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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Agencies Issue Flood Insurance Rule
Federal Reserve Bank of San Francisco
On June 22, 2015, five federal regulatory agencies, including the Board of Governors of the Federal Reserve System, announced the approval of a joint final rule that modifies regulations that apply to loans secured by properties located in special flood hazard areas.
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CA 15-4 Expiration of the Protecting Tenants at Foreclosure Act
Federal Reserve Bank of San Francisco
The Protecting Tenants at Foreclosure Act of 2009 (PTFA), which originally became effective on May 20, 2009, expired on December 31, 2014. Accordingly, examiners in the Federal Reserve System will no longer evaluate institutions’ compliance with the PTFA.
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CFPB Guidance on Section 8 Housing Choice Voucher (HCV) Homeownership Program
Federal Reserve Bank of San Francisco
On May 11, 2015, the Consumer Financial Protection (CFPB) issued CFPB Bulletin 2015-02 to help mortgage lenders avoid illegal discrimination against applicants whose income includes vouchers from the Section 8 HCV Homeownership Program, which was created to assist low-income, first-time homebuyers in purchasing homes.
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New Member Bank – Mission Bank
Federal Reserve Bank of San Francisco
The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Mission Bank, Bakersfield, California, for membership in the Federal Reserve System.
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CFPB Issues Guidance on Housing Counselor Requirement
On April 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final interpretive rule that provides instructions for lenders to use in complying with the required provision of mortgage applicants with a list of local homeownership counseling organizations.
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CFPB Temporarily Suspends Card Issuers’ Obligation to Submit Credit Card Agreements
On April 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule that temporarily suspends, for one year, a requirement that each quarter certain credit card issuers send their agreements to the CFPB, which publishes them in a public database on its website.
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CA 15-3 Revised Interagency Examination Procedures for Regulation Z and Regulation X
The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently developed the attached interagency examination procedures for Regulation Z – Truth in Lending (TILA) and Regulation X – Real Estate Settlement Procedures Act (RESPA).
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Small Bank Holding Company Policy Statement – Final Rule
On April 9, 2015, the Federal Reserve System issued a final rule to expand the applicability of the Small Bank Holding Company Policy Statement (Policy Statement). The final rule was effective May 15, 2015.
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CFPB Releases New Mortgage Disclosure: “Your Home Loan Toolkit”
Federal Reserve Bank of San Francisco
On March 31, 2015, the Consumer Financial Protection Bureau (CFPB) released a new toolkit (“Your Home Loan Toolkit”), a consumer guide that is designed to replace the current Settlement Cost booklet when the TILA-RESPA Integrated Disclosures go into effect on August 1, 2015.
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Interagency Frequently Asked Questions (FAQs) on the Regulatory Capital Rule
Federal Reserve Bank of San Francisco
On April 6, 2015, the Federal Reserve, together with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (the agencies), issued the attached FAQs in response to questions from regulated institutions about the agencies’ regulatory capital rule. Unless otherwise noted, all FAQs are interpretations and serve to clarify expectations concerning the regulatory capital rules.