District Circular Letters

The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Mission Bank, Bakersfield, California, for membership in the Federal Reserve System.

On April 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final interpretive rule that provides instructions for lenders to use in complying with the required provision of mortgage applicants with a list of local homeownership counseling organizations.

On April 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule that temporarily suspends, for one year, a requirement that each quarter certain credit card issuers send their agreements to the CFPB, which publishes them in a public database on its website.

The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently developed the attached interagency examination procedures for Regulation Z – Truth in Lending (TILA) and Regulation X – Real Estate Settlement Procedures Act (RESPA).

On April 9, 2015, the Federal Reserve System issued a final rule to expand the applicability of the Small Bank Holding Company Policy Statement (Policy Statement). The final rule was effective May 15, 2015.

On March 31, 2015, the Consumer Financial Protection Bureau (CFPB) released a new toolkit (“Your Home Loan Toolkit”), a consumer guide that is designed to replace the current Settlement Cost booklet when the TILA-RESPA Integrated Disclosures go into effect on August 1, 2015.

On April 6, 2015, the Federal Reserve, together with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (the agencies), issued the attached FAQs in response to questions from regulated institutions about the agencies’ regulatory capital rule. Unless otherwise noted, all FAQs are interpretations and serve to clarify expectations concerning the regulatory capital rules.

On March 30, 2015, the Federal Financial Institutions Examination Council (FFIEC), which includes the Board of Governors of the Federal Reserve System, released two statements about ways that financial institutions can identify and mitigate cyber attacks that compromise user credentials or use destructive software, known as malware. In addition, the FFIEC provided information on what institutions can do to prepare for and respond to these threats.

On February 6, 2015, the Federal Financial Institutions Examination Council (FFIEC) issued updated guidance for examiners, financial institutions, and technology service providers (TSPs) to explain the components of an effective third-party management program that can identify, measure, monitor, and control the risks associated with outsourcing.

On February 24, 2015, the Federal Reserve, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (as members of the Financial Literacy and Education Commission), and the U.S. Department of Treasury’s Financial Crimes Enforcement Network issued guidance regarding youth savings programs.