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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Changes to the Borrower-In-Custody of Collateral Program Policy
Federal Reserve Bank of San Francisco
In response to more depository institutions participating in the Borrower-in-Custody (BIC) program and feedback we have received from BIC program participants, the Federal Reserve Bank of San Francisco (FRBSF) is making several changes to our BIC program policy effective August 5, 2013.
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CFPB Finalizes April Clarifications to the Ability-to-Repay and Mortgage Servicing Rules
Federal Reserve Bank of San Francisco
On July 10, 2013, the Consumer Financial Protection Bureau (CFPB) finalized corrections, clarifications, and amendments to its Ability-to-Repay and mortgage servicing rules. The clarifications were first proposed in April 2013.
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Agencies Encourage Lenders to Work with Student Loan Borrowers
Federal Reserve Bank of San Francisco
On Thursday, July 25, 2013, the federal bank regulatory agencies issued a statement encouraging financial institutions to work constructively with private student loan borrowers experiencing financial difficulties. Prudent workout arrangements are consistent with safe and sound lending practices and are generally in the long-term best interest of both the financial institution and the borrower.
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Federal Reserve Announces Results of Offering of 28-day Term Deposits on July 15
Federal Reserve Bank of San Francisco
On Monday, July 15, 2013, the Federal Reserve conducted a fixed-rate offering of term deposits with full allotment of tenders through its Term Deposit Facility.
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Election of Directors Nomination Procedures
Federal Reserve Bank of San Francisco
The Federal Reserve Bank of San Francisco will conduct an election under the provisions of Section 4 of the Federal Reserve Act to choose successors to the following directors of this Bank, whose terms expire on December 31, 2013.
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SR 13-14 Timing Standards for the Completion of Safety-and-Soundness Examination and Inspection Reports for Community Banking Organizations
Federal Reserve Bank of San Francisco
On July 8, 2013, the Federal Reserve issued SR Letter 13-14, Timing Standards for the Completion of Safety-and-Soundness Examination and Inspection Reports for Community Banking Organizations. This letter sets forth standards for the timely completion of safety-and-soundness examination and inspection reports for community banking organizations.
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Agencies Propose Amendment to Regulation Z to Exempt Subset of Higher-Priced Mortgage Loans from Appraisal Requirements
Federal Reserve Bank of San Francisco
On Wednesday, July 10, 2013, six federal financial regulatory agencies issued a proposed rule that would create exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans.
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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 July 15, 2013, the Federal Reserve will conduct a fixed-rate offering of term deposits with full allotment of tenders through its Term Deposit Facility (TDF). The Federal Reserve will offer 28-day term deposits with an interest rate of 0.26000 percent and a maximum tender amount of $1,250,000,000. As noted in the Federal Reserve Board’s […]
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CFPB Releases Semi-Annual Rulemaking Agenda and 2014 Rural and Underserved Counties List
Federal Reserve Bank of San Francisco
In early July, the Consumer Financial Protection Bureau (CFPB) released their semi-annual rulemaking agenda and the 2014 list of rural and underserved counties.
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Agencies Adopt Supplementary Leverage Ratio Notice of Proposed Rulemaking
Federal Reserve Bank of San Francisco
On Tuesday, July 9, 2013, the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) proposed a rule to strengthen the leverage ratio standards for the largest, most systemically significant U.S. banking organizations.