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 Offers $3 Billion in 28-day Term Deposits Through its Term Deposit Facility
Federal Reserve Bank of San Francisco
On Monday, January 14th, 2013, the Federal Reserve will offer $3 billion in 28-day term deposits though its Term Deposit Facility. As noted in the Federal Reserve Board’s September 8, 2010 release, this offering is part of ongoing small-value operations designed to provide eligible institutions with an opportunity to become familiar with term deposit operations.
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President Signs ATM Bill and CFPB Adjusts HMDA Asset-Size Exemption Threshold
This letter includes two updates to existing consumer protections laws and regulations concerning ATM Fee Notices and the HMDA Asset Size Exemption Threshold.
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CFPB Proposes to Revise Remittance Transfer Rule Including Extending Implementation Period
Federal Reserve Bank of San Francisco
On December 21, 2012, the Consumer Financial Protection Bureau (CFPB) issued proposed revisions to their international remittance rule, including a proposal to extend the implementation period until 90 days after it issues a revised final rule. The proposal builds on a final rule on international money transfers that was published by the CFPB on February […]
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Agencies Release Annual CRA Asset-size Threshold Adjustments for Small and Intermediate Small Institutions
Federal Reserve Bank of San Francisco
On December 19, 2012, the federal banking regulatory agencies announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act (CRA) regulations. The annual adjustments are required by the CRA rules. Financial institutions are evaluated under different […]
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SR 12-17 CA 12-14: Consolidated Supervision Framework for Large Financial Institutions
Federal Reserve Bank of San Francisco
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.
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Federal Reserve Board Releases Proposed Rules to Strengthen the Oversight of U.S. Operations of Foreign Banks
Federal Reserve Bank of San Francisco
On December 14, 2012, The Federal Reserve Board proposed rules to strengthen the oversight of U.S. operations of foreign banks. The proposal would require foreign banking organizations with a significant U.S. presence to create an intermediate holding company over their U.S. subsidiaries, which would help facilitate consistent and enhanced supervision and regulation of the U.S. […]
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SR 12-16 /CA 12-12 Interagency Statement on Restrictions on Conversions of Troubled Banks
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies), in conjunction with the Conference of State Bank Supervisors, have issued the attached guidance to explain the procedures that the agencies will follow to implement section 612 of the […]
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New Member Bank – Silvergate Bank
The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Silvergate Bank, La Jolla, California, for membership in the Federal Reserve System.
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SR 12-15 Investing in Securities without Reliance on Nationally Recognized Statistical Rating Organization Ratings
The Federal Reserve is issuing this letter to advise state member banks that effective January 1, 2013, they may no longer rely solely on credit ratings issued by nationally recognized statistical rating organizations (external credit ratings) to determine whether a particular security is an “investment security” that is permissible for investment by a state member […]
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CFPB Plans to Propose Changes to the Remittance Rule Including Extending Effective Date
On November 27, 2012, the CFPB issued Bulletin 2012-8 to explain the CFPB’s intention to propose certain limited adjustments to the remittance transfer rule, as well as an extension of the date the rule would become effective.