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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CA 13-9 Revised Examination Procedures for Regulation Z and Consumer Financial Protection Bureau (CFPB) Interim Examination Procedures
Federal Reserve Bank of San Francisco
On June 6, 2013, the Federal Reserve Board issued CA 13-9, which transmits the revised examination procedures for Regulation Z. The revised procedures reflect the following amendments and adjustments to Regulation Z.
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CFPB Delays Effective Date of Prohibition on Financing Credit Insurance Premiums and Updates Rural and Underserved Counties List
Federal Reserve Bank of San Francisco
On May 29, 2013, the Consumer Financial Protection Bureau (CFPB) issued a final rule to delay the June 1, 2013, effective date of the provision that prohibits creditors from financing credit insurance premiums in connection with certain consumer credit transactions secured by a dwelling. The prohibition was adopted under the Loan Originator Compensation Requirements Rule, […]
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CFPB Finalizes Amendments to the Ability-to-Repay Rule
Federal Reserve Bank of San Francisco
On May 29, 2013, the Consumer Financial Protection Bureau (CFPB) issued a final rule to create specific exemptions and make modifications to its Ability-to-Repay rule for small creditors, community development lenders, and housing stabilization programs. The amendments also revise the rules on how to calculate loan origination compensation and circumstances under which they would be […]
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CA Letter 13-8: Guidance on the Use of 2010 Census Data in Fair Lending Examinations
Federal Reserve Bank of San Francisco
On May 16, 2013, the Board of Governors of the Federal Reserve System (Board) issued CA Letter 13-8 Guidance on the Use of 2010 Census Data in Fair Lending Examinations. The letter discusses the three changes related to the Census Bureau’s release of the 2010 decennial census data that affects fair lending examinations. Specifically, the […]
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Exemption for Small Debit Card Issuers from Interchange Fee Standards Working as Intended
Federal Reserve Bank of San Francisco
On Thursday, May 23, 2013, the Federal Reserve Board reported that the exemption designed to protect small debit card issuers from interchange fee standards applied to large issuers is working as intended. Small depository institutions with consolidated assets of less than $10 billion, which are exempt from the interchange fee standard in Regulation II, received […]
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Federal Reserve Announces Results of Offering of 28-day Term Deposits on May 20
Federal Reserve Bank of San Francisco
On May 20, 2013, 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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Final Rule to Clarify 2013 Escrow Rule and Extend Protections for Higher-Priced Mortgage Loans (HPMLs)
Federal Reserve Bank of San Francisco
On May 16, 2013, the Consumer Financial Protection Bureau (CFPB) issued a final rule to clarify and make technical amendments to the Escrow Requirements under the Truth in Lending Act (Regulation Z) (Escrow Rule). The Escrow Rule, which goes into effect on June 1, 2013, lengthens the mandatory escrow account period for HPMLs from one […]
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CFPB Finalizes Revisions to its Remittance Transfer Rule and Establishes New Effective Date
Federal Reserve Bank of San Francisco
On April 30, 2013, the Consumer Financial Protection Bureau (CFPB) issued a rule (2013 Final Rule) to modify the final remittance transfer rules issued in February, July, and August 2012 (collectively the 2012 Final Rule) that implement Section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding remittance transfers.
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CA 13-7 Statement on Deposit Advance Products
Federal Reserve Bank of San Francisco
On April 25, 2013, the Board of Governors of the Federal Reserve System (Board) issued CA Letter 13-7 Statement on Deposit Advance Products. The letter and guidance was issued to emphasize to state member banks the significant consumer risks associated with deposit advance products in light of the Consumer Financial Protection Bureau’s (CFPB) April 24, […]
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Proposed Clarifications of the Ability-to-Repay / Qualified Mortgage and Mortgage Servicing Rules
Federal Reserve Bank of San Francisco
On April 19, 2013, the Consumer Financial Protection Bureau (CFPB) issued a proposal to clarify certain provisions of the Ability to Repay / Qualified Mortgage and Mortgage Servicing Rules. The proposal is in response to questions the CFPB received since the rules were issued in January 2013.