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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Federal Reserve Proposes Rule to Revise Escrow Account Requirements for Jumbo Mortgages
Abstract: The Federal Reserve Board proposed on August 16, 2010 a rule to revise the escrow account requirements for higher-priced, first-lien "jumbo" mortgage loans. The proposed rule, which implements a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act, would increase the annual percentage rate (APR) threshold used to determine whether a mortgage […]
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Federal Reserve Announces Final Rules Regarding Consumer Notification of Mortgage Loan Sales or Transfers
Abstract: The Federal Reserve Board announced on August 16, 2010 final rules to implement a statutory amendment to the Truth in Lending Act requiring that consumers receive notice when their mortgage loan has been sold or transferred. The new disclosure requirement became effective in May 2009, upon enactment of the Helping Families Save Their Homes […]
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Federal Reserve Issues Interim Rule Revising Disclosure Requirements for Closed-End Mortgages
Abstract: The Federal Reserve Board issued an interim rule on August 16, 2010 that revises the disclosure requirements for closed-end mortgage loans under Regulation Z (Truth in Lending). The interim rule implements provisions of the Mortgage Disclosure Improvement Act (MDIA) that require lenders to disclose how borrowers' regular mortgage payments can change over time.
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Agencies Issue Advance Notice of Proposed Rulemaking Regarding Alternatives to the Use of Credit Ratings
Abstract: The federal banking agencies (agencies) have agreed on August 10, 2010 to publish an advance notice of proposed rulemaking (advance notice) regarding alternatives to the use of credit ratings in their risk-based capital rules (capital rules) for banking organizations.
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Annual Adjustment of Fee-Based Trigger for Additional Mortgage Loan Disclosures
Abstract:The Federal Reserve Board published on July 30, 2010 its annual adjustment of the dollar amount of fees that triggers additional disclosure requirements under the Truth in Lending Act and the Home Ownership and Equity Protection Act of 1994 for home mortgage loans that bear rates or fees above a certain amount.
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Federal Agencies Issue Final Rules to Implement S.A.F.E. Act Requirements for Registration of Mortgage Loan Originators
Abstract: Federal agencies issued final rules on July 28, 2010 requiring residential mortgage loan originators who are employees of national and state banks, savings associations, Farm Credit System institutions, credit unions, and certain of their subsidiaries (agency-regulated institutions) to meet the registration requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 […]
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Federal Reserve Implements Legislation Regarding Effective Dates for Gift Card Rules
Abstract: The Federal Reserve Board announced on August 11, 2010 its approval of an interim 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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Board Seeks Nominations for Appointments to Consumer Advisory Council
Abstract: The Federal Reserve Board announced on July 26, 2010 that it is seeking nominations for appointments to its Consumer Advisory Council.
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Federal Reserve Releases Results of the Inaugural Senior Credit Officer Opinion Survey on Dealer Financing Terms (SCOOS)
The results of the inaugural Senior Credit Officer Opinion Survey on Dealer Financing Terms (SCOOS), a quarterly survey providing information about the availability and terms of credit in securities financing and over-the counter (OTC) derivatives markets, was released on July 13, 2010.
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Federal Reserve Announces Agenda for Public Hearing on Home Mortgage Disclosure Act on August 5th
The Federal Reserve Board announced on July 29, 2010 the agenda and panelists for the second of four public hearings this year on potential revisions to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). The event will be held Thursday, August 5 at the Federal Reserve Bank of San Francisco. Those who want […]