District Circular Letters

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.

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.

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. In July 2011, the general rulemaking authority for most provisions of the Truth […]

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.

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.

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.

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.

On March 19, 2012, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility.

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. Nearly 2,300 respondents completed the survey.

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. banks would continue to meet supervisory expectations for capital adequacy despite large projected losses in an extremely adverse hypothetical economic scenario.