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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Election of Directors
Federal Reserve Bank of San Francisco
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.
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Amendment to Annual Privacy Notice Requirement under Regulation P
Federal Reserve Bank of San Francisco
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.
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Federal Reserve Board Releases Answers to Frequently Asked Questions Regarding Competitive Review Process for Bank Acquisitions, Mergers, and Other Transactions
Federal Reserve Bank of San Francisco
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.
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Financial Institutions Should Move Quickly to Address Shellshock Vulnerability
Federal Reserve Bank of San Francisco
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.
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New Member Bank: Friendly Hills Bank
Federal Reserve Bank of San Francisco
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.
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Federal Banking Regulators Finalize Liquidity Coverage Ratio
Federal Reserve Bank of San Francisco
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.
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CFPB Updates Guidance on Potential Risks Related to Mortgage Servicing Transfers
Federal Reserve Bank of San Francisco
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.
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TILA-RESPA Integrated Disclosure Rule Resources
Federal Reserve Bank of San Francisco
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.
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Increases in Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease Transactions
Federal Reserve Bank of San Francisco
On September 9, 2014, the Federal Reserve Board and the Consumer Financial Protection Bureau (CFPB) announced increases in the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for exempt consumer credit and lease transactions.
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Agencies Request Comment on Proposed Questions and Answers Regarding Community Reinvestment
Federal Reserve Bank of San Francisco
On September 8, 2014, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency requested comment on proposed revisions to the “Interagency Questions and Answers Regarding Community Reinvestment.”