District Circular Letters

The Federal Reserve Board on February 3, 2012 extended the comment period until April 30, 2012, on a proposed rule to implement the enhanced prudential standards and early remediation requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The Federal Reserve Board on February 3, 2012 issued guidance to ensure that supervisors apply consistent standards as they evaluate whether banking organizations with $10 billion or less in assets are eligible for upgrades of supervisory ratings.

On February 20, 2012, the CFPB launched an inquiry into checking account overdraft programs, which is being conducted through two channels – a data request that is being sent to a number of banks and a Notice and Request for Information from the public.

The Federal Reserve Board on February 27, 2012 released action plans for supervised financial institutions to correct deficiencies in residential mortgage loan servicing and foreclosure processing. It also released engagement letters between supervised financial institutions and independent consultants retained by the firms to review foreclosures that were in process in 2009 and 2010.

People seeking a review of their mortgage foreclosures under the Federal banking agencies’ Independent Foreclosure Review now have until July 31, 2012, to submit their requests.

On January 11, 2010, the Federal Reserve and the other financial regulators1 published an Advisory on Interest Rate Risk Management (SR letter 10-1, “Interagency Advisory on Interest Rate Risk”). Since its release, examiners and the industry have requested clarification of some specific recommendations in the advisory. In response to these questions, the financial regulators jointly […]

The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Green Dot Bank, Provo, Utah, for membership in the Federal Reserve System. Green Dot Bank, which is in our Salt Lake City zone, will retain ABA transit numbers 124302529 and 124303120 and the encoded routing symbols 97-2529/1243 and 97-3120/1243.

The Consumer Financial Protection Bureau (CFPB) is amending Regulation E, which implements the Electronic Fund Transfer Act, and the official interpretation to the regulation, which interprets the requirements of Regulation E.

Four federal financial regulatory agencies on January 31, 2012 issued supervisory guidance on allowance for loan and lease losses (ALLL) estimation practices associated with loans and lines of credit secured by junior liens on one- to four-family residential properties.

The Dodd-Frank Act transferred rulemaking authority for many consumer financial protection laws from various Federal agencies to the Consumer Financial Protection Bureau (Bureau). The Bureau is in the process of republishing these regulations with technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act.