District Circular Letters

On October 22, 2014, the Consumer Financial Protection Bureau (CFPB) finalized minor adjustments to its mortgage rules, which were proposed in April 2014, incorporating changes that address concerns about origination and servicing issues, including those of nonprofit housing providers.

On October 24, 2014, five federal regulatory agencies announced the approval of a joint notice of proposed rulemaking to amend regulations pertaining to loans secured by property in special flood hazard areas.

In accordance with the provisions of Section 4 of the Federal Reserve Act and the announcement dated September 10, 2014, the Federal Reserve Bank of San Francisco is conducting an election of directors 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. There are given herein the names of the candidates nominated and the names of the banks which made the nominations.

On October 20, 2014, the Consumer Financial Protection (CFPB) finalized an amendment to Regulation P, which requires, among other things, that financial institutions provide an annual disclosure of their privacy policies to their customers.

On October 9, the Federal Reserve Board released answers to frequently asked questions (FAQs) regarding the competitive review process for bank acquisitions, mergers, and other transactions.

On September 26, 2014, the Federal Financial Institutions Examination Council (FFIEC) member agencies, which include the Board of Governors of the Federal Reserve System, advised financial institutions of a material security vulnerability in the Bourne-again shell (Bash) system software.

The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Friendly Hills Bank, Whittier, California, for membership in the Federal Reserve System.

On September 3, 2014, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency finalized a rule to strengthen the liquidity positions of large financial institutions.

On August 19, 2014, the Consumer Financial Protection (CFPB) updated its compliance bulletin and policy guidance regarding the potential risks to consumers that may arise in connection with transfers of residential mortgage servicing rights.

On September 8, 2014, the Consumer Financial Protection Bureau (CFPB) updated their resources related to the Truth in Lending Act (TILA)-Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure rule.