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 Banking Agencies Issue Policy Statement on Funding and Liquidity Risk Management
The federal banking agencies, in conjunction with the Conference of State Bank Supervisors (CSBS), released a policy statement on March 17, 2010 on their expectations for sound funding and liquidity risk management practices.1 This policy statement, adopted by each of the agencies, summarizes the principles of sound liquidity risk management issued previously and, when appropriate, […]
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Submission of Consumer Credit Card Agreement
The purpose of this letter is to reiterate and highlight Regulation Z (Truth in Lending) requirements related to the submission of consumer credit card agreements. Under the Credit Card Accountability Responsibility and Disclosure Act of 2009, credit card issuers must submit their consumer credit card agreements to the Federal Reserve Board (Board) for posting on […]
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Federal Reserve Announces Final Rules to Restrict Fees and Expiration Dates on Gift Cards
The Federal Reserve Board announced final rules on March 23, 2010 to restrict the fees and expiration dates that may apply to gift cards. The rules protect consumers from certain unexpected costs and require that gift card terms and conditions be clearly stated.
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Federal Reserve Announces Proposed Rules to Protect Credit Card Users from Certain Practices
The Federal Reserve Board proposed on March 3, 2010 a rule amending Regulation Z (Truth in Lending) to protect credit card users from unreasonable late payment and other penalty fees and to require credit card issuers to reconsider increases in interest rates.
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Vice Chairman Donald L. Kohn Resigns from Board of Governors of the Federal Reserve System
Donald L. Kohn submitted on March 1, 2010 his intent to resign as a member of the Board of Governors of the Federal Reserve System, effective at the expiration of his term as Vice Chairman on June 23, 2010.
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Board Releases Online Publication on New Overdraft Rules for Debit and ATM Cards
Bank account overdraft fees can be a source of unexpected costs for consumers. A new online Federal Reserve Board publication will help consumers better understand rules that provide additional protection when a debit card or automated teller machine (ATM) transaction causes an account to be overdrawn.
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Consumer Advisory Council will meet on March 25, 2010
The Federal Reserve Board announced on March 10, 2010 that the Consumer Advisory Council will hold its next meeting on Thursday, March 25. The meeting will take place in Dining Room E, Terrace Level, in the Board’s Martin Building. The session will begin at 9:00 a.m. and is open to the public. For security purposes, […]
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Federal Reserve Announces Proposed Clarifications to Final Rules under Regulations E and DD
The Federal Reserve Board proposed on February 19, 2010 clarifications to aspects of its November 2009 final rule under Regulation E (Electronic Fund Transfers) and its December 2008 final rule under Regulation DD (Truth in Savings) pertaining to overdraft services.
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Federal Reserve Announces an Online Consumer Guide to Credit Cards
The Federal Reserve Board launched a new interactive website on February 19, 2010 to help consumers better understand the new credit card protections that went into effect on February 22. These rules ban several harmful practices and require greater transparency in the disclosure of the terms and conditions of credit card accounts.
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FFIEC Issues 2009 Mortgage Fraud White PaperThe Detection and Deterrence of Mortgage Fraud Against Financial Institutions
The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, released an updated edition of its white paper on February 16, 2010 on mortgage fraud detection and deterrence. The white paper defines various types of fraud, gives examples of how individuals commit fraud, provides a list of red flags, and outlines best practices. […]