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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Adjustment to the Appraisals for Higher-Priced Mortgage Loans Exemption Threshold
Federal Reserve Bank of San Francisco
On December 23, 2014, the Federal Reserve Board announced the annual adjustment of the dollar amount used to determine whether a small loan is exempt from the special appraisal requirements that apply to higher-priced mortgage loans.
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CFPB Guidance on Social Security Disability Income Verification
Federal Reserve Bank of San Francisco
On November 18, 2014, the Consumer Financial Protection (CFPB) issued CFPB Bulletin 2014-03 to remind creditors of: (1) their obligations under the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B, with respect to consideration of public assistance income; and (2) relevant standards and guidelines regarding verification of Social Security Disability Insurance (SSDI) and Supplemental Social Security Income (SSI) (collectively, Social Security disability income) received by mortgage applicants.
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Incorporating Federal Reserve Policies into the SLHC Supervision Program
Federal Reserve Bank of San Francisco
On November 7, 2014, the Federal Reserve System issued Supervision and Regulation letter 14-9, “Incorporation of Federal Reserve Policies into the Savings and Loan Holding Company (SLHC) Supervision Program.”
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Release of the 2014 FFIEC BSA/AML Examination Manual
Federal Reserve Bank of San Francisco
On December 2, 2014, the Board of Governors of the Federal Reserve System issued Supervision and Regulation letter 14-10, “Release of the 2014 Federal Financial Institutions Examination Council’s Bank Secrecy Act/Anti-Money Laundering Examination Manual.”
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CFPB Proposes Federal Protections for Prepaid Products
On November 13, 2014, the Consumer Financial Protection (CFPB) issued a proposed rule to amend Regulations E and Z to create comprehensive consumer protections for prepaid financial products.
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Results of Director Elections
This letter is in regard to the election of directors of this Bank to succeed Ms. Megan F. Clubb, a Class A director, elected by banks in Group Three, and Mr. Richard A. Galanti, a Class B director, elected by banks in Group Two, whose terms end on December 31, 2014, respectively. These elections have been duly held in accordance with the requirements of Section 4 of the Federal Reserve Act and the provisions of the circulars issued by this office dated September 10 and October 29, 2014.
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FFIEC Cybersecurity Assessment General Observations
On November 3, 2014, the Federal Financial Institutions Examination Council (FFIEC), which includes the Board of Governors of the Federal Reserve System, released observations from a recent cybersecurity assessment at community banking institutions.
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Cybersecurity Threat and Vulnerability Monitoring and Sharing Statement
On November 3, 2014, the Federal Financial Institutions Examination Council (FFIEC), which includes the Board of Governors of the Federal Reserve System, issued guidance recommending that regulated financial institutions of all sizes participate in the Financial Services Information Sharing and Analysis Center (FS-ISAC) as part of their process to identify, respond to, and mitigate cybersecurity threats and vulnerabilities.
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Agencies Announce EGRPRA Outreach Meetings
Federal Reserve Bank of San Francisco
On November 5, 2014, the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Board of Governors of the Federal Reserve System (agencies) announced the first of a series of outreach meetings to review their regulations under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA).
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2015 “Rural” and “Rural or Underserved” Counties Lists
Federal Reserve Bank of San Francisco
On October 27, 2014, the Consumer Financial Protection Bureau (CFPB) posted new “rural” and “rural or underserved” counties lists to their website.