District Circular Letters

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. The update includes the revised requirements concerning the disclosure of institution fees and foreign […]

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.

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.

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.

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.

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.

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.

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.

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.

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.