District Circular Letters

This letter is in regard to the election of directors of this Bank to succeed Mr. Peter S. Ho, a Class A director, elected by banks in Group One, and Mr. Steven E. Bochner, a Class B director, elected by banks in Group Three, whose terms end on December 31, 2015, respectively. These elections have been duly held in accordance with the requirements of Section 4 of the Federal Reserve Act and the provisions of the circulars issued by this office dated September 2 and October 22, 2015.

In accordance with the provisions of Section 4 of the Federal Reserve Act and the announcement dated September 2, 2015, the Federal Reserve Bank of San Francisco is conducting an election of directors to succeed Mr. Peter S. Ho, a Class A director, elected by banks in Group One1, and Mr. Steven E. Bochner, a Class B director, elected by banks in Group Three, whose terms end on December 31, 2015. There are given herein the names of the candidates nominated and the names of the banks which made the nominations.

The Federal Reserve Bank of San Francisco will conduct an election under the provisions of Section 4 of the Federal Reserve Act to choose successors to the following directors of this Bank, whose terms expire on December 31, 2015.

Pursuant to section 265.11(e)(9) of the Rules Regarding Delegation of Authority of the Board of Governors of the Federal Reserve System, this Bank has changed the classification of member banks in the Twelfth Federal Reserve District for the purpose of nomination and election of Class A and Class B directors of the Federal Reserve Bank of San Francisco.

On July 8, 2015, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation announced the availability of the 2015 list of distressed or underserved nonmetropolitan middle-income geographies, where revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as community development.

On June 29, 2015, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued the host state loan-to-deposit ratios that they will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994.

On June 24, 2015, the Consumer Financial Protection Bureau (CFPB) issued a proposed amendment to the TILA-RESPA Integrated Disclosure Rule, which would delay the rule’s effective date to October 3, 2015. The CFPB is issuing the proposal to correct an administrative error that would have delayed the effective date of the rule by at least two weeks.

On June 22, 2015, five federal regulatory agencies, including the Board of Governors of the Federal Reserve System, announced the approval of a joint final rule that modifies regulations that apply to loans secured by properties located in special flood hazard areas.

The Protecting Tenants at Foreclosure Act of 2009 (PTFA), which originally became effective on May 20, 2009, expired on December 31, 2014. Accordingly, examiners in the Federal Reserve System will no longer evaluate institutions’ compliance with the PTFA.

On May 11, 2015, the Consumer Financial Protection (CFPB) issued CFPB Bulletin 2015-02 to help mortgage lenders avoid illegal discrimination against applicants whose income includes vouchers from the Section 8 HCV Homeownership Program, which was created to assist low-income, first-time homebuyers in purchasing homes.