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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Agencies Clarify Supervisory Expectations for Stress Testing by Community Banks
Three federal banking agencies on May 14, 2012 issued a joint statement to clarify expectations for stress testing by community banks, banks, savings associations, and bank and savings and loan holding companies with $10 billion or less in total assets.
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Federal Reserve Offers $3 Billion In 28-day Term Deposits Through Its Term Deposit Facility
On Monday, May 14, 2012, the Federal Reserve will offer $3 billion in 28-day term deposits through 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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Federal Reserve Board Publishes Comparative Information on Average Debit Card Interchange Fees
The Federal Reserve Board on May 1, 2012 published comparative information on the average debit card interchange fees that each payment card network charges acquirers (and indirectly merchants) and provides to debit card issuers.
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Consumer Financial Protection Bureau Seeks Public Comment on Amendment to Credit Card Rule
On April 12, 2012, the Consumer Financial Protection Bureau (CFPB) issued a proposal to revise a 2011 rule on card rule fees, in response to a federal court ruling that had granted a preliminary injunction to block the rule from taking effect.
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Secure and Fair Enforcement for Mortgage Licensing Act (the S.A.F.E. Act) Requirements for Mortgage Loan Originator Registration
The Bureau of Consumer Financial Protection assumed rulemaking authority for the SAFE Act on July 21, 2011, in accordance with Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act. On December 19, 2011, the Bureau of Consumer Financial Protection published for public comment an interim final rule establishing a new Regulation G […]
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Agencies Clarify Volcker Rule Conformance Period
The Federal Reserve Board on April 19, 1012 announced its approval of a statement clarifying that an entity covered by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the so-called Volcker Rule, has the full two-year period provided by the statute to fully conform its activities and investments, unless the […]
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Federal Reserve Board Announces the Formation of the Model Validation Council
The Federal Reserve Board on April 20, 2012 announced the formation of the Model Validation Council, which will provide the Federal Reserve with expert and independent advice on its process to rigorously assess the models used in stress tests of banking institutions. In addition, the Federal Reserve announced it will host a two-day symposium to […]
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Consumer Financial Protection Bureau (CFPB) Outlines Mortgage Loan Servicing Proposals under Consideration
On April 9, 2012, the CFPB announced that they are considering new proposed mortgage servicing rules. The proposed rules under consideration include a number of Dodd-Frank Act mandates as well as new servicing operations standards.
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Federal Reserve Board Issues Policy Statement Regarding Rental of Residential Properties Acquired in Foreclosure
The Federal Reserve Board on April 5, 2012 released a policy statement reiterating that statutes and Federal Reserve regulations permit rental of residential properties acquired in foreclosure as part of an orderly disposition strategy. The statement also outlines supervisory expectations for residential rental activities.
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Consumer Financial Protection Bureau Clarifies the Rules on Compensation to Loan Originators Based on Mortgage Transaction Terms or Conditions under Regulation Z
In September 2010, the Federal Reserve Board published final rules to prohibit certain practices related to loan originator compensation with mortgages. These rules, which became effective in April 2011, were issued under the Truth in Lending Act, as implemented by Regulation Z. In July 2011, the general rulemaking authority for most provisions of the Truth […]