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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Election of DirectorsNomination Procedures
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Financial Regulators Adopt Guidance on Reverse Mortgage Products
Abstract: The Federal Financial Institutions Examination Council (FFIEC) released guidance on August 16, 2010 on reverse mortgage products. The guidance, adopted by each of the financial regulators, emphasizes the consumer protection concerns raised by reverse mortgages and the importance of financial institutions mitigating the compliance and reputation risks associated with these products.
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Federal Reserve Proposes Enhanced Consumer Protections and Disclosures for Home Mortgage Transactions
Abstract: The proposal includes significant changes to Regulation Z (Truth in Lending) and represents the second phase of the Board's comprehensive review and update of the mortgage lending rules in the regulation. The proposed changes reflect the results of consumer testing by the Board, which has begun accepting public comment.
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Federal Reserve Announces Final Rules to Protect Mortgage Borrowers
Abstract: The Federal Reserve Board announced on August 16, 2010 final rules to protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices.
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Federal Reserve Proposes Rule to Revise Escrow Account Requirements for Jumbo Mortgages
Abstract: The Federal Reserve Board proposed on August 16, 2010 a rule to revise the escrow account requirements for higher-priced, first-lien "jumbo" mortgage loans. The proposed rule, which implements a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act, would increase the annual percentage rate (APR) threshold used to determine whether a mortgage […]
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Federal Reserve Announces Final Rules Regarding Consumer Notification of Mortgage Loan Sales or Transfers
Abstract: The Federal Reserve Board announced on August 16, 2010 final rules to implement a statutory amendment to the Truth in Lending Act requiring that consumers receive notice when their mortgage loan has been sold or transferred. The new disclosure requirement became effective in May 2009, upon enactment of the Helping Families Save Their Homes […]
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Federal Reserve Issues Interim Rule Revising Disclosure Requirements for Closed-End Mortgages
Abstract: The Federal Reserve Board issued an interim rule on August 16, 2010 that revises the disclosure requirements for closed-end mortgage loans under Regulation Z (Truth in Lending). The interim rule implements provisions of the Mortgage Disclosure Improvement Act (MDIA) that require lenders to disclose how borrowers' regular mortgage payments can change over time.
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Agencies Issue Advance Notice of Proposed Rulemaking Regarding Alternatives to the Use of Credit Ratings
Abstract: The federal banking agencies (agencies) have agreed on August 10, 2010 to publish an advance notice of proposed rulemaking (advance notice) regarding alternatives to the use of credit ratings in their risk-based capital rules (capital rules) for banking organizations.
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Annual Adjustment of Fee-Based Trigger for Additional Mortgage Loan Disclosures
Abstract:The Federal Reserve Board published on July 30, 2010 its annual adjustment of the dollar amount of fees that triggers additional disclosure requirements under the Truth in Lending Act and the Home Ownership and Equity Protection Act of 1994 for home mortgage loans that bear rates or fees above a certain amount.
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Federal Agencies Issue Final Rules to Implement S.A.F.E. Act Requirements for Registration of Mortgage Loan Originators
Abstract: Federal agencies issued final rules on July 28, 2010 requiring residential mortgage loan originators who are employees of national and state banks, savings associations, Farm Credit System institutions, credit unions, and certain of their subsidiaries (agency-regulated institutions) to meet the registration requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 […]