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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Federal Reserve Seeks Comment on Repealing Its Regulations DD and P and Amending Regulation V
Federal Reserve Bank of San Francisco
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).
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Notice of Availability of Certain Revised Consumer Information Publications
Federal Reserve Bank of San Francisco
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.
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SR 13-23, Risk Transfer Considerations When Assessing Capital Adequacy – Supplemental Guidance on Consolidated Supervision Framework for Large Financial Institutions (SR letter 12-17/CA letter 12-14)
Federal Reserve Bank of San Francisco
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).
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Agencies Approve Interim Final Rule Authorizing Retention of Interests in and Sponsorship of Collateralized Debt Obligations Backed Primarily by Bank-Issued Trust Preferred Securities
Federal Reserve Bank of San Francisco
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.
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Federal Reserve Announces Results of Offering of 28-day Term Deposits on January 13
Federal Reserve Bank of San Francisco
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.
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CA 13-24 and CA 13-25 Revised Interagency Examination Procedures for Regulations X and Z
Federal Reserve Bank of San Francisco
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.
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Federal Reserve Offers 28-day Term Deposits with Full Allotment at 26 Basis Points through its Term Deposit Facility
Federal Reserve Bank of San Francisco
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).
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Annual Asset-Size Exemption Threshold Adjustments in Regulations C and Z
Federal Reserve Bank of San Francisco
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.
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Managing Foreign Exchange Settlement Risks for Physically Settled Transactions
Federal Reserve Bank of San Francisco
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.
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CA 13-26 Regulation X Homeownership Counseling List Requirement
Federal Reserve Bank of San Francisco
On December 23, 2013, the Federal Reserve Board issued CA Letter 13-26 to clarify the Board’s supervisory expectations in light of guidance issued by the Consumer Financial Protection Bureau (CFPB) on November 8, 2013, relating to one of its new mortgage rules under Regulation X, 12 CFR Part 1024.