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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New Member BankAltaPacific Bank
The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of AltaPacific Bank, Santa Rosa, California, for membership in the Federal Reserve System.
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Federal Reserve Announces Final Rule Regarding Effective Dates for Gift Card Rules
The Federal Reserve Board announced on October 19, 2010 a final rule implementing recent legislation modifying the effective date of certain disclosure requirements applicable to gift cards under the Credit Card Accountability Responsibility and Disclosure Act of 2009.
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Janet L. Yellen and Sarah Bloom Raskin Formally Sworn in as Members of the Board of Governors
Janet L. Yellen and Sarah Bloom Raskin took the oath of office as members of the Board of Governors of the Federal Reserve System on October 1, 2010. Dr. Yellen was also sworn in as Vice Chair of the Board. The oaths were administered by Chairman Ben S. Bernanke in the Board Room.
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Credit Quality of the Shared National Credit Portfolio Improved in 2010
The credit quality of large loan commitments owned by U.S. bank organizations, foreign bank organizations (FBOs), and nonbanks remained weak in 2010, but improved from 2009, according to the Shared National Credits (SNCs) Review for 2010.
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Board Authorizes Ongoing Small-Value Offerings of Term Deposits under the Term Deposit Facility
The Federal Reserve Board announced on September 8, 2010 that it has authorized ongoing small-value offerings of term deposits under the Term Deposit Facility (TDF).
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Agencies Issue Final Community Reinvestment Act Rule to Implement Provision of Higher Education Opportunity Act
The federal banking and thrift regulatory agencies announced on September 29, 2010 a final Community Reinvestment Act (CRA) rule to implement a provision of the Higher Education Opportunity Act.
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Election of DirectorsNomination Procedures
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Financial Regulators Adopt Guidance on Reverse Mortgage Products
Abstract: The Federal Financial Institutions Examination Council (FFIEC) released guidance on August 16, 2010 on reverse mortgage products. The guidance, adopted by each of the financial regulators, emphasizes the consumer protection concerns raised by reverse mortgages and the importance of financial institutions mitigating the compliance and reputation risks associated with these products.
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Federal Reserve Proposes Enhanced Consumer Protections and Disclosures for Home Mortgage Transactions
Abstract: The proposal includes significant changes to Regulation Z (Truth in Lending) and represents the second phase of the Board's comprehensive review and update of the mortgage lending rules in the regulation. The proposed changes reflect the results of consumer testing by the Board, which has begun accepting public comment.
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Federal Reserve Announces Final Rules to Protect Mortgage Borrowers
Abstract: The Federal Reserve Board announced on August 16, 2010 final rules to protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices.