District Circular Letters

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.

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.

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.

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.

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.

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 […]

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 […]

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 […]

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.

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.