District Circular Letters

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 […]

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 […]

The Federal Reserve Board published on December 22, 2009 its annual notice of the asset-size exemption threshold for depository institutions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).

In light of the continued improvement in financial market conditions, the Federal Reserve Board announced on November 17, 2009 that it approved a reduction in the maximum maturity of primary credit loans at the discount window for depository institutions to 28 days from 90 days effective January 14, 2010. Primary credit loans will remain eligible […]

The federal bank and thrift regulatory agencies issued a final rule on November 13, 2009 providing that mortgage loans modified under the U.S. Department of the Treasury's Home Affordable Mortgage Program (HAMP) will generally retain the risk weight appropriate to the mortgage loan prior to modification.

The Federal Reserve Board approved an interim final rule on November 16, 2009 to implement a recent statutory amendment requiring that notice be given to consumers when their mortgage loan has been sold or transferred. The new disclosure requirement became effective immediately upon enactment of the Helping Families Save Their Homes Act in May, 2009. […]

The Federal Reserve Board announced final rules on November 12, 2009 that prohibit financial institutions from charging consumers fees for paying overdrafts on automated teller machine (ATM) and one-time debit card transactions, unless a consumer consents, or opts in, to the overdraft service for those types of transactions.

The Federal Reserve Board announced on October 30, 2009 that a temporary exemption to the limitations in section 23A of the Federal Reserve Act, instituted as part of the response to the financial crisis, has expired as scheduled on October 30, 2009.

The Federal Reserve adopted a policy statement on October 30, 2009 supporting prudent commercial real estate (CRE) loan workouts. This policy statement, adopted by each of the financial regulators,1 provides guidance for examiners, and for financial institutions that are working with CRE borrowers who are experiencing diminished operating cash flows, depreciated collateral values, or prolonged […]

The purpose of this letter is to address questions regarding whether adverse action notices under Regulation B (Equal Credit Opportunity) are required for mortgage loan modification declinations, including those made pursuant to the U.S. Department of Treasury's ('Treasury') Making Home Affordable Modification Program ('HAMP'). Regulation B requires an adverse action notice when a creditor declines […]