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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Consumer Financial Protection Bureau (CFPB) Proposes Mortgage Loan Servicing Rules
On August 10, 2012, the CFPB proposed mortgage servicing rules that cover nine major topics and implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) provisions related to mortgage servicing. The comment periods for the proposals close on October 9, 2012. The CFPB anticipates analyzing the comments and issuing final rules by […]
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Agencies Issue Proposed Rule on Appraisals for Higher-Risk Mortgages
On Wednesday, August 15, 2012, six federal financial regulatory agencies issued a proposed rule to establish new appraisal requirements for "higher-risk mortgage loans." The proposed rule would implement amendments to the Truth in Lending Act enacted by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Under the Dodd-Frank Act, mortgage loans are […]
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Consumer Financial Protection Bureau (CFPB) Updates International Money Transfer Rule
On August 7, 2012, the CFPB updated its international money transfer rule that was initially published on February 7, 2012. The update increases the threshold for applicability of the rule and provides guidance on remittances scheduled in advance of transfer.
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Federal Reserve Board Extends Comment Period on Three Proposed Capital Rules Rulemakings until October 22, 2012
The Federal Reserve Board on August 8, 2012 announced the extension of the comment period until October 22, 2012, on three notices of proposed rulemaking that would revise and replace current capital rules. The proposals by the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency would implement […]
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Senior Loan Officer Opinion Survey on Bank Lending Practices, July 2012
The July 2012 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. This summary is based on responses from 64 domestic banks and 23 U.S. branches and agencies of foreign banks.
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SR 12-12 / CA 12-11 Implementation of a New Process for Requesting Guidance from the Federal Reserve Regarding Bank and Nonbank Acquisitions and Other Proposals
The Federal Reserve recently issued supervisory guidance describing a new optional process for an applicant to request a response on a potential bank acquisition or other proposal before the submission of a formal application or notice.
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Deadline to Request Independent Foreclosure Review Extended to December 31
Borrowers seeking a review of their mortgage foreclosures under the federal banking agencies’ Independent Foreclosure Review now have until December 31, 2012, to submit their requests.
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Federal Reserve Board Approves Final Rule Permitting Debit Card Issuers to Receive Fraud-Prevention Adjustment
The Federal Reserve Board on July 27, 2012 announced the approval of a final rule that amends the provisions in Regulation II (Debit Card Interchange Fees and Routing) that permit a debit card issuer subject to the interchange fee standards to receive a fraud-prevention adjustment. The final rule revises provisions that are currently in effect […]
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CFPB Proposes New Mortgage Disclosures and High-Cost Mortgage Protections
On July 9, 2012, the Consumer Financial Protection Bureau (CFPB) issued a proposal to amend Regulation X (Real Estate Settlement Procedures Act) and Regulation Z (Truth in Lending Act) to establish new disclosure requirements and forms in Regulation Z for most closed-end consumer credit transactions secured by real property. In addition to combining the existing […]
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Federal Reserve Announces Results of Auction of $3 Billion in 28-day Term Deposits Held on July 16, 2012
On July 16, 2012, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility.