conversion from a national to a state bank charter.
Annual Increase in Dollar Thresholds in Regulation Z and M for Exempt Consumer Credit and Lease Transactions and Annual Update of HOEPA Fee Trigger
Posted November 29, 2012
On November 20, 2012, The Federal Reserve Board (Board) and the Consumer Financial Protection Bureau (CFPB) announced increases in the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for exempt consumer credit and lease transactions. These increases are consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amendments to the Truth in Lending Act and the Consumer Leasing Act to adjust these thresholds annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers.
Advertising Reminds Eligible Borrowers of Deadline to Request Independent Foreclosure Review
Posted November 21, 2012
Advertising and other outreach efforts are kicking off around the country to remind eligible borrowers of the December 31 deadline to request a free, impartial review through the Independent Foreclosure Review.
Agencies Provide Guidance on Regulatory Capital Rulemakings
Posted November 21, 2012
The United States federal banking agencies issued three notices of proposed rulemaking in June that would revise and replace the current regulatory capital rules. The proposals suggested an effective date of January 1, 2013.
Federal Reserve Board Launches 2013 Capital Planning and Stress Testing Program
Posted November 21, 2012
The Federal Reserve Board on November 9, 2012, launched the 2013 capital planning and stress testing program, issuing instructions to firms with timelines for submissions and general guidelines. The program includes the Comprehensive Capital Analysis and Review (CCAR) of 19 firms as well as the Capital Plan Review (CapPR) of an additional 11 bank holding companies with $50 billion or more of total consolidated assets.
Federal Reserve Board Approves Fee Schedule for Federal Reserve Bank Priced Services
Posted November 21, 2012
On October 31, 2012, The Federal Reserve Board announced the approval of fee schedules, effective January 2, 2013, for payment services the Federal Reserve Banks provide to depository institutions (priced services).
Federal Reserve Board Releases Economic and Financial Market Scenarios That Will Be Used in Next Round of Stress Tests for Large Financial Institutions
Posted November 21, 2012
The Federal Reserve Board on November 15, 2012, released the economic and financial market scenarios that will be used in the next round of stress tests for large financial institutions. The scenarios include baseline, adverse, and severely adverse scenarios, as described in the Federal Reserve's final rules that implement stress test requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Results of Director Elections
Posted November 19, 2012
This letter is in regard to the election of directors of this Bank to succeed Mr. Kenneth P.
Federal Reserve Announces Results of Auction of $3 Billion in 28-day Term Deposits Held on November 5, 2012
Posted November 8, 2012
On November 5, 2012, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility.
Expiration of Unlimited Deposit Insurance for Noninterest-Bearing Transactions Accounts
Posted November 8, 2012
On November 5, 2012, the FDIC issued FIL-45-2012, Notice of Expiration: Temporary Unlimited Coverage for Noninterest-Bearing Transaction Accounts. As explained in the FIL, section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) provides separate, unlimited deposit insurance coverage for noninterest-bearing transaction accounts (NIBTAs), including Interest on Lawyer Trust Accounts; however, the unlimited coverage is scheduled to expire on December 31, 2012.
The October 2012 Senior Loan Officer Opinion Survey on Bank Lending Practices
Posted November 8, 2012
The October 2012 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. This summary is based on responses from 68 domestic banks and 23 U.
Federal Reserve Offers $3 billion in 28-day Term Deposits Through its Term Deposit Facility
Posted November 1, 2012
On Monday, November 5, 2012, the Federal Reserve will offer $3 billion in 28-day term deposits through 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.
Federal Reserve Board Announces Annual Indexing of Reserve Requirement Exemption Amount and of Low Reserve Tranche for 2013
Posted October 31, 2012
The Federal Reserve Board on October 25, 2012, announced the annual indexing of the reserve requirement exemption amount and of the low reserve tranche for 2013. These amounts are used in the calculation of reserve requirements of depository institutions.
Federal Reserve Board Announces Delay in the Implementation of the Second Phase of Its Program to Simplify the Administration of Reserve Requirements
Posted October 31, 2012
On October 26, 2012, The Federal Reserve Board announced a five-month delay in the implementation of the second phase of its program to simplify the administration of reserve requirements. The delay will allow for further development and testing of automated systems to ensure a smooth transition for affected institutions.
Election of Directors
Posted October 26, 2012
In accordance with the provisions of Section 4 of the Federal Reserve Act and the announcement dated September 6, 2012, the Federal Reserve Bank of San Francisco is conducting an election of directors to succeed Mr. Kenneth A.
SR 12-13FFIEC Statement on the Impact of Drought Conditions on Financial Institutions
Posted October 23, 2012
On October 16, 2012, The Federal Financial Institutions Examination Council1 (“FFIEC”) issued a statement to assist financial institutions and their customers (members, in the case of credit unions) affected by severe drought conditions across much of the Midwest and southern portions of the United States. As a result of the 2012 drought, crop yields have declined significantly and, in some areas, crops have failed completely.
CFPB Proposes to Remove Independent Ability to Repay Requirement for Credit Card Applicants Who Are 21 or Older
Posted October 22, 2012
On August 17, 2012, the Consumer Financial Protection Bureau (CFPB) issued a proposal to amend Regulation Z, which implements the Truth in Lending Act (TILA) and the official interpretation to the regulation, which interprets the requirements of Regulation Z. Regulation Z generally prohibits a card issuer from opening a credit card account for a consumer, or increasing the credit limit applicable to a credit card account, unless the card issuer considers the consumer’s ability to make required payments under the terms of such account.
Federal Reserve Board Publishes Two Final Rules with Stress Testing Requirements for Certain Bank Holding Companies, State Member Banks, and Savings and Loan Holding Companies
Posted October 12, 2012
The Federal Reserve Board on October 9, 2012, published two final rules with stress testing requirements for certain bank holding companies, state member banks, and savings and loan holding companies. The final rules implement sections 165(i)(1) and (i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act that require supervisory and company-run stress tests.
Recap of Recent Mortgage Proposals
Posted October 5, 2012
Over the past few months, the federal regulatory agencies have issued a number of mortgage loan proposals. As they were issued through separate press releases by the various agencies, this letter is designed to bring the proposals together to facilitate easy access to source documentation.
Agencies Reopen Comment Period on Swap Margin and Capital Proposed Rulemaking
Posted October 5, 2012
Five federal agencies on September 26, 2012, reopened the comment period on a proposed rule to establish margin and capital requirements for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants for which one of the agencies is the prudential regulator, as required by sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The comment period–which originally ended July 11, 2011–was reopened to November 26, 2012, to allow interested persons more time to analyze the issues and prepare their comments in light of the consultative document on margin requirements for noncentrally-cleared derivatives recently published for comment by the Basel Committee on Banking Supervision and the International Organization of Securities Commissions.
CFPB Provides Guidance and Plans Outreach on Complying with Remittance Rule
Posted October 5, 2012
On September 26, 2012, the Consumer Financial Protection Bureau (CFPB) posted information on its website regarding the rule to implement consumer protections created by the Dodd-Frank Act for certain electronic transfers for funds to other countries – the remittance rule – the rule goes into effect on February 7, 2013. Specifically, the CFPB is undertaking a number of efforts to help the industry understand and comply with the new requirements, including releasing a list of countries and other areas to which a particular exception to the rule’s disclosure requirements applies, hosting a webinar, answering specific questions, and releasing a small business guide.
FFIEC Releases HMDA Data and Guidance on Fair Lending Risk Management
Posted October 1, 2012
On September 18, 2012, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on mortgage lending transactions at 7,632 U.S.
Agencies Release a Regulatory Capital Estimation Tool to Assist in Assessing the Potential Effects of Recently Proposed Regulatory Capital Rules
Posted September 26, 2012
The federal banking regulatory agencies on September 4, 2012, announced the availability of a regulatory capital estimation tool to help community banking organizations and other interested parties evaluate recently published regulatory capital proposals. The tool will assist these organizations in estimating the potential effects on their capital ratios of the agencies' Basel III Notice of Proposed Rulemaking (NPR) and Standardized Approach NPR.
Federal Reserve announces results of auction of $3 billion in 28-day term deposits held on September 10, 2012
Posted September 14, 2012
On September 10, 2012, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility.
Federal Reserve offers $3 billion in 28-day term deposits through its Term Deposit Facility
Posted September 7, 2012
On Monday, September 10, 2012, the Federal Reserve will offer $3 billion in 28-day term deposits through 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.
Election of Directors Nomination Procedures
Posted September 6, 2012
The Federal Reserve Bank of San Francisco will conduct an election under the provisions of Section 4 of theFederal Reserve Act to choose successors to the following directors of this Bank, whose terms expire on December 31, 2012:
Credit Risk in the Shared National Credit Portfolio Declines, but Remains High
Posted August 31, 2012
The credit quality of large loan commitments owned by U.S.
Consumer Financial Protection Bureau (CFPB) Proposes Rules to Improve Consumer Access to Appraisal Reports
Posted August 31, 2012
On August 15, 2012, the CFPB issued a proposal to amend Regulation B, which implements the Equal Credit Opportunity Act (ECOA), and the official interpretation to the regulation, which interprets the requirements of Regulation B. The proposed revisions would implement an ECOA amendment concerning appraisals that was enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
Consumer Financial Protection Bureau (CFPB) Proposes Mortgage Loan Originator Rules
Posted August 31, 2012
On August 17, 2012, the CFPB published for public comment proposed rules governing mortgage loan originations. The proposed rules would amend Regulation Z to implement amendments to the Truth in Lending Act (TILA) made by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
Consumer Financial Protection Bureau (CFPB) Proposes Mortgage Loan Servicing Rules
Posted August 20, 2012
On August 10, 2012, the CFPB proposed mortgage servicing rules that cover nine major topics and implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) provisions related to mortgage servicing. The comment periods for the proposals close on October 9, 2012.
Agencies Issue Proposed Rule on Appraisals for Higher-Risk Mortgages
Posted August 20, 2012
On Wednesday, August 15, 2012, six federal financial regulatory agencies issued a proposed rule to establish new appraisal requirements for "higher-risk mortgage loans." The proposed rule would implement amendments to the Truth in Lending Act enacted by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
Consumer Financial Protection Bureau (CFPB) Updates International Money Transfer Rule
Posted August 10, 2012
On August 7, 2012, the CFPB updated its international money transfer rule that was initially published on February 7, 2012. The update increases the threshold for applicability of the rule and provides guidance on remittances scheduled in advance of transfer.
Federal Reserve Board Extends Comment Period on Three Proposed Capital Rules Rulemakings until October 22, 2012
Posted August 10, 2012
The Federal Reserve Board on August 8, 2012 announced the extension of the comment period until October 22, 2012, on three notices of proposed rulemaking that would revise and replace current capital rules. The proposals by the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency would implement the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Senior Loan Officer Opinion Survey on Bank Lending Practices, July 2012
Posted August 9, 2012
The July 2012 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. This summary is based on responses from 64 domestic banks and 23 U.
