District Circular Letters

On November 9, 2010, the FDIC’s Board of Directors issued a final rule implementing section 343 of the Dodd-Frank Act (see FIL-76-2010). Section 343 of the Dodd-Frank Act provides unlimited insurance coverage for noninterest-bearing transaction accounts at all insured depository institutions (IDIs) from December 31, 2010 through December 31, 2012. The final rule imposes certain […]

The federal bank and thrift regulatory agencies announced on June 1, 2011 the availability of the 2011 list of distressed or underserved nonmetropolitan middle-income geographies where revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as ’’community development.’’

The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Westamerica Bank, San Rafael, California, for membership in the Federal Reserve System. Westamerica Bank, which is in our San Francisco zone, will retain ABA transit number 121140218 and the encoded routing symbol 90-4021 / 1211.

On Tuesday, May 31, 2011 the Federal Reserve will offer $5 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 Federal Reserve and Office of the Comptroller of the Currency (OCC) have issued the attached Supervisory Guidance on Model Risk Management, which is intended for use by banking organizations and supervisors as they assess organizations’ management of model risk. This guidance should be applied as appropriate to all banking organizations supervised by the Federal […]

The Federal Reserve Board on May 12, 2011 requested public comment on a proposed rule that would create new protections for consumers who send remittance transfers to recipients located in a foreign country. The proposed rule would require that remittance transfer providers make certain disclosures to senders of remittance transfers, including information about fees and […]

The Federal Reserve, together with the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the State Liaison Committee of the Federal Financial Institutions Examination Council, has issued the attached interagency statement entitled Reorganization of FinCEN’s Bank Secrecy Act Regulations.

An Interagency1 Advisory has been issued to supplement SR letter 04-10, “Banking Accounts for Foreign Governments, Embassies, and Political Figures.” The supplemental advisory provides information to financial institutions regarding the provision of account services to foreign missions in a manner that fulfills the needs of those foreign governments while complying with the provisions of the […]

The Federal Reserve, together with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (collectively, the Agencies), have issued a Spanish-language translation of the Federal Financial Institutions Examination Council’s (FFIEC) Bank Secrecy Act/Anti-Money Laundering Examination Manual (manual). The Spanish version is based on the most recent version of the manual […]

Large, systemically significant bank holding companies and nonbank financial companies would be required to submit annual resolution plans and quarterly credit exposure reports under a rule proposed by the Federal Reserve Board and the Federal Deposit Insurance Corporation.