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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Federal Reserve Board Announces the Formation of the Model Validation Council
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 […]
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Consumer Financial Protection Bureau (CFPB) Outlines Mortgage Loan Servicing Proposals under Consideration
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.
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Federal Reserve Board Issues Policy Statement Regarding Rental of Residential Properties Acquired in Foreclosure
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.
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Consumer Financial Protection Bureau Clarifies the Rules on Compensation to Loan Originators Based on Mortgage Transaction Terms or Conditions under Regulation Z
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 […]
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Federal Reserve Approves Final Rule to Simplify Administration of Reserve Requirements and Reduce Costs for Depository Institutions and Federal Reserve Banks
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.
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Agencies Clarify Effective Date for Section 716 of the Dodd-Frank Act
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.
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Agencies Propose Revisions to Leveraged Finance Guidance
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.
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Federal Reserve System Publishes Annual Financial Statements
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.
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Federal Reserve Announces Results of Auction of $3 billion in 28-Day Term Deposits Held on March 19, 2012
On March 19, 2012, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility.
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Federal Reserve Survey Provides Information on Mobile Financial Services
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.