SR 12-12 / CA 12-11 Implementation of a New Process for Requesting Guidance from the Federal Reserve Regarding Bank and Nonbank Acquisitions and Other Proposals
Posted August 9, 2012
The Federal Reserve recently issued supervisory guidance describing a new optional process for an applicant to request a response on a potential bank acquisition or other proposal before the submission of a formal application or notice.
Deadline to Request Independent Foreclosure Review Extended to December 31
Posted August 6, 2012
Borrowers seeking a review of their mortgage foreclosures under the federal banking agencies’ Independent Foreclosure Review now have until December 31, 2012, to submit their requests.
Federal Reserve Board Approves Final Rule Permitting Debit Card Issuers to Receive Fraud-Prevention Adjustment
Posted July 30, 2012
The Federal Reserve Board on July 27, 2012 announced the approval of a final rule that amends the provisions in Regulation II (Debit Card Interchange Fees and Routing) that permit a debit card issuer subject to the interchange fee standards to receive a fraud-prevention adjustment. The final rule revises provisions that are currently in effect as an interim final rule.
CFPB Proposes New Mortgage Disclosures and High-Cost Mortgage Protections
Posted July 25, 2012
On July 9, 2012, the Consumer Financial Protection Bureau (CFPB) issued a proposal to amend Regulation X (Real Estate Settlement Procedures Act) and Regulation Z (Truth in Lending Act) to establish new disclosure requirements and forms in Regulation Z for most closed-end consumer credit transactions secured by real property. In addition to combining the existing disclosure requirements and implementing new requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the proposed rule provides extensive guidance regarding compliance with those requirements.
Federal Reserve Announces Results of Auction of $3 Billion in 28-day Term Deposits Held on July 16, 2012
Posted July 25, 2012
On July 16, 2012, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility.
SR 12-11 / CA 12-10 Guidance on a Lender’s Decision to Discontinue Foreclosure Proceedings
Posted July 25, 2012
The Federal Reserve is issuing this guidance to emphasize the importance of appropriate risk management practices and controls in connection with a decision not to complete foreclosure proceedings after they have been initiated (a situation referred to in this guidance as an abandoned foreclosure). This guidance applies to state member banks, bank holding companies and savings and loan holding companies (collectively, banking organizations) with residential mortgage servicing operations.
Federal Reserve Offers $3 Billion in 28-day Term Deposits Through Its Term Deposit Facility
Posted July 13, 2012
On Monday, July 16, 2012, the Federal Reserve will offer $3 billion in 28-day term deposits through 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.
CA 12-5 Revised Interagency Examination Procedures for the Fair Credit Reporting Act (FCRA)
Posted July 11, 2012
The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently approved the attached revised Fair Credit Reporting Act (FCRA) examination module. This revised FCRA examination module supersedes the examination module transmitted with CA Letter 10-14.
CFPB Issues a Report on the Reserve Mortgage Market and Announces a Request for Information
Posted July 11, 2012
On June 28, 2012, the Consumer Financial Protection Bureau (CFPB or Bureau) published a report on the reverse mortgage market. The report, a requirement of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), identified a number of findings and concerns.
SR 12-10 / CA 12-9 Questions and Answers for Federal Reserve-Regulated Institutions Related to the Management of Other Real Estate Owned (OREO)
Posted July 6, 2012
This letter conveys various questions and answers regarding the management of OREO by institutions regulated by the Federal Reserve. During the recent financial crisis, financial institutions have experienced a rise in OREO caused by general weaknesses in the housing market, including increases in delinquencies and defaults, house price declines, and weaknesses in the structure of a number of commercial real estate financings.
Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
Posted July 5, 2012
On June 29, 2012, the federal bank and thrift regulatory agencies announced the availability of the 2012 list of distressed or underserved nonmetropolitan middle-income geographies where revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as “community development.
Banking Agencies Issue Host State Loan-to-Deposit Ratios
Posted July 3, 2012
On June 29, 2012, 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 the 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 June 30, 2011.
Federal Reserve Board and Federal Deposit Insurance Corporation Announce Process for Receiving and Evaluating Initial Resolution Plans, Also Known as Living Wills
Posted July 3, 2012
The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board on June 29, 2012 announced the process for receiving and evaluating the initial resolution plans–also known as living wills–from the largest banking organizations operating in the United States.
Agencies Release Financial Remediation Guidance, Extend Deadline for Requesting A Free Independent Foreclosure Review to September 30, 2012
Posted June 27, 2012
The Office of the Comptroller of the Currency and the Federal Reserve Board on June 21, 2012 released guidance that will be used in determining the compensation or other remedy that borrowers will receive for financial injury identified during the Independent Foreclosure Review.
Agencies Issue Guidance Concerning Mortgage Servicing Practices That Impact Servicemembers
Posted June 25, 2012
The Federal Reserve Board on June 21, 2012 joined with four other financial regulatory agencies in issuing guidance concerning mortgage servicing practices that may pose risks to homeowners serving in the military.
Consumer Financial Protection Seeks Further Comment on Ability to Repay Proposal
Posted June 14, 2012
On May 31, 2012, the Consumer Financial Protection Bureau (CFPB) announced that it is seeking public comment on new data and information that it has received in a rulemaking to require lenders to assess consumers’ ability to repay mortgage loans before extending them credit.
Federal Reserve Board Approves Final Rule to Implement Changes to Market Risk Capital Rule
Posted June 14, 2012
The Federal Reserve Board on June 7, 2012 approved a final rule to implement changes to the market risk capital rule, which requires banking organizations with significant trading activities to adjust their capital requirements to better account for the market risks of those activities.
Federal Reserve Board Invites Comment on Three Proposed Rules Intended to Help Ensure Banks Maintain Strong Capital Positions
Posted June 14, 2012
The Federal Reserve Board on June 7, 2012 invited comment on three proposed rules intended to help ensure banks maintain strong capital positions, enabling them to continue lending to creditworthy households and businesses even after unforeseen losses and during severe economic downturns.
Agencies Sign Memorandum of Understanding on Supervisory Coordination
Posted June 6, 2012
Five federal supervisory agencies, including the Board of Governors of the Federal Reserve System (Federal Reserve Board), on June 4, 2012 released a Memorandum of Understanding (MOU) that clarifies how the agencies will coordinate their supervisory activities, consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act).
Consumer Financial Protection Bureau (CFPB) Considers Rules on Prepaid Cards
Posted June 6, 2012
On May 23, 2012, the CFPB issued an Advance Notice of Proposed Rulemaking (ANPR) to seek comment, data, and information from the public about general purpose reloadable (GPR) prepaid cards (GPR cards).
Jeremy C. Stein Takes Oath of Office as a Member of the Board of Governors of the Federal Reserve System
Posted June 5, 2012
Jeremy C. Stein took the oath of office on May 30, 2012 as a member of the Board of Governors of the Federal Reserve System.
Federal Reserve Board Announces New Video Explaining How Borrowers Can Apply For a Free, Independent Foreclosure File Review
Posted May 25, 2012
The Federal Reserve Board on May 23, 2012 announced the availability of a new video that explains how borrowers who believe they were financially harmed during the mortgage foreclosure process in 2009 and 2010 can apply for a free, independent foreclosure file review.
Consumer Financial Protection Bureau (CFPB) Considers Rules Relating to Mortgage Points and Fees and Mortgage Loan Originator Qualifications and Compensation
Posted May 18, 2012
On May 9, 2012, the CFPB announced that they are considering a number of new rules relating to mortgage points and fees and mortgage loan originators’ qualifications and compensation. As indicated in their press release, the CFPB expects to propose these rules over the summer and finalize them by January 2013.
Federal Reserve Announces Results of Auction of $3 billion in 28-day Term Deposits Held on May 14, 2012
Posted May 17, 2012
On May 14, 2012, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility.
Agencies Finalize Large Bank Stress Testing Guidance
Posted May 16, 2012
The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation on May 14, 2012 issued final supervisory guidance regarding stress-testing practices at banking organizations with total consolidated assets of more than $10 billion.
Agencies Clarify Supervisory Expectations for Stress Testing by Community Banks
Posted May 16, 2012
Three federal banking agencies on May 14, 2012 issued a joint statement to clarify expectations for stress testing by community banks, banks, savings associations, and bank and savings and loan holding companies with $10 billion or less in total assets.
Federal Reserve Offers $3 Billion In 28-day Term Deposits Through Its Term Deposit Facility
Posted May 10, 2012
On Monday, May 14, 2012, the Federal Reserve will offer $3 billion in 28-day term deposits through 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.
Federal Reserve Board Publishes Comparative Information on Average Debit Card Interchange Fees
Posted May 3, 2012
The Federal Reserve Board on May 1, 2012 published comparative information on the average debit card interchange fees that each payment card network charges acquirers (and indirectly merchants) and provides to debit card issuers.
Consumer Financial Protection Bureau Seeks Public Comment on Amendment to Credit Card Rule
Posted May 2, 2012
On April 12, 2012, the Consumer Financial Protection Bureau (CFPB) issued a proposal to revise a 2011 rule on card rule fees, in response to a federal court ruling that had granted a preliminary injunction to block the rule from taking effect.
Secure and Fair Enforcement for Mortgage Licensing Act (the S.A.F.E. Act) Requirements for Mortgage Loan Originator Registration
Posted April 27, 2012
The Bureau of Consumer Financial Protection assumed rulemaking authority for the SAFE Act on July 21, 2011, in accordance with Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act. On December 19, 2011, the Bureau of Consumer Financial Protection published for public comment an interim final rule establishing a new Regulation G (SAFE Mortgage Licensing Act—Federal Registration of Residential Mortgage Loan Originators) and a new Regulation H (SAFE Mortgage Licensing Act—State Compliance and Bureau Registration System).
Agencies Clarify Volcker Rule Conformance Period
Posted April 23, 2012
The Federal Reserve Board on April 19, 1012 announced its approval of a statement clarifying that an entity covered by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the so-called Volcker Rule, has the full two-year period provided by the statute to fully conform its activities and investments, unless the Board extends the conformance period. Section 619 generally requires banking entities to conform their activities and investments to the prohibitions and restrictions included in the statute on proprietary trading activities and on hedge fund and private equity fund activities and investments.
Federal Reserve Board Announces the Formation of the Model Validation Council
Posted April 23, 2012
The Federal Reserve Board on April 20, 2012 announced the formation of the Model Validation Council, which will provide the Federal Reserve with expert and independent advice on its process to rigorously assess the models used in stress tests of banking institutions. In addition, the Federal Reserve announced it will host a two-day symposium to discuss best practices in stress testing.
Consumer Financial Protection Bureau (CFPB) Outlines Mortgage Loan Servicing Proposals under Consideration
Posted April 23, 2012
On April 9, 2012, the CFPB announced that they are considering new proposed mortgage servicing rules. The proposed rules under consideration include a number of Dodd-Frank Act mandates as well as new servicing operations standards.
Federal Reserve Board Issues Policy Statement Regarding Rental of Residential Properties Acquired in Foreclosure
Posted April 11, 2012
The Federal Reserve Board on April 5, 2012 released a policy statement reiterating that statutes and Federal Reserve regulations permit rental of residential properties acquired in foreclosure as part of an orderly disposition strategy. The statement also outlines supervisory expectations for residential rental activities.
Consumer Financial Protection Bureau Clarifies the Rules on Compensation to Loan Originators Based on Mortgage Transaction Terms or Conditions under Regulation Z
Posted April 11, 2012
In September 2010, the Federal Reserve Board published final rules to prohibit certain practices related to loan originator compensation with mortgages. These rules, which became effective in April 2011, were issued under the Truth in Lending Act, as implemented by Regulation Z.
Federal Reserve Approves Final Rule to Simplify Administration of Reserve Requirements and Reduce Costs for Depository Institutions and Federal Reserve Banks
Posted April 11, 2012
The Federal Reserve Board on April 5, 2012 announced the approval of a final rule to simplify the administration of reserve requirements and reduce administrative and operational costs for depository institutions and Federal Reserve Banks. The rule does not affect the stance of monetary policy.
Agencies Clarify Effective Date for Section 716 of the Dodd-Frank Act
Posted April 6, 2012
Three federal financial regulatory agencies on March 30, 2012 issued guidance clarifying that the effective date of section 716, the so-called Swaps Pushout provision, of the Dodd-Frank Wall Street Reform and Consumer Protection Act is July 16, 2013.
Agencies Propose Revisions to Leveraged Finance Guidance
Posted March 29, 2012
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency (the agencies) are seeking comment on proposed revisions tothe interagency leveraged finance guidance issued in 2001.
Federal Reserve System Publishes Annual Financial Statements
Posted March 21, 2012
The Federal Reserve System on March 20, 2012 released the 2011 combined annual comparative financial statements for the Federal Reserve Banks, as well as for the 12 individual Federal Reserve Banks, the limited liability companies (LLCs) that were created to respond to strains in financial markets, and the Board of Governors.
Federal Reserve Announces Results of Auction of $3 billion in 28-Day Term Deposits Held on March 19, 2012
Posted March 21, 2012
On March 19, 2012, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility.
Federal Reserve Survey Provides Information on Mobile Financial Services
Posted March 15, 2012
A survey of the use of mobile banking services was conducted on behalf of the Federal Reserve Board of Governors by Knowledge Networks, an online consumer research firm. Data collection began December 22, 2011, and was concluded on January 9, 2012.
Federal Reserve Announces Summary Results of Latest Round of Bank Stress Tests
Posted March 14, 2012
The Federal Reserve on March 13, 2012 announced summary results of the latest round of bank stress tests, which show that the majority of the largest U.S.
Federal Reserve Releases Paper Describing Methodology Used in 2012 Comprehensive Capital Analysis and Review Stress Test
Posted March 13, 2012
The Federal Reserve on March 12, 2012 released a paper describing the methodology used in the stress test in the 2012 Comprehensive Capital Analysis and Review (CCAR) as well as the templates for disclosure of the summary results, which will be issued at 4:30 p.m.
Agencies and CDFI Fund to Sponsor National Interagency Community Reinvestment Conference
Posted March 12, 2012
The federal bank regulatory agencies, the Federal Reserve Bank of San Francisco, and the Community Development Financial Institutions Fund will host the 2012 National Interagency Community Reinvestment Conference in Seattle, Washington, from March 25 to 28. This biennial conference is designed to offer participants from around the country the opportunity to learn about the Community Reinvestment Act (CRA) and its regulations, as well as the chance to network with colleagues and discuss best practices and emerging challenges in community development.
Federal Reserve Board Extends Comment Period on Proposed Rule to Implement Enhanced Prudential Standards and Early Remediation Requirements
Posted March 5, 2012
The Federal Reserve Board on February 3, 2012 extended the comment period until April 30, 2012, on a proposed rule to implement the enhanced prudential standards and early remediation requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Federal Reserve Board Issues Guidance for Evaluating Whether Banking Organizations Are Eligible for Upgrades of Supervisory Ratings
Posted March 5, 2012
The Federal Reserve Board on February 3, 2012 issued guidance to ensure that supervisors apply consistent standards as they evaluate whether banking organizations with $10 billion or less in assets are eligible for upgrades of supervisory ratings.
Consumer Financial Protection Bureau (CFPB) Launches Inquiry into Overdraft Practices
Posted March 1, 2012
On February 20, 2012, the CFPB launched an inquiry into checking account overdraft programs, which is being conducted through two channels – a data request that is being sent to a number of banks and a Notice and Request for Information from the public.
Federal Reserve Board Releases Action Plans for Supervised Financial Institutions to Correct Deficiencies in Residential Mortgage Loan Servicing and Foreclosure Processing
Posted March 1, 2012
The Federal Reserve Board on February 27, 2012 released action plans for supervised financial institutions to correct deficiencies in residential mortgage loan servicing and foreclosure processing. It also released engagement letters between supervised financial institutions and independent consultants retained by the firms to review foreclosures that were in process in 2009 and 2010.
Agencies Extend Deadline to Request Review Under The Independent Foreclosure Review to July 31
Posted February 22, 2012
People seeking a review of their mortgage foreclosures under the Federal banking agencies’ Independent Foreclosure Review now have until July 31, 2012, to submit their requests.
SR 12-2 Questions and Answers on Interagency Advisory on Interest Rate Risk Management
Posted February 7, 2012
On January 11, 2010, the Federal Reserve and the other financial regulators1 published an Advisory on Interest Rate Risk Management (SR letter 10-1, “Interagency Advisory on Interest Rate Risk”). Since its release, examiners and the industry have requested clarification of some specific recommendations in the advisory.
The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Green Dot Bank, Provo, Utah, for membership in the Federal Reserve System.
Posted February 6, 2012
The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Green Dot Bank, Provo, Utah, for membership in the Federal Reserve System. Green Dot Bank, which is in our Salt Lake City zone, will retain ABA transit numbers 124302529 and 124303120 and the encoded routing symbols 97-2529/1243 and 97-3120/1243.
CFPB Issues Final Remittance Rule (Amendment to Regulation E) and Concurrent Proposed Rule and Request for Comment
Posted February 2, 2012
The Consumer Financial Protection Bureau (CFPB) is amending Regulation E, which implements the Electronic Fund Transfer Act, and the official interpretation to the regulation, which interprets the requirements of Regulation E.
Agencies Issue Guidance on Junior Lien Loan Loss Allowances
Posted February 2, 2012
Four federal financial regulatory agencies on January 31, 2012 issued supervisory guidance on allowance for loan and lease losses (ALLL) estimation practices associated with loans and lines of credit secured by junior liens on one- to four-family residential properties.
Consumer Financial Protection Bureau Interim Final Rules
Posted January 18, 2012
The Dodd-Frank Act transferred rulemaking authority for many consumer financial protection laws from various Federal agencies to the Consumer Financial Protection Bureau (Bureau). The Bureau is in the process of republishing these regulations with technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act.
SR 11-15 Disposal of Problem Assets Through Exchanges
Posted January 18, 2012
On December 21, 2011, the Board of Governors of the Federal Reserve System issued SR 11-15 (Disposal of Problem Assets through Exchanges). This letter applies to all state member banks, bank holding companies and their nonbank subsidiaries, and savings and loan holding companies that engage in asset exchange transactions, including those with $10 billion or less in consolidated assets.
Federal Reserve Board Issues Final Notice for a Two-Year Phase-In Period for Most Savings and Loan Holding Companies to File Federal Reserve Regulatory Reports
Posted January 6, 2012
The Federal Reserve Board on December 23, 2011 issued a final notice for a two-year phase-in period for most savings and loan holding companies (SLHCs) to file Federal Reserve regulatory reports and an exemption for some SLHCs from initially filing Federal Reserve regulatory reports.
Federal Reserve Offers $3 Billion in 28-Day Term Deposits through its Term Deposit Facility
Posted January 5, 2012
On Monday, January 9, 2012, the Federal Reserve will offer $3 billion in 28-day term deposits through 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.
2011
Federal Reserve Board Proposes Steps to Strengthen Regulation and Supervision of Large Bank Holding Companies and Systemically Important Nonbank Financial Firms
Posted December 23, 2011
The Federal Reserve Board on December 20, 2011 proposed steps to strengthen regulation and supervision of large bank holding companies and systemically important nonbank financial firms. The proposal, which includes a wide range of measures addressing issues such as capital, liquidity, credit exposure, stress testing, risk management, and early remediation requirements, is mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Agencies Release Annual CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions
Posted December 20, 2011
The federal bank regulatory agencies on December 19, 2011 announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act (CRA) regulations.
Federal Reserve Board Announces Appointment of the Chairs and Deputy Chairs of the 12 Federal Reserve Banks for 2012
Posted December 5, 2011
The Federal Reserve Board on December 5, 2011 announced the designation of the chairs and deputy chairs of the 12 Federal Reserve Banks for 2012. Each Reserve Bank has a nine-member board of directors.
Revised: FFIEC Announcements Impacting Data for CRA Evaluations
Posted December 5, 2011
This circular letter is an update to a prior circular summarizing the FFIEC announcements. In particular, the summary below was added to highlight a number of CRA program considerations.
Results of Director Elections
Posted December 1, 2011
This letter is in regard to the election of directors of this Bank to succeed Mr. Dann H.
Michael S. Gibson Appointed Director of Division of Banking Supervision and Regulation
Posted December 1, 2011
The Federal Reserve Board announced on November 30, 2011 the appointment of Michael S. Gibson as director of the Division of Banking Supervision and Regulation, effective January 1, 2012.
Federal Reserve Board Issues Final Rule on Annual Capital Plans, Launches 2012 Review
Posted November 30, 2011
The Federal Reserve Board on November 22, 2011 issued a final rule requiring top-tier U.S.
Agencies Clarify Supervisory and Enforcement Responsibilities for Federal Consumer Financial Laws
Posted November 22, 2011
A statement that explains how the total assets of an insured bank, thrift or credit union will be measured for purposes of determining supervisory and enforcement responsibilities under the Dodd-Frank Wall Street Reform and Consumer Protection Act was issued November 17, 2011 by five federal financial supervisory agencies.
Federal Reserve Board Announces Community Depository Institutions Advisory Council Members
Posted November 22, 2011
The Federal Reserve Board on November 21, 2011 announced the members of its Community Depository Institutions Advisory Council (CDIAC) and the president and vice president of the council for 2012. The CDIAC advises the Board on the economy, lending conditions, and other issues.
Federal Reserve offers $5 billion in 28-day term deposits through its Term Deposit Facility
Posted November 15, 2011
On November 14, 2011, the Federal Reserve conducted an auction of $5 billion in 28-day term deposits through its Term Deposit Facility.
Federal Reserve offers $5 billion in 28-day term deposits through its Term Deposit Facility
Posted November 9, 2011
On Monday, November 14, 2011, the Federal Reserve will offer $5 billion in 28-day term deposits through 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.
Election of Directors
Posted November 8, 2011
In accordance with the provisions of Section 4 of the Federal Reserve Act and the announcement dated September 20, 2011, in regard to the election of directors of this Bank to succeed Mrs. Karla S.
SR 11-14 Supervisory Expectations for Risk Management of Agricultural Credit Ris
Posted November 8, 2011
This letter applies to all banking organizations with significant exposure to agriculture-related credit risk, including those with $10 billion or less in consolidated assets.
Federal Reserve Board Announces That Borrowers From Four Mortgage Servicers Can Request An Independent Review and Potentially Receive Compensation
Posted November 8, 2011
The Federal Reserve Board on November 1, 2011 announced that borrowers who believe they were financially harmed during the mortgage foreclosure process by four institutions in 2009 and 2010 can now request an independent review and potentially receive compensation.
Federal Reserve Board Seeks Comment on Proposed Rules Intended to Simplify the Administration of Reserve Requirements
Posted October 20, 2011
The Federal Reserve Board on October 11, 2011 requested comment on proposed rules intended to simplify the administration of reserve requirements and reduce administrative and operational costs for both depository institutions and Reserve Banks. The proposals do not affect the stance of monetary policy.
Agencies Issue Guidance and Proposed Revisions to Interagency Questions and Answers Regarding Flood Insurance
Posted October 17, 2011
The federal agencies that supervise banks, thrifts, and credit unions, and the Farm Credit System, on October 14, 2011 published guidance that updates the Interagency Questions and Answers Regarding Flood Insurance that were most recently published on July 21, 2009 at 74 FR 35914-35947.
Federal Reserve Board Approves Final Rule Implementing the Resolution Plan Requirement of the Dodd-Frank Act
Posted October 17, 2011
The Federal Reserve Board on October 17, 2011 announced the approval of a final rule to implement the resolution plan requirement in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Federal Reserve Board Seeks Comment on Proposal to Implement ”Volcker Rule” Requirements of the Dodd-Frank Act
Posted October 12, 2011
The Federal Reserve Board on October 11, 2011 requested public comment on a proposed regulation implementing the so-called ''Volcker Rule'' requirements of section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 619 generally contains two prohibitions.
Incentive Compensation Practices: A Report on The Horizontal Review of Practices at Large Banking Organizations
Posted October 12, 2011
The Federal Reserve Board on October 5, 2011 issued the following report: Incentive Compensation Practices: A Report on The Horizontal Review of Practices at Large Banking Organizations.
Federal Reserve Announces Results of Auction of $5 Billion in 28-Day Term Deposits Held on September 19, 2011
Posted September 23, 2011
On September 19, 2011, the Federal Reserve conducted an auction of $5 billion in 28-day term deposits through its Term Deposit Facility.
Federal Reserve Board Issues Final Rule Under Regulation B Regarding Data Collection Compliance Requirements for Motor Vehicle Dealers
Posted September 23, 2011
The Federal Reserve Board on September 20, 2011 issued a final rule amending Regulation B to provide that motor vehicle dealers are not required to comply with new data collection requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) until the Board issues final regulations to implement the statutory requirements.
FRBSF Election of DirectorsNomination Procedures
Posted September 20, 2011
Federal Reserve Board Proposes Phase-In Period for Most Savings and Loan Holding Companies to File Regulatory Reports
Posted September 20, 2011
The Federal Reserve Board is proposing a two-year phase-in period for most savings and loan holding companies (SLHCs) to file Federal Reserve regulatory reports with the Board and an exemption for some SLHCs from initially filing Federal Reserve regulatory reports.
Federal Reserve Board Seeks Comment on Proposal Outlining Procedures for Securities Holding Companies to Elect to be Supervised By The Federal Reserve
Posted September 20, 2011
The Federal Reserve Board is seeking comment on a proposed rule outlining the procedures for securities holding companies (SHCs) to elect to be supervised by the Federal Reserve. An SHC is a nonbank company that owns at least one registered broker or dealer.
Credit Quality of Large Loan Commitments Improves for Second Consecutive Year
Posted September 16, 2011
The credit quality of large loan commitments owned by U.S.
Federal Reserve offers $5 billion in 28-day term deposits through its Term Deposit Facility
Posted September 16, 2011
On Monday, September 19, 2011, the Federal Reserve will offer $5 billion in 28-day term deposits through 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.
Federal Reserve Board Announces Location for Public Meeting on the Notice by Capital One Financial Corporation to Acquire ING Bank
Posted September 16, 2011
The Federal Reserve Board on August 31, 2011 announced the location for a public meeting in Washington, D.C.
Board Issues Interim Final Rule Establishing Regulations for Savings and Loan Holding Companies
Posted August 16, 2011
The Federal Reserve Board on August 12, 2011 issued an interim final rule establishing regulations for savings and loan holding companies (SLHCs). The rule will take effect once it is published in the Federal Register, which is expected soon.
Agencies Issue Guidance on Federal Debt
Posted August 8, 2011
On August 5, 2011, Standard & Poor's rating agency lowered the long-term rating of the U.S.
SR 11-11 / CA 11-5 Supervision of Savings and Loan Holding Companies (SLHCs)
Posted August 3, 2011
Title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act1 (Dodd-Frank Act) transfers to the Board of Governors of the Federal Reserve System (Board) the supervisory functions of the Office of Thrift Supervision (OTS) related to SLHCs and their nondepository subsidiaries beginning on July 21, 2011. The Dodd-Frank Act also provides that all regulations, guidelines, and other advisory materials issued by the OTS on or before the transfer date with respect to SLHCs and their nondepository subsidiaries will be enforceable until modified, terminated, set aside, or superseded.
SR 11-12 Deregistration Procedures for Certain Savings and Loan Holding Companies
Posted August 3, 2011
Under the Home Owners’ Loan Act (HOLA), a savings and loan holding company (SLHC) includes any company that directly or indirectly controls either a savings association or any other company that is an SLHC.1 The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended HOLA to exclude from the definition of an SLHC any company that controls only one savings association subsidiary, provided that subsidiary functions solely in a trust or fiduciary capacity as described in section 2(c)(2)(D) of the Bank Holding Company Act (BHC Act).
SR 11-13 Guidance Regarding Prior Notices with Respect to Dividend Declarations by Savings Association Subsidiaries of Savings and Loan Holding Companies
Posted August 3, 2011
Effective July 21, 2011, any savings association that is a subsidiary of a savings and loan holding company (SLHC) must provide notice to the Board at least 30 days before declaring a dividend.1 The duty to review and process these notices is one of the new responsibilities the Board assumed on July 21, 2011, as part of the supervisory and rulemaking authority previously held by the Office of Thrift Supervision (OTS) with respect to SLHCs.
New Member BankBay Commercial Bank
Posted August 1, 2011
The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Bay Commercial Bank, Walnut Creek, California, for membership in the Federal Reserve System.
Federal Reserve Seeks Comment on Proposal Setting Standards for Banking Organizations Engaging in Certain Types of Foreign Exchange Transactions
Posted July 29, 2011
The Federal Reserve Board is seeking comment on a proposal that sets standards for banking organizations regulated by the Federal Reserve that engage in certain types of foreign exchange transactions with retail customers.
Federal Reserve Announces Results of Auction of $5 billion in 28-day Term Deposits Held on July 25, 2011
Posted July 27, 2011
On July 25, 2011, the Federal Reserve conducted an auction of $5 billion in 28-day term deposits through its Term Deposit Facility.
Federal Reserve Issues Final Rule to Repeal Regulation Q, Which Prohibited the Payment of Interest on Demand Deposits
Posted July 21, 2011
The Federal Reserve Board on July 14, 2011 announced the approval of a final rule to repeal its Regulation Q, which prohibits the payment of interest on demand deposits by institutions that are member banks of the Federal Reserve System.
Federal Reserve Seeks Comment on Notice Outlining Regulations Previously Issued by the Office of Thrift Supervision
Posted July 21, 2011
The Federal Reserve Board is seeking comment on a notice that outlines the regulations previously issued by the Office of Thrift Supervision (OTS) that the Federal Reserve will continue to enforce after assuming supervisory responsibility for savings and loan holding companies (SLHCs).
Federal Reserve Offers $5 billion in 28-day Term Deposits Through Its Term Deposit Facility
Posted July 21, 2011
On Monday, July 25, 2011, the Federal Reserve will offer $5 billion in 28-day term deposits through 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.
SR 11-8 Supervisory Guidance on Implementation Issues Related to the Advanced Measurement Approaches for Operational Risk
Posted July 20, 2011
The Board of Governors of the Federal Reserve System and the other federal banking agencies1 are issuing the attached Interagency Guidance on the Advanced Measurement Approaches for Operational Risk to address and provide clarity on implementation issues related to the advanced measurement approaches (AMA) in the agencies’ advanced capital adequacy framework (advanced approaches rule).2 Since the guidance only applies to banking organizations that are required to adopt the advanced approaches or have opted to do so, it generally will not be applicable to community banking organizations.
SR 11-10Interagency Counterparty Credit Risk Management Guidance
Posted July 20, 2011
The federal banking agencies1 are issuing the attached Interagency Supervisory Guidance on Counterparty Credit Risk Management. It is intended primarily for use by banking organizations with large derivatives portfolios in establishing and maintaining counterparty credit risk (CCR) management practices, as well as for supervisors as they assess and examine such institutions’ CCR management.
SR 11-9 Interagency Supplement to Authentication in an Internet Banking Environment
Posted July 20, 2011
The Federal Reserve Board, together with the other members of the Federal Financial Institution Examination Council (FFIEC) (collectively, the agencies) have issued the attached guidance titled “Supplement to Authentication in an Internet Banking Environment” (Supplement), which supplements the similarly titled guidance issued by the FFIEC in 2005. Given heightened and evolving cyber threats in the online environment, the supplement reinforces the original risk-management framework guidance and updates the agencies’ expectations for supervised financial organizations regarding customer authentication, layered security, and other controls.
Dodd-Frank Wall Street Reform and Consumer Protection Act’s Regulations CC
Posted July 14, 2011
This circular is provided to advise management of a provision in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) of 2010 that becomes effective July 21, 2011. Specifically, Section 1086 of the Dodd-Frank Act amends the Expedited Funds Availability Act (EFAA) implemented by Regulation CC.
