District Circular Letters

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.

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 […]

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 […]

On July 16, 2012, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility.

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 […]

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.

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.

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.

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 […]

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.”