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 Seeks Further Comment on Ability to Repay Proposal
On May 31, 2012, the Consumer Financial Protection Bureau (CFPB) announced that it is seeking public comment on new data and information that it has received in a rulemaking to require lenders to assess consumers’ ability to repay mortgage loans before extending them credit.
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Federal Reserve Board Approves Final Rule to Implement Changes to Market Risk Capital Rule
The Federal Reserve Board on June 7, 2012 approved a final rule to implement changes to the market risk capital rule, which requires banking organizations with significant trading activities to adjust their capital requirements to better account for the market risks of those activities.
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Federal Reserve Board Invites Comment on Three Proposed Rules Intended to Help Ensure Banks Maintain Strong Capital Positions
The Federal Reserve Board on June 7, 2012 invited comment on three proposed rules intended to help ensure banks maintain strong capital positions, enabling them to continue lending to creditworthy households and businesses even after unforeseen losses and during severe economic downturns.
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Agencies Sign Memorandum of Understanding on Supervisory Coordination
Five federal supervisory agencies, including the Board of Governors of the Federal Reserve System (Federal Reserve Board), on June 4, 2012 released a Memorandum of Understanding (MOU) that clarifies how the agencies will coordinate their supervisory activities, consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act).
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Consumer Financial Protection Bureau (CFPB) Considers Rules on Prepaid Cards
On May 23, 2012, the CFPB issued an Advance Notice of Proposed Rulemaking (ANPR) to seek comment, data, and information from the public about general purpose reloadable (GPR) prepaid cards (GPR cards).
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Jeremy C. Stein Takes Oath of Office as a Member of the Board of Governors of the Federal Reserve System
Jeremy C. Stein took the oath of office on May 30, 2012 as a member of the Board of Governors of the Federal Reserve System. The oath was administered by Chairman Ben S. Bernanke in the Board Room.
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Federal Reserve Board Announces New Video Explaining How Borrowers Can Apply For a Free, Independent Foreclosure File Review
The Federal Reserve Board on May 23, 2012 announced the availability of a new video that explains how borrowers who believe they were financially harmed during the mortgage foreclosure process in 2009 and 2010 can apply for a free, independent foreclosure file review.
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Consumer Financial Protection Bureau (CFPB) Considers Rules Relating to Mortgage Points and Fees and Mortgage Loan Originator Qualifications and Compensation
On May 9, 2012, the CFPB announced that they are considering a number of new rules relating to mortgage points and fees and mortgage loan originators’ qualifications and compensation. As indicated in their press release, the CFPB expects to propose these rules over the summer and finalize them by January 2013.
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Federal Reserve Announces Results of Auction of $3 billion in 28-day Term Deposits Held on May 14, 2012
On May 14, 2012, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility.
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Agencies Finalize Large Bank Stress Testing Guidance
The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation on May 14, 2012 issued final supervisory guidance regarding stress-testing practices at banking organizations with total consolidated assets of more than $10 billion.