Federal Reserve Releases Report on College Credit Card Agreements
Posted July 13, 2011
The Federal Reserve Board on July 7, 2011 released a report that contains 2010 payment and account information about more than 1,000 agreements between institutions of higher education or affiliated organizations and credit card issuers. The Board also updated an online database that includes the full text of each agreement that was in effect during 2010.
Federal Reserve Releases Lists of Institutions Subject To, and Exempt From, the Debit Card Interchange Fee Standards
Posted July 13, 2011
The Federal Reserve Board on July 12, 2011 published lists of institutions that are subject to, and exempt from, the debit card interchange fee standards in Regulation II, which implements provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Federal Reserve Issues a Final Rule Establishing Standards for Debit Card Interchange Fees and Prohibiting Network Exclusivity Arrangements and Routing Restrictions
Posted July 7, 2011
The Federal Reserve Board on June 29, 2011 issued a final rule establishing standards for debit card interchange fees and prohibiting network exclusivity arrangements and routing restrictions. This rule, Regulation II (Debit Card Interchange Fees and Routing), is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Banking Agencies Issue Host State Loan-To-Deposit Ratios
Posted July 7, 2011
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency recently issued the host state loan-to-deposit ratios that the 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 June 24, 2010.
Federal Reserve and FTC Issue Final Rules to Implement the Credit Score Disclosure Requirements of the Dodd-Frank Act
Posted July 7, 2011
The Federal Reserve Board (Board) and the Federal Trade Commission (FTC) on July 6, 2011 issued final rules to implement the credit score disclosure requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If a credit score is used in setting material terms of credit or in taking adverse action, the statute requires creditors to disclose credit scores and related information to consumers in notices under the Fair Credit Reporting Act (FCRA).
Agencies Adopt a Final Rule to Establish a Risk-Based Capital Floor
Posted June 27, 2011
Three federal banking regulatory agencies adopted a final rule that establishes a floor for the risk-based capital requirements applicable to the largest, internationally active banking organizations. The rule, finalized by the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, is consistent with the requirements of Section 171 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Annual Adjustment of Dollar Threshold for Exempt Consumer Credit and Lease Transactions
Posted June 27, 2011
The Federal Reserve Board on June 13, 2011 adjusted Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) by increasing the dollar threshold for exempt consumer credit and lease transactions. Transactions at or below the threshold are subject to the protections of the regulations.
Federal Reserve Proposes Rules Under Regulation B to Clarify Data Collection Compliance Requirements for Motor Vehicle Dealers
Posted June 27, 2011
The Federal Reserve Board on June 20, 2011 issued a proposed rule under Regulation B to clarify that motor vehicle dealers temporarily are not required to comply with certain data collection requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) until the Board issues final regulations to implement the statutory requirements. The Board believes that implementing rules are needed to ensure data are collected and reported in a consistent and standardized way.
Annual Adjustment of Fee-Based Trigger for Additional Mortgage Loan Disclosures
Posted June 27, 2011
The Federal Reserve Board on June 13, 2011 published its annual adjustment to the amount of fees that triggers additional disclosure requirements under the Truth in Lending Act and the Home Ownership and Equity Protection Act of 1994 for home mortgage loans that bear rates or fees above a certain amount.
Federal Reserve Seeks Comment on Annual Capital Plan Reviews
Posted June 14, 2011
The Federal Reserve Board is seeking comment on a proposal to require top-tier U.S.
Agencies Seek Comment on Stress Testing Guidance
Posted June 10, 2011
The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation are seeking comment on proposed supervisory guidance regarding stress-testing practices at banking organizations with total consolidated assets of more than $10 billion.
Federal Reserve Announces Results of Auction of $5 Billion in 28-day Term Deposits Held on May 31, 2011
Posted June 9, 2011
Six federal agencies are seeking comment on a proposed rule that would require sponsors of asset-backed securities (ABS) to retain at least 5 percent of the credit risk of the assets underlying the securities and would not permit sponsors to transfer or hedge that credit risk.
Agencies Extend Comment Period on Risk Retention Proposal
Posted June 9, 2011
Six federal agencies have approved and will submit a Federal Register notice that extends the comment period on the proposed rules to implement the credit risk retention requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The comment period was extended to August 1, 2011, to allow interested persons more time to analyze the issues and prepare their comments.
Deposit Insurance Notice Requirement Regarding the Payment of Interest on Demand Deposit Accounts
Posted June 3, 2011
On November 9, 2010, the FDIC’s Board of Directors issued a final rule implementing section 343 of the Dodd-Frank Act (see FIL-76-2010). Section 343 of the Dodd-Frank Act provides unlimited insurance coverage for noninterest-bearing transaction accounts at all insured depository institutions (IDIs) from December 31, 2010 through December 31, 2012.
Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
Posted June 3, 2011
The federal bank and thrift regulatory agencies announced on June 1, 2011 the availability of the 2011 list of distressed or underserved nonmetropolitan middle-income geographies where revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as ’’community development.
The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Westamerica Bank, San Rafael, California, for membership in the Federal Reserve System.
Posted May 27, 2011
The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Westamerica Bank, San Rafael, California, for membership in the Federal Reserve System. Westamerica Bank, which is in our San Francisco zone, will retain ABA transit number 121140218 and the encoded routing symbol 90-4021 / 1211.
Federal Reserve Offers $5 Billion in 28-day Term Deposits Through its Term Deposit Facility
Posted May 25, 2011
On Tuesday, May 31, 2011 the Federal Reserve will offer $5 billion in 28-day term deposits through 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.
SR 11-7 Guidance on Model Risk Management
Posted May 25, 2011
The Federal Reserve and Office of the Comptroller of the Currency (OCC) have issued the attached Supervisory Guidance on Model Risk Management, which is intended for use by banking organizations and supervisors as they assess organizations’ management of model risk. This guidance should be applied as appropriate to all banking organizations supervised by the Federal Reserve, taking into account each organization’s size, nature, and complexity, as well as the extent and sophistication of its use of models (as defined and discussed below).
Federal Reserve Proposes Rule Under Regulation E to Create New Consumer Protections for Remittance Transfers
Posted May 19, 2011
The Federal Reserve Board on May 12, 2011 requested public comment on a proposed rule that would create new protections for consumers who send remittance transfers to recipients located in a foreign country. The proposed rule would require that remittance transfer providers make certain disclosures to senders of remittance transfers, including information about fees and the exchange rate, as applicable, and the amount of currency to be received by the recipient.
Agencies Seek Comment on Resolution Plan Reporting
Posted April 21, 2011
Large, systemically significant bank holding companies and nonbank financial companies would be required to submit annual resolution plans and quarterly credit exposure reports under a rule proposed by the Federal Reserve Board and the Federal Deposit Insurance Corporation.
Agencies Seek Comment on Swap Margin and Capital Requirements
Posted April 21, 2011
Five federal agencies are seeking comment on a proposed rule to establish margin and capital requirements for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Interagency Statement on Reorganization of FinCENs Bank Secrecy Act Regulations
Posted April 21, 2011
The Federal Reserve, together with the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the State Liaison Committee of the Federal Financial Institutions Examination Council, has issued the attached interagency statement entitled Reorganization of FinCEN’s Bank Secrecy Act Regulations.
Federal Reserve Proposes Rule Under Regulation Z Pertaining to a Consumers Ability to Repay a Mortgage and Minimum Mortgage Underwriting Standards
Posted April 21, 2011
The Federal Reserve Board on April 19, 2011 requested public comment on a proposed rule under Regulation Z that would require creditors to determine a consumers ability to repay a mortgage before making the loan and would establish minimum mortgage underwriting standards.
Guidance on Accepting Accounts from Foreign Embassies, Consulates and Missions (foreign missions)
Posted April 21, 2011
An Interagency1 Advisory has been issued to supplement SR letter 04-10, “Banking Accounts for Foreign Governments, Embassies, and Political Figures.” The supplemental advisory provides information to financial institutions regarding the provision of account services to foreign missions in a manner that fulfills the needs of those foreign governments while complying with the provisions of the Bank Secrecy Act (BSA).
Spanish Translation of the FFIEC BSA/AML Examination Manual
Posted April 21, 2011
The Federal Reserve, together with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (collectively, the Agencies), have issued a Spanish-language translation of the Federal Financial Institutions Examination Council’s (FFIEC) Bank Secrecy Act/Anti-Money Laundering Examination Manual (manual). The Spanish version is based on the most recent version of the manual issued by the FFIEC in April 2010.
Federal Reserve Seeks Comment on Proposed Rule to Repeal Regulation Q, Which Prohibits the Payment of Interest on Demand Deposits
Posted April 8, 2011
The Federal Reserve Board on April 6, 2011 requested comment on a proposed rule to repeal the Board's Regulation Q, which prohibits the payment of interest on demand deposits by institutions that are member banks of the Federal Reserve System. The proposed rule would implement Section 627 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which repeals Section 19(i) of the Federal Reserve Act in its entirety effective July 21, 2011.
Agencies Seek Comment on Risk Retention Proposal
Posted April 5, 2011
Six federal agencies are seeking comment on a proposed rule that would require sponsors of asset-backed securities (ABS) to retain at least 5 percent of the credit risk of the assets underlying the securities and would not permit sponsors to transfer or hedge that credit risk.
Agencies Seek Comment on Risk Retention Proposal
Posted April 5, 2011
Six federal agencies are seeking comment on a proposed rule that would require sponsors of asset-backed securities (ABS) to retain at least 5 percent of the credit risk of the assets underlying the securities and would not permit sponsors to transfer or hedge that credit risk.
Agencies Seek Comment on Proposed Rule on Incentive Compensation
Posted April 1, 2011
Federal financial regulatory agencies request comment on a joint proposed rule to ensure that regulated financial institutions design their incentive compensation arrangements to take account of risk.
Federal Reserve Expands Consumer Protection Regulations for Credit Transactions and Leases of Higher Dollar Amounts
Posted March 29, 2011
The Federal Reserve Board on March 25, 2011 adopted two rules that would expand the coverage of consumer protection regulations to credit transactions and leases of higher dollar amounts.
Federal Reserve Proposes Rule Requiring Sponsors of Asset-Backed Securities to Retain at Least 5 Percent of the Credit Risk of the Assets Underlying the Securities
Posted March 29, 2011
The Federal Reserve Board on March 29, 2011 proposed a rule that would require sponsors of asset-backed securities (ABS) to retain at least 5 percent of the credit risk of the assets underlying the securities.
Agencies Announce Consideration of Risk Retention Notice of Proposed Rulemaking
Posted March 29, 2011
The staffs of the Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation, the U.S.
Federal Reserve System Publishes Annual Financial Statements
Posted March 23, 2011
The Federal Reserve System on March 22, 2011 released the 2010 combined annual comparative financial statements for the Federal Reserve Banks, as well as for the 12 individual Federal Reserve Banks, the limited liability companies (LLCs) that were created to respond to strains in financial markets, and the Board of Governors. These financial statements are audited annually by an independent auditing firm.
