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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CFPB Issues Guidance on Housing Counselor Requirement
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.
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CFPB Temporarily Suspends Card Issuers’ Obligation to Submit Credit Card Agreements
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.
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CA 15-3 Revised Interagency Examination Procedures for Regulation Z and Regulation X
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).
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Small Bank Holding Company Policy Statement – Final Rule
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.
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CFPB Releases New Mortgage Disclosure: “Your Home Loan Toolkit”
Federal Reserve Bank of San Francisco
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.
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Interagency Frequently Asked Questions (FAQs) on the Regulatory Capital Rule
Federal Reserve Bank of San Francisco
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.
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FFIEC Releases Two Statements on Compromised Credentials and Destructive Malware
Federal Reserve Bank of San Francisco
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.
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FFIEC Information Technology Examination Handbook
Federal Reserve Bank of San Francisco
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.
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Guidance to Encourage Financial Institutions’ Youth Savings Programs and Address Related Frequently Asked Questions
Federal Reserve Bank of San Francisco
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.
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Proposed Amendments Relating to Small Creditors and Rural or Underserved Areas under the Truth in Lending Act (Regulation Z)
Federal Reserve Bank of San Francisco
On January 29, 2015, the Consumer Financial Protection (CFPB) proposed several changes to the mortgage rules issued in 2013 that are designed to facilitate lending by small creditors, particularly those in rural and underserved areas.