District Circular Letters

On March 30, 2015, the Federal Financial Institutions Examination Council (FFIEC), which includes the Board of Governors of the Federal Reserve System, released two statements about ways that financial institutions can identify and mitigate cyber attacks that compromise user credentials or use destructive software, known as malware. In addition, the FFIEC provided information on what institutions can do to prepare for and respond to these threats.

On February 6, 2015, the Federal Financial Institutions Examination Council (FFIEC) issued updated guidance for examiners, financial institutions, and technology service providers (TSPs) to explain the components of an effective third-party management program that can identify, measure, monitor, and control the risks associated with outsourcing.

On February 24, 2015, the Federal Reserve, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (as members of the Financial Literacy and Education Commission), and the U.S. Department of Treasury’s Financial Crimes Enforcement Network issued guidance regarding youth savings programs.

On January 29, 2015, the Consumer Financial Protection (CFPB) proposed several changes to the mortgage rules issued in 2013 that are designed to facilitate lending by small creditors, particularly those in rural and underserved areas.

On February 13, 2015, the Board of Governors of the Federal Reserve System (the Board) issued SR letter 15-4, Tool for Calculating Capital Requirements Using the Simplified Supervisory Formula Approach.

On January 29, 2015, the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency, in conjunction with the State Liaison Committee (SLC) of the Federal Financial Institutions Examination Council, issued guidance to provide principles that financial institutions should consider in their policies and procedures for originating private student loans with graduated repayment terms.

On January 20, 2014, the Consumer Financial Protection (CFPB) finalized two minor modifications to the 2013 Truth in Lending Act (TILA)-Real Estate Settlement Procedures Act (RESPA) Integrated Disclosures Rule, which goes into effect on August 1, 2015.

The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Western Alliance Bank, Phoenix, Arizona, for membership in the Federal Reserve System.

On December 29, 2014, the Consumer Financial Protection Bureau (CFPB) amended the official commentary that interprets the requirements of Regulation Z (Truth in Lending Act) to reflect a change in the asset-size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan.

On December 19, 2014, the federal bank regulatory agencies announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act (CRA) regulations.