District Circular Letters

On February 22, 2013, the Federal Reserve Board announced the extension of the comment period to the proposed rule to implement the enhanced prudential standards and early remediation requirements established under sections 165 and 166 of the Dodd-Frank Wall Street Reform and Consumer Protection Act for foreign banking organizations and foreign nonbank financial companies supervised […]

On February 11, 2013, the Consumer Financial Protection Bureau (CFPB) issued CFPB Bulletin 2013-01 to advise mortgage servicers of the potential risk to consumers that may arise in connection with the transfer of mortgage servicing. As noted in its press release, the CFPB’s concern in this area is heightened due to the number and size […]

On February 13, 2013, the Consumer Financial Protection Bureau (CFPB) communicated its plans to work with the mortgage industry and the other federal regulators to facilitate the implementation of its mortgage rules that go into effect in January 2014.

Over the past few weeks, the federal agencies have finalized a number of mortgage-related rules. As they were issued through separate press releases, this letter is designed to bring the rules together to facilitate easy access to source documentation.

On January 31, 2013, the Consumer Financial Protection Bureau (CFPB) launched an inquiry into the impact of financial products marketed to students through colleges and universities. According to their press release, the CFPB intends to use the information gathered to determine whether these arrangements are in the best interest of students.

On January 22, 2013, the Consumer Financial Protection Bureau (CFPB) issued a final rule to delay the February 7, 2013, effective date of the final remittance transfer rule, which was published by the CFPB on February 7, 2012, and August 20, 2012 (collectively, 2012 Final Rule). The rule amends Regulation E, which implements the Electronic […]

Applicability to Community Banking Organizations: This guidance does not apply to community banking organizations, defined as institutions supervised by the Federal Reserve with total consolidated assets of $10 billion or less.

On January 22, 2013, the Federal Financial Institution Examination Council (FFIEC) released proposed guidance on the applicability of consumer protection and compliance laws, regulations, and policies to activities conducted via social media by banks, savings associations, and credit unions, as well as nonbank entities supervised by the Consumer Financial Protection Bureau and state regulators.

On Monday, January 28, 2013, the Federal Reserve Board announced that results from the supervisory stress tests conducted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act will be released on Thursday, March 7, and the related results from the Comprehensive Capital Analysis and Review, or CCAR, will be released on Thursday, March 14. Results will be released for both exercises at 4:30 p.m. Eastern Time.

On January 14, 2013, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility.