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.
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Increases in Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease Transactions
Federal Reserve Bank of San Francisco
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.
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Agencies Request Comment on Proposed Questions and Answers Regarding Community Reinvestment
Federal Reserve Bank of San Francisco
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.”
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Election of Directors Nomination Procedures
Federal Reserve Bank of San Francisco
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.
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New Member Bank: TomatoBank
Federal Reserve Bank of San Francisco
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.
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CA 14-5 Interagency Guidance Regarding Unfair or Deceptive Credit Practices
Federal Reserve Bank of San Francisco
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.
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Regulation E (Remittance Rule) – Extension of Temporary Exception and Clarifications to the Rule
Federal Reserve Bank of San Francisco
On August 22, 2014, the Consumer Financial Protection (CFPB) finalized revisions to the remittance rule that it had proposed in April of this year.
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Loan Coverage Requirements for Safety and Soundness Examinations of Community Banks
Federal Reserve Bank of San Francisco
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.
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Proposed Amendments to Regulation C (Home Mortgage Disclosure Act)
Federal Reserve Bank of San Francisco
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).
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Application of Regulation Z’s Ability-to-Repay Rule to Certain Situations Involving Successors-in-Interest
Federal Reserve Bank of San Francisco
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).
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Banking Agencies Issue Host State Loan-to-Deposit Ratios
Federal Reserve Bank of San Francisco
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.