District Circular Letters

On Tuesday, February 18, 2014, the Federal Reserve Board approved a final rule strengthening supervision and regulation of large U.S. bank holding companies and foreign banking organizations.

On February 12, 2014, the Federal Reserve Board requested comment on proposals to repeal its Regulation DD (Truth in Savings) and Regulation P (Privacy of Consumer Financial Information) and to make amendments to the Identity Theft Red Flags rule in Regulation V (Fair Credit Reporting).

On January 10, 2014, the Consumer Financial Protection (CFPB) published the Notice of Availability of Certain Revised Consumer Information Publications (notice) in the Federal Register. The notice advises of the availability of three revised consumer publications, including a consumer information brochure and two booklets required under the Real Estate Settlement Procedures Act (RESPA), Regulation X, the Truth in Lending Act (TILA), and Regulation Z.

On December 20, 2013, the Board of Governors of the Federal Reserve System issued SR letter 13-23, Risk Transfer Considerations When Assessing Capital Adequacy – Supplemental Guidance on Consolidated Supervision Framework for Large Financial Institutions. This letter provides guidance on how certain risk transfer transactions affect assessments of capital adequacy at large financial institutions (hereafter referred to as firms) covered by the Federal Reserve’s Consolidated Supervision Framework for Large Financial Institutions (SR letter 12-17/CA letter 12-14).

On January 14, 2014, the Federal Reserve and four other federal agencies approved an interim final rule to permit banking entities to retain interests in certain collateralized debt obligations backed primarily by trust preferred securities (TruPS CDOs) from the investment prohibitions of section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, known as the Volcker rule.

On January 13, 2014, the Federal Reserve conducted a fixed-rate offering of term deposits with full allotment of tenders through its Term Deposit Facility. The operation offered 28-day term deposits at an interest rate of 0.26000 percent.

On December 23, 2013, the Federal Reserve issued two CA letters to transmit the revised interagency examination procedures for Regulations X and Z. The procedures reflect amendments to the regulations issued by the Consumer Financial Protection Bureau (CFPB) to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act.

On January 13, 2014, the Federal Reserve will conduct a fixed-rate offering of term deposits with full allotment of tenders through its Term Deposit Facility (TDF).

On December 30, 2013, the Consumer Financial Protection Bureau (CFPB) adjusted the asset-size exemption thresholds in Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), and in Regulation Z, which implements the Truth in Lending Act.

On December 23, 2013, the Federal Reserve issued SR letter 13-24, “Managing Foreign Exchange Settlement Risks for Physically Settled Transactions.” This letter transmits the Basel Committee on Banking Supervision (Committee) “Supervisory Guidance for Managing Risks Associated with the Settlement of Foreign Exchange Transactions” (guidance), issued in February 2013.