District Circular Letters

The Federal Reserve adopted a policy statement on October 30, 2009 supporting prudent commercial real estate (CRE) loan workouts. This policy statement, adopted by each of the financial regulators,1 provides guidance for examiners, and for financial institutions that are working with CRE borrowers who are experiencing diminished operating cash flows, depreciated collateral values, or prolonged […]

The purpose of this letter is to address questions regarding whether adverse action notices under Regulation B (Equal Credit Opportunity) are required for mortgage loan modification declinations, including those made pursuant to the U.S. Department of Treasury's ('Treasury') Making Home Affordable Modification Program ('HAMP'). Regulation B requires an adverse action notice when a creditor declines […]

The Department of the Treasury and the Federal Reserve Board announced on November 27, 2009 the release of a joint final rule to extend the compliance date for their joint regulation implementing certain provisions of the Unlawful Internet Gambling Enforcement Act by six months to June 1, 2010.

The Federal Reserve Board issued a proposal on October 22, 2009 designed to ensure that the incentive compensation policies of banking organizations do not undermine the safety and soundness of their organizations.

The Federal Reserve Board announced on October 20, 2009 the appointment of Patrick M. Parkinson as director of the Division of Banking Supervision and Regulation, effective immediately.

The Federal Reserve Board announced on October 5, 2009 two changes to the procedures for evaluating asset-backed securities (ABS) pledged to the Term Asset-Backed Securities Loan Facility (TALF). The TALF, which was authorized by the Board on November 24, 2008, helps market participants meet the credit needs of households and businesses by lending to investors […]

This letter provides answers to frequently asked questions regarding compliance with Regulation Z’s repayment ability rule for higher-priced balloon mortgage loans with terms of less than 7 years.1 In 2008, the Board revised Regulation Z, which implements the Truth in Lending Act and the Home Ownership and Equity Protection Act, to prohibit creditors from making […]

This letter is in regard to the election of directors of this Bank, Mr. Kenneth P. Wilcox, a Class A director, elected by banks in Group One, who has served on our board since January 1, 2006, and is eligible as a candidate for reelection; and Mr. Blake W. Nordstrom, a Class B director, elected […]

The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently approved the attached updated examination procedures for Regulation C (Home Mortgage Disclosure).

The Federal Reserve Board proposed rules on September 29, 2009 amending Regulation Z (Truth in Lending) to protect consumers who use credit cards from a number of potentially costly practices.