Federal Reserve Issues Clarifications to Regulation Z Provisions That Apply to Open-End Credit Plans, Including Credit Cards
Posted March 21, 2011
The Federal Reserve Board on March 18, 2011 approved a rule amending Regulation Z (Truth in Lending) to clarify aspects of prior Board rules implementing the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act). This rule is intended to enhance protections for consumers who use credit cards and to resolve areas of uncertainty so that card issuers fully understand their compliance obligations.
Federal Reserve Completes Comprehensive Capital Analysis and Review
Posted March 21, 2011
The Federal Reserve on March 18, 2011 announced it has completed the Comprehensive Capital Analysis and Review (CCAR), its cross-institution study of the capital plans of the 19 largest U.S.
Federal Reserve Seeks Comment on Proposed Rules on Risk-Based Pricing Notices and Adverse Action Notices
Posted March 9, 2011
The Federal Reserve Board and the Federal Trade Commission (FTC) on March 1, 2011 proposed regulations regarding the credit score disclosure requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Federal Reserve Proposes Amendments to Regulation CC Regarding Collection of Checks and Availability of Funds
Posted March 9, 2011
The Federal Reserve Board on March 3, 2011 requested public comment on proposed amendments to Regulation CC (Availability of Funds and Collection of Checks) to encourage banks to clear and return checks electronically, add provisions that govern electronic items cleared through the check-collection system, and shorten the 'exception' hold periods on deposited funds.
Dr. John C. Williams Appointed President and CEO of The Federal Reserve Bank of San Francisco
Posted March 4, 2011
Dr. John C.
Federal Reserve Issues Proposals Related to Designation of Systemically Important Nonbank Financial Companies
Posted March 2, 2011
The Federal Reserve Board on February 8, 2011 requested comment on a proposed rule that implements two provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act related to the designation by the Financial Stability Oversight Council of systemically important nonbank financial companies for consolidated supervision by the Board.
Federal Reserve Issues Final Rule and Seeks Comment on Proposed Revisions to Escrow Account Requirements for Home Mortgage Loans
Posted March 2, 2011
The Federal Reserve Board on February 23, 2011 issued a final rule and requested public comment on a second rule under Regulation Z to revise the escrow account requirements for certain home mortgage loans.
Consumer Advisory Council Will Meet on March 10, 2011
Posted February 18, 2011
The Federal Reserve Board announced Wednesday that the Consumer Advisory Council will hold its next meeting on Thursday, March 10. The meeting will take place in Dining Room E, Terrace Level, in the Board’s Martin Building.
Federal Reserve Board Announces Community Depository Institutions Advisory Council Members
Posted February 18, 2011
The Federal Reserve Board on February 16, 2011 announced the members of its Community Depository Institutions Advisory Council (CDIAC) and the president and vice president of the council for 2011.
Federal Reserve Issues Final Rule to Implement Volcker Rule Conformance Period
Posted February 18, 2011
The Federal Reserve Board on Wednesday February 9, 2011 announced its approval of a final rule to implement the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that give banking firms a period of time to conform their activities and investments to the prohibitions and restrictions of the so-called Volcker Rule.
Agencies Announce Start of Initial Registration Period Under S.A.F.E. Act’s Mortgage Loan Originator Provisions
Posted February 10, 2011
On Jan. 31 the bank, thrift and credit union regulatory agencies, along with the Farm Credit Administration, announced that the Nationwide Mortgage Licensing System and Registry is now accepting federal registrations.
Federal Reserve Does Not Plan to Proceed with Finalizing Three Pending Mortgage Rulemakings under Regulation Z
Posted February 10, 2011
The Federal Reserve Board announced on February 1, 2011 that it does not expect to finalize three pending rulemakings under Regulation Z, which implements the Truth in Lending Act (TILA), prior to the transfer of authority for such rulemakings to the Consumer Financial Protection Bureau (CFPB).
Agencies Release Annual CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions
Posted January 18, 2011
The federal bank regulatory agencies announced on December 21, 2010, the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank and intermediate small savings association under the Community Reinvestment Act (CRA) regulations. The annual adjustments for banks are required by the CRA rules.
Annual Notice of Asset-Size Exemption Threshold for Depository Institutions, Regulation C
Posted January 18, 2011
The Federal Reserve Board on Monday, December 20, 2010, published its annual notice of the asset-size exemption threshold for depository institutions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).
Federal Reserve Issues Interim Rule Amending Regulation Z to Clarify Certain Disclosure Requirements of the Mortgage Disclosure Improvement Act
Posted January 18, 2011
The Federal Reserve Board on December 22, 2010, approved an interim rule amending Regulation Z, which implements the Truth in Lending Act (TILA). The Board is issuing this interim rule to clarify certain aspects of a September 24, 2010 interim rule, in response to public comments.
2010
The Federal Reserve Bank of San Francisco has approved the application of FirstBank of Arizona, Inc., Phoenix, Arizona, for membership in the Federal Reserve System.
Posted December 24, 2010
The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of FirstBank of Arizona, Inc., Phoenix, Arizona, for membership in the Federal Reserve System.
Results of Director Elections
Posted December 21, 2010
This letter is in regard to the election of directors of this Bank to succeed Mr. William D.
Federal Reserve Establishes Office of Financial Stability Policy and Research
Posted December 13, 2010
The Federal Reserve Board on Thursday, November 4, 2010 established the Office of Financial Stability Policy and Research and appointed Board economist J. Nellie Liang as its director.
Election of Directors
Posted November 29, 2010
In accordance with the provisions of Section 4 of the Federal Reserve Act and the announcement dated October 8, 2010, in regard to the election of directors of this Bank to succeed Mr. William D.
Federal Reserve Issues Proposal to Implement Volcker Rule Conformance Period
Posted November 24, 2010
The Federal Reserve Board on November 17, 2010 requested comment on a proposed rule to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that give banking firms a defined period of time to conform their activities and investments to the so-called Volcker Rule.
Annual Adjustments for Reserve Calculations and Deposit Reporting, Regulation D
Posted November 18, 2010
The Federal Reserve Board announced on October 26, 2010 the annual indexing of the reserve requirement exemption amount and of the low reserve tranche for 2011. These amounts are used in the calculation of reserve requirements of depository institutions.
Federal Reserve Announces Interim Final Rule on Real Estate Appraisal
Posted November 10, 2010
The Federal Reserve Board announced on October 18, 2010 an interim final rule to ensure that real estate appraisers are free to use their independent professional judgment in assigning home values without influence or pressure from those with interests in the transactions. The rule also seeks to ensure that appraisers receive customary and reasonable payments for their services.
Federal Reserve Proposes Amendments to Regulation Z to Clarify Rules Pertaining to Credit Cards
Posted November 10, 2010
The Federal Reserve Board proposed on October 19, 2010 a rule amending Regulation Z (Truth in Lending) to clarify aspects of the Board's rules protecting consumers who use credit cards. The proposal is intended to enhance protections for consumers and to resolve areas of uncertainty so that card issuers fully understand their compliance obligations.
New Member BankAltaPacific Bank
Posted November 5, 2010
The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of AltaPacific Bank, Santa Rosa, California, for membership in the Federal Reserve System.
Federal Reserve Announces Final Rule Regarding Effective Dates for Gift Card Rules
Posted November 3, 2010
The Federal Reserve Board announced on October 19, 2010 a final rule implementing recent legislation modifying the effective date of certain disclosure requirements applicable to gift cards under the Credit Card Accountability Responsibility and Disclosure Act of 2009.
Janet L. Yellen and Sarah Bloom Raskin Formally Sworn in as Members of the Board of Governors
Posted October 27, 2010
Janet L. Yellen and Sarah Bloom Raskin took the oath of office as members of the Board of Governors of the Federal Reserve System on October 1, 2010.
Credit Quality of the Shared National Credit Portfolio Improved in 2010
Posted October 20, 2010
The credit quality of large loan commitments owned by U.S.
Board Authorizes Ongoing Small-Value Offerings of Term Deposits under the Term Deposit Facility
Posted October 18, 2010
The Federal Reserve Board announced on September 8, 2010 that it has authorized ongoing small-value offerings of term deposits under the Term Deposit Facility (TDF).
Agencies Issue Final Community Reinvestment Act Rule to Implement Provision of Higher Education Opportunity Act
Posted October 12, 2010
The federal banking and thrift regulatory agencies announced on September 29, 2010 a final Community Reinvestment Act (CRA) rule to implement a provision of the Higher Education Opportunity Act.
Election of DirectorsNomination Procedures
Posted October 8, 2010
Financial Regulators Adopt Guidance on Reverse Mortgage Products
Posted September 17, 2010
Abstract: The Federal Financial Institutions Examination Council (FFIEC) released guidance on August 16, 2010 on reverse mortgage products. The guidance, adopted by each of the financial regulators, emphasizes the consumer protection concerns raised by reverse mortgages and the importance of financial institutions mitigating the compliance and reputation risks associated with these products.
Federal Reserve Proposes Enhanced Consumer Protections and Disclosures for Home Mortgage Transactions
Posted September 9, 2010
Abstract: The proposal includes significant changes to Regulation Z (Truth in Lending) and represents the second phase of the Board's comprehensive review and update of the mortgage lending rules in the regulation. The proposed changes reflect the results of consumer testing by the Board, which has begun accepting public comment.
Federal Reserve Announces Final Rules to Protect Mortgage Borrowers
Posted September 9, 2010
Abstract: The Federal Reserve Board announced on August 16, 2010 final rules to protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices.
Federal Reserve Proposes Rule to Revise Escrow Account Requirements for Jumbo Mortgages
Posted August 27, 2010
Abstract: The Federal Reserve Board proposed on August 16, 2010 a rule to revise the escrow account requirements for higher-priced, first-lien "jumbo" mortgage loans. The proposed rule, which implements a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act, would increase the annual percentage rate (APR) threshold used to determine whether a mortgage lender is required to establish an escrow account for property taxes and insurance for first-lien jumbo mortgage loans.
Federal Reserve Issues Interim Rule Revising Disclosure Requirements for Closed-End Mortgages
Posted August 27, 2010
Abstract: The Federal Reserve Board issued an interim rule on August 16, 2010 that revises the disclosure requirements for closed-end mortgage loans under Regulation Z (Truth in Lending). The interim rule implements provisions of the Mortgage Disclosure Improvement Act (MDIA) that require lenders to disclose how borrowers' regular mortgage payments can change over time.
Federal Reserve Announces Final Rules Regarding Consumer Notification of Mortgage Loan Sales or Transfers
Posted August 27, 2010
Abstract: The Federal Reserve Board announced on August 16, 2010 final rules to implement a statutory amendment to the Truth in Lending Act requiring that consumers receive notice when their mortgage loan has been sold or transferred. The new disclosure requirement became effective in May 2009, upon enactment of the Helping Families Save Their Homes Act.
