District Circular Letters

The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of TomatoBank, Alhambra, California, to retain its membership in the Federal Reserve System upon conversion from a national to a state bank charter.

On August 22, 2014, the Federal Reserve Board (Board), the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) (collectively, the Agencies) issued the attached interagency guidance regarding certain consumer credit practices.

On August 22, 2014, the Consumer Financial Protection (CFPB) finalized revisions to the remittance rule that it had proposed in April of this year.

On July 22, 2014, the Board of Governors of the Federal Reserve System released SR letter 14-7, Loan Coverage Requirements for Safety and Soundness Examinations of Community Banks. This letter applies to community state member banks with $10 billion or less in total consolidated assets that are supervised by the Federal Reserve.

On July 24, 2014, the Consumer Financial Protection (CFPB) issued a proposed rule to amend Regulation C to implement the amendments to the Home Mortgage Disclosure Act (HMDA) made by section 1094 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

On July 11, 2014, the Consumer Financial Protection (CFPB) issued an interpretive rule to clarify that where a successor-in-interest (successor) who has previously acquired title to a dwelling agrees to be added as obligor or substituted for the existing obligor on a consumer credit transaction secured by that dwelling, the creditor’s written acknowledgement of the successor as obligor is not subject to the Ability-to-Repay Rule (ATR Rule).

On July 2, 2014, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued the host state loan-to-deposit ratios that banking agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios update data released on July 1, 2013.

On June 30, 2014, the federal regulatory agencies announced the availability of the 2014 list of distressed or underserved nonmetropolitan middle-income geographies where revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as “community development.”

The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Territorial Savings Bank, Honolulu, Hawaii, for membership in the Federal Reserve System.

The Federal Reserve, along with the other federal financial institutions regulatory agencies and the Conference of State Bank Supervisors, issued the attached guidance to reiterate principles of sound risk management for home equity lines of credit (HELOCs) that have reached or will be reaching their end-of-draw periods.