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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Regulators Issue Statement on Lending to Creditworthy Small Businesses
The federal financial regulatory agencies and the Conference of State Bank Supervisors (the regulators) issued a statement on February 5, 2010 on prudent lending to creditworthy small business borrowers.1 The regulators recognize that small businesses play an important role in the economy and know that some are experiencing difficulty in obtaining or renewing credit.
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Rates of Interest on Advances and Discounts
Enclosed is an amendment to the rates of interest on advances and discounts in the Twelfth Federal Reserve District. The enclosure, which is effective February 19, 2010, reflects an increase from 0.50% to 0.75% in the basic discount rate that applies to our short-term primary credit advances.
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Federal Reserve Launches a New Website for Bank Directors
The Federal Reserve launched a website on February 1, 2010 to help new bank directors learn how they can work to ensure the safety and soundness of their institutions. The website, BankDirectorsDesktop.org, also provides a refresher course for experienced board members.
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Federal Reserve Approves Final Rules to Protect Credit Card Users from a Number of Costly Practices
The Federal Reserve Board approved a final rule on January 12, 2010 amending Regulation Z (Truth in Lending) to protect consumers who use credit cards from a number of costly practices. Credit card issuers must comply with most aspects of the rule beginning on February 22, 2010.
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Board Advises Institutions of Supervisory Expectations for Sound Practices in Managing Interest Rate Risk
The Federal Reserve released an advisory on January 7, 2010 reminding depository institutions of supervisory expectations for sound practices in managing interest rate risk. This advisory, adopted along with the other financial regulators, reiterates the importance of effective corporate governance, policies and procedures, risk measuring and monitoring systems, stress testing, and internal controls related to […]
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Agencies Issue Final Rule for Regulatory Capital Standards Related to Statements of Financial Accounting Standards Nos. 166 and 167
The federal banking and thrift regulatory agencies announced on January 21, 2010 the final risk-based capital rule related to the Financial Accounting Standards Board's adoption of Statements of Financial Accounting Standards Nos. 166 and 167. These new accounting standards make substantive changes to how banking organizations account for many items, including securitized assets, that had […]
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The Federal Reserve Board has Approved Amendments to Appendix A of Regulation CC that Reflect the Restructuring of the Federal Reserve Banks’ Check-Processing Operations
Appendix A provides a routing symbol guide that helps depository institutions determine the maximum permissible hold periods for most deposited checks. On February 27, 2010, the Reserve Banks will transfer the check-processing operations of the head office of the Federal Reserve Bank of Atlanta to the head office of the Federal Reserve Bank of Cleveland. […]
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Agencies Release Annual CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions
The federal bank regulatory agencies announced on December 22, 2009 the annual adjustment to the asset-size thresholds used to define 'small bank,' 'small savings association,' 'intermediate small bank' and 'intermediate small savings association' under the Community Reinvestment Act (CRA) regulations. The annual adjustments for banks are required by the 2005 CRA regulatory amendments and for […]
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Federal Reserve Board Proposes Amendments to Regulation D that Would Enable the Establishment of a Term Deposit Facility
The Federal Reserve Board proposed on December 28, 2009 amendments to Regulation D (Reserve Requirements of Depository Institutions) that would enable the establishment of a term deposit facility. Under the proposal, the Federal Reserve Banks would offer interest-bearing term deposits to eligible institutions through an auction mechanism. Term deposits would be one of several tools […]
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Agencies Issue Final Rules on Risk-Based Pricing Notices
The Federal Reserve Board and the Federal Trade Commission announced on December 22, 2009 final rules that generally require a creditor to provide a consumer with a notice when, based on the consumer's credit report, the creditor provides credit to the consumer on less favorable terms than it provides to other consumers. Consumers who receive […]