Agencies Issue Advance Notice of Proposed Rulemaking Regarding Alternatives to the Use of Credit Ratings
Posted August 27, 2010
Abstract: The federal banking agencies (agencies) have agreed on August 10, 2010 to publish an advance notice of proposed rulemaking (advance notice) regarding alternatives to the use of credit ratings in their risk-based capital rules (capital rules) for banking organizations.
Federal Reserve Implements Legislation Regarding Effective Dates for Gift Card Rules
Posted August 23, 2010
Abstract: The Federal Reserve Board announced on August 11, 2010 its approval of an interim final rule implementing recent legislation modifying the effective date of certain disclosure requirements applicable to gift cards under the Credit Card Accountability Responsibility and Disclosure Act of 2009.
Annual Adjustment of Fee-Based Trigger for Additional Mortgage Loan Disclosures
Posted August 23, 2010
Abstract:The Federal Reserve Board published on July 30, 2010 its annual adjustment of the dollar amount of fees that triggers additional disclosure requirements under the Truth in Lending Act and the Home Ownership and Equity Protection Act of 1994 for home mortgage loans that bear rates or fees above a certain amount.
Federal Agencies Issue Final Rules to Implement S.A.F.E. Act Requirements for Registration of Mortgage Loan Originators
Posted August 23, 2010
Abstract: Federal agencies issued final rules on July 28, 2010 requiring residential mortgage loan originators who are employees of national and state banks, savings associations, Farm Credit System institutions, credit unions, and certain of their subsidiaries (agency-regulated institutions) to meet the registration requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.
Board Seeks Nominations for Appointments to Consumer Advisory Council
Posted August 17, 2010
Abstract: The Federal Reserve Board announced on July 26, 2010 that it is seeking nominations for appointments to its Consumer Advisory Council.
Federal Reserve Releases Results of the Inaugural Senior Credit Officer Opinion Survey on Dealer Financing Terms (SCOOS)
Posted August 5, 2010
The results of the inaugural Senior Credit Officer Opinion Survey on Dealer Financing Terms (SCOOS), a quarterly survey providing information about the availability and terms of credit in securities financing and over-the counter (OTC) derivatives markets, was released on July 13, 2010.
Federal Reserve Announces Agenda for Public Hearing on Home Mortgage Disclosure Act on August 5th
Posted August 3, 2010
The Federal Reserve Board announced on July 29, 2010 the agenda and panelists for the second of four public hearings this year on potential revisions to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). The event will be held Thursday, August 5 at the Federal Reserve Bank of San Francisco.
Regulators Issue Statement to Assist Financial Institutions and Customers Affected by the Deepwater Horizon Oil Spill
Posted August 3, 2010
The federal financial regulatory agencies and the Conference of State Bank Supervisors (the regulators) issued a statement on July 14, 2010 to assist financial institutions and their customers affected by the Deepwater Horizon Mobile Offshore Drilling Unit explosion and oil spill in the Gulf of Mexico.
Banking Agencies Issue Host State Loan-to-Deposit Ratios
Posted July 22, 2010
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued on June 24, 2010 the host state loan-to-deposit ratios that the 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 June 29, 2009.
Federal Reserve to Implement Changes to Payment System Risk Policy in Early 2011
Posted July 16, 2010
The Federal Reserve Board announced on June 28, 2010 that it will implement changes to its Payment System Risk (PSR) policy in early 2011. A specific implementation date will be announced at least 90 days in advance.
Federal Reserve, OCC, OTS, FDIC Issue Final Guidance on Incentive Compensation
Posted July 1, 2010
The Federal Reserve, the Office of the Comptroller of the Currency (OCC), the Office of Thrift Supervision (OTS), and the Federal Deposit Insurance Corporation (FDIC) issued final guidance on June 21, 2010 to ensure that incentive compensation arrangements at financial organizations take into account risk and are consistent with safe and sound practices. The guidance was originally proposed by the Federal Reserve last year.
Federal Reserve Announces Discussion Topics for Public Hearings on Home Mortgage Disclosure Act
Posted July 1, 2010
The Federal Reserve Board announced on June 17, 2010 the discussion topics for its upcoming public hearings on potential revisions to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). Members of the Board's Consumer Advisory Council (CAC), who represent consumer and community organizations, the financial services industry, academic institutions, and state agencies, will join Board officials in presiding at the hearings.
Agencies Announce Public Hearings on Community Reinvestment Act Regulations
Posted July 1, 2010
The federal bank and thrift regulatory agencies announced on June 17, 2010 a series of upcoming public hearings on modernizing the regulations that implement the Community Reinvestment Act (CRA). Interested parties are invited to provide testimony and written comments.
Agencies Propose to Expand Scope of Community Reinvestment Act Regulations
Posted July 1, 2010
The federal bank and thrift regulatory agencies announced on June 17, 2010 a proposed change to the Community Reinvestment Act (CRA) regulations to support stabilization of communities affected by high foreclosure levels. The proposed change specifically would encourage depository institutions to support the Neighborhood Stabilization Program (NSP) administered by the U.
Consumer Advisory Council Appointment
Posted June 25, 2010
The Federal Reserve Board has named Maeve Elise Brown, Executive Director of Housing and Economic Rights Advocates (HERA) in Oakland, California, to fill a vacancy on its Consumer Advisory Council.
Federal Reserve Announces Final Rules to Protect Credit Card Users from Certain Practices
Posted June 25, 2010
The Federal Reserve Board approved a final rule on June 15, 2010 to protect credit card users from unreasonable late payment and other penalty fees and to require credit card issuers to reconsider interest rate increases imposed since the beginning of last year.
Consumer Advisory Council will meet on June 17, 2010
Posted June 9, 2010
The Federal Reserve Board announced on June 3, 2010 that the Consumer Advisory Council will hold its next meeting on Thursday, June 17. The meeting will take place in Dining Room E, Terrace Level, in the Board’s Martin Building.
Federal Reserve Announces Schedule for Small-Value Auctions of Term Deposits through the Term Deposit Facility
Posted June 9, 2010
The Federal Reserve has scheduled three small-value auctions of term deposits through its Term Deposit Facility (TDF) over the next two months. These auctions are a matter of prudent planning and have no implications for the near-term conduct of monetary policy.
Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
Posted June 9, 2010
Six federal agencies are seeking comment on a proposed rule that would require sponsors of asset-backed securities (ABS) to retain at least 5 percent of the credit risk of the assets underlying the securities and would not permit sponsors to transfer or hedge that credit risk.
Federal Reserve Announces Clarifications to Regulation E and Regulation DD Final Rules Pertaining to Overdraft Services
Posted June 9, 2010
The Federal Reserve Board announced on May 28, 2010 final clarifications to aspects of its November 2009 final rule under Regulation E (Electronic Fund Transfers) and its December 2008 final rule under Regulation DD (Truth in Savings) pertaining to overdraft services.
Federal Reserve Announces Online Database for Consumer Credit Card Agreements
Posted June 9, 2010
Consumer credit card agreements from more than 300 credit card issuers are now online in a searchable database created by the Federal Reserve Board. The agreements contain general credit terms and conditions along with pricing and fee information.
Federal Financial Regulatory Agencies Issue Final Guidance on Correspondent Concentration Risks
Posted May 21, 2010
The federal financial regulatory agencies issued final guidance on April 30, 2010 to address the risks associated with funding and credit concentrations arising from correspondent relationships.
The 2008 HMDA DataThe Mortgage Market during a Turbulent Year (Revised April 2010)
Posted May 21, 2010
The data that mortgage lending institutions reported for 2008 under the Home Mortgage Disclosure Act of 1975 (HMDA) reflect the ongoing difficulties in the housing and mortgage markets. This article presents a number of key findings from a review of the 2008 HMDA data.
Board to Hold Four Public Hearings on Home Mortgage Disclosure Act
Posted May 21, 2010
The Federal Reserve Board announced on April 23, 2010 that it will hold four public hearings, beginning in July, on potential revisions to Regulation C, which implements the Home Mortgage Disclosure Act. The act requires mortgage lenders to provide detailed annual reports of their mortgage lending activity to regulators and the public.
U.S. Government Unveils New Design for the $100 Note
Posted May 6, 2010
Officials from the U.S.
Federal Reserve System Publishes Annual Financial Statements
Posted May 6, 2010
The Federal Reserve System released on April 21, 2010 the 2009 annual comparative financial statements for the combined Federal Reserve Banks, the 12 individual Federal Reserve Banks, the limited liability companies (LLCs) that were created to respond to strains in financial markets, and the Board of Governors. The individual and combined Reserve Bank financial statements and those of the consolidated LLCs and the Board are audited annually by an independent auditing firm.
Board Releases Online Publication on Rules for Gift Cards
Posted May 6, 2010
A new online publication to help consumers better understand how to protect themselves against harmful gift card practices was unveiled April 19, 2010 by the Federal Reserve Board.
Federal Regulators Release Model Consumer Privacy Notice Online Form Builder
Posted May 6, 2010
Eight federal regulators released an Online Form Builder on April 15, 2010 that financial institutions can download and use to develop and print customized versions of a model consumer privacy notice.
Federal Banking Agencies Issue Policy Statement on Funding and Liquidity Risk Management
Posted April 19, 2010
The federal banking agencies, in conjunction with the Conference of State Bank Supervisors (CSBS), released a policy statement on March 17, 2010 on their expectations for sound funding and liquidity risk management practices.1 This policy statement, adopted by each of the agencies, summarizes the principles of sound liquidity risk management issued previously and, when appropriate, supplements them with the 'Principles for Sound Liquidity Risk Management and Supervision' issued in September 2008 by the Basel Committee on Banking Supervision.
Submission of Consumer Credit Card Agreement
Posted April 9, 2010
The purpose of this letter is to reiterate and highlight Regulation Z (Truth in Lending) requirements related to the submission of consumer credit card agreements. Under the Credit Card Accountability Responsibility and Disclosure Act of 2009, credit card issuers must submit their consumer credit card agreements to the Federal Reserve Board (Board) for posting on the Board's Web site.
Federal Reserve Announces Final Rules to Restrict Fees and Expiration Dates on Gift Cards
Posted April 1, 2010
The Federal Reserve Board announced final rules on March 23, 2010 to restrict the fees and expiration dates that may apply to gift cards. The rules protect consumers from certain unexpected costs and require that gift card terms and conditions be clearly stated.
Federal Reserve Announces Proposed Rules to Protect Credit Card Users from Certain Practices
Posted March 30, 2010
The Federal Reserve Board proposed on March 3, 2010 a rule amending Regulation Z (Truth in Lending) to protect credit card users from unreasonable late payment and other penalty fees and to require credit card issuers to reconsider increases in interest rates.
Board Releases Online Publication on New Overdraft Rules for Debit and ATM Cards
Posted March 24, 2010
Bank account overdraft fees can be a source of unexpected costs for consumers. A new online Federal Reserve Board publication will help consumers better understand rules that provide additional protection when a debit card or automated teller machine (ATM) transaction causes an account to be overdrawn.
Vice Chairman Donald L. Kohn Resigns from Board of Governors of the Federal Reserve System
Posted March 24, 2010
Donald L. Kohn submitted on March 1, 2010 his intent to resign as a member of the Board of Governors of the Federal Reserve System, effective at the expiration of his term as Vice Chairman on June 23, 2010.
Consumer Advisory Council will meet on March 25, 2010
Posted March 19, 2010
The Federal Reserve Board announced on March 10, 2010 that the Consumer Advisory Council will hold its next meeting on Thursday, March 25. The meeting will take place in Dining Room E, Terrace Level, in the Board’s Martin Building.
Federal Reserve Announces Proposed Clarifications to Final Rules under Regulations E and DD
Posted March 19, 2010
The Federal Reserve Board proposed on February 19, 2010 clarifications to aspects of its November 2009 final rule under Regulation E (Electronic Fund Transfers) and its December 2008 final rule under Regulation DD (Truth in Savings) pertaining to overdraft services.
Federal Reserve Announces an Online Consumer Guide to Credit Cards
Posted March 16, 2010
The Federal Reserve Board launched a new interactive website on February 19, 2010 to help consumers better understand the new credit card protections that went into effect on February 22. These rules ban several harmful practices and require greater transparency in the disclosure of the terms and conditions of credit card accounts.
FFIEC Issues 2009 Mortgage Fraud White PaperThe Detection and Deterrence of Mortgage Fraud Against Financial Institutions
Posted March 15, 2010
The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, released an updated edition of its white paper on February 16, 2010 on mortgage fraud detection and deterrence. The white paper defines various types of fraud, gives examples of how individuals commit fraud, provides a list of red flags, and outlines best practices.
Regulators Issue Statement on Lending to Creditworthy Small Businesses
Posted March 15, 2010
The federal financial regulatory agencies and the Conference of State Bank Supervisors (the regulators) issued a statement on February 5, 2010 on prudent lending to creditworthy small business borrowers.1 The regulators recognize that small businesses play an important role in the economy and know that some are experiencing difficulty in obtaining or renewing credit.
Rates of Interest on Advances and Discounts
Posted February 19, 2010
Enclosed is an amendment to the rates of interest on advances and discounts in the Twelfth Federal Reserve District. The enclosure, which is effective February 19, 2010, reflects an increase from 0.
Federal Reserve Launches a New Website for Bank Directors
Posted February 18, 2010
The Federal Reserve launched a website on February 1, 2010 to help new bank directors learn how they can work to ensure the safety and soundness of their institutions. The website, BankDirectorsDesktop.
Agencies Issue Final Rule for Regulatory Capital Standards Related to Statements of Financial Accounting Standards Nos. 166 and 167
Posted February 18, 2010
The federal banking and thrift regulatory agencies announced on January 21, 2010 the final risk-based capital rule related to the Financial Accounting Standards Board's adoption of Statements of Financial Accounting Standards Nos. 166 and 167.
Federal Reserve Approves Final Rules to Protect Credit Card Users from a Number of Costly Practices
Posted February 18, 2010
The Federal Reserve Board approved a final rule on January 12, 2010 amending Regulation Z (Truth in Lending) to protect consumers who use credit cards from a number of costly practices. Credit card issuers must comply with most aspects of the rule beginning on February 22, 2010.
Board Advises Institutions of Supervisory Expectations for Sound Practices in Managing Interest Rate Risk
Posted February 18, 2010
The Federal Reserve released an advisory on January 7, 2010 reminding depository institutions of supervisory expectations for sound practices in managing interest rate risk. This advisory, adopted along with the other financial regulators, reiterates the importance of effective corporate governance, policies and procedures, risk measuring and monitoring systems, stress testing, and internal controls related to the interest rate risk exposures of depository institutions.
The Federal Reserve Board has Approved Amendments to Appendix A of Regulation CC that Reflect the Restructuring of the Federal Reserve Banks’ Check-Processing Operations
Posted February 4, 2010
Appendix A provides a routing symbol guide that helps depository institutions determine the maximum permissible hold periods for most deposited checks. On February 27, 2010, the Reserve Banks will transfer the check-processing operations of the head office of the Federal Reserve Bank of Atlanta to the head office of the Federal Reserve Bank of Cleveland.
Federal Reserve Board Proposes Amendments to Regulation D that Would Enable the Establishment of a Term Deposit Facility
Posted February 4, 2010
The Federal Reserve Board proposed on December 28, 2009 amendments to Regulation D (Reserve Requirements of Depository Institutions) that would enable the establishment of a term deposit facility. Under the proposal, the Federal Reserve Banks would offer interest-bearing term deposits to eligible institutions through an auction mechanism.
Agencies Release Annual CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions
Posted February 4, 2010
The federal bank regulatory agencies announced on December 22, 2009 the annual adjustment to the asset-size thresholds used to define 'small bank,' 'small savings association,' 'intermediate small bank' and 'intermediate small savings association' under the Community Reinvestment Act (CRA) regulations. The annual adjustments for banks are required by the 2005 CRA regulatory amendments and for savings associations by the Office of Thrift Supervision (OTS) 2007 CRA regulatory amendments.
Agencies Issue Final Rules on Risk-Based Pricing Notices
Posted February 3, 2010
The Federal Reserve Board and the Federal Trade Commission announced on December 22, 2009 final rules that generally require a creditor to provide a consumer with a notice when, based on the consumer's credit report, the creditor provides credit to the consumer on less favorable terms than it provides to other consumers. Consumers who receive this 'risk-based pricing' notice will be able to obtain a free credit report to check the accuracy of the report.
Annual Notice of Asset-Size Exemption Threshold for Depository Institutions
Posted February 1, 2010
The Federal Reserve Board published on December 22, 2009 its annual notice of the asset-size exemption threshold for depository institutions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).
Board Approves Reduction in Maximum Maturity of Primary Credit Loans effective January 14, 2010
Posted January 27, 2010
In light of the continued improvement in financial market conditions, the Federal Reserve Board announced on November 17, 2009 that it approved a reduction in the maximum maturity of primary credit loans at the discount window for depository institutions to 28 days from 90 days effective January 14, 2010. Primary credit loans will remain eligible for renewal upon request of the borrower.
Agencies Issue Final Rule for Mortgage Loans Modified Under the Home Affordable Mortgage Program
Posted January 27, 2010
The federal bank and thrift regulatory agencies issued a final rule on November 13, 2009 providing that mortgage loans modified under the U.S.
Federal Reserve Approves Interim Final Rule Requiring Notice be given to Consumers When their Mortgage Loan is Sold or Transferred
Posted January 22, 2010
The Federal Reserve Board approved an interim final rule on November 16, 2009 to implement a recent statutory amendment requiring that notice be given to consumers when their mortgage loan has been sold or transferred. The new disclosure requirement became effective immediately upon enactment of the Helping Families Save Their Homes Act in May, 2009.
Federal Reserve Announces Final Rules Prohibiting Institutions from Charging Fees for Overdrafts on ATM and One-Time Debit Card Transactions
Posted January 22, 2010
The Federal Reserve Board announced final rules on November 12, 2009 that prohibit financial institutions from charging consumers fees for paying overdrafts on automated teller machine (ATM) and one-time debit card transactions, unless a consumer consents, or opts in, to the overdraft service for those types of transactions.
Temporary Exemption to the Limitations in Section 23A of the Federal Reserve Act Has Expired
Posted January 5, 2010
The Federal Reserve Board announced on October 30, 2009 that a temporary exemption to the limitations in section 23A of the Federal Reserve Act, instituted as part of the response to the financial crisis, has expired as scheduled on October 30, 2009.
Federal Reserve Adopts Policy Statement Supporting Prudent Commercial Real Estate (CRE) Loan Workouts
Posted January 5, 2010
The Federal Reserve adopted a policy statement on October 30, 2009 supporting prudent commercial real estate (CRE) loan workouts. This policy statement, adopted by each of the financial regulators,1 provides guidance for examiners, and for financial institutions that are working with CRE borrowers who are experiencing diminished operating cash flows, depreciated collateral values, or prolonged delays in selling or renting commercial properties.
2009
Mortgage Loan Modification and Regulation B’s Adverse Action Requirement
Posted December 23, 2009
The purpose of this letter is to address questions regarding whether adverse action notices under Regulation B (Equal Credit Opportunity) are required for mortgage loan modification declinations, including those made pursuant to the U.S.
Agencies Extend Compliance Date for Final Rule to Implement Unlawful Internet Gambling Enforcement Act
Posted December 23, 2009
The Department of the Treasury and the Federal Reserve Board announced on November 27, 2009 the release of a joint final rule to extend the compliance date for their joint regulation implementing certain provisions of the Unlawful Internet Gambling Enforcement Act by six months to June 1, 2010.
Federal Reserve Issues Proposed Guidance on Incentive Compensation
Posted December 7, 2009
The Federal Reserve Board issued a proposal on October 22, 2009 designed to ensure that the incentive compensation policies of banking organizations do not undermine the safety and soundness of their organizations.
Board Announces New Director of Banking Supervision and Regulation Division
Posted December 7, 2009
The Federal Reserve Board announced on October 20, 2009 the appointment of Patrick M. Parkinson as director of the Division of Banking Supervision and Regulation, effective immediately.
Federal Reserve Announces Changes to Procedures for Evaluating Asset-Backed Securities Pledged to the Term Asset-Backed Securities Loan Facility (TALF)
Posted November 24, 2009
The Federal Reserve Board announced on October 5, 2009 two changes to the procedures for evaluating asset-backed securities (ABS) pledged to the Term Asset-Backed Securities Loan Facility (TALF). The TALF, which was authorized by the Board on November 24, 2008, helps market participants meet the credit needs of households and businesses by lending to investors in highly rated ABS and commercial mortgage-backed securities (CMBS).
CA 09-12Short-Term Balloon Loans and Regulation Z Repayment Ability Requirement for Higher-Priced Mortgage Loans
Posted November 20, 2009
This letter provides answers to frequently asked questions regarding compliance with Regulation Z’s repayment ability rule for higher-priced balloon mortgage loans with terms of less than 7 years.1 In 2008, the Board revised Regulation Z, which implements the Truth in Lending Act and the Home Ownership and Equity Protection Act, to prohibit creditors from making higher-priced mortgage loans “based on the value of the consumer’s collateral without regard to the consumer’s repayment ability as of consummation, including the consumer’s current and reasonably expected income, employment, assets other than the collateral, current obligations, and mortgage-related obligations.