District Circular Letters

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.

On February 13, 2015, the Board of Governors of the Federal Reserve System (the Board) issued SR letter 15-4, Tool for Calculating Capital Requirements Using the Simplified Supervisory Formula Approach.

On January 29, 2015, the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency, in conjunction with the State Liaison Committee (SLC) of the Federal Financial Institutions Examination Council, issued guidance to provide principles that financial institutions should consider in their policies and procedures for originating private student loans with graduated repayment terms.

On January 20, 2014, the Consumer Financial Protection (CFPB) finalized two minor modifications to the 2013 Truth in Lending Act (TILA)-Real Estate Settlement Procedures Act (RESPA) Integrated Disclosures Rule, which goes into effect on August 1, 2015.

The Federal Reserve Bank of San Francisco, acting under delegated authority, has approved the application of Western Alliance Bank, Phoenix, Arizona, for membership in the Federal Reserve System.

On December 29, 2014, the Consumer Financial Protection Bureau (CFPB) amended the official commentary that interprets the requirements of Regulation Z (Truth in Lending Act) to reflect a change in the asset-size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan.

On December 19, 2014, the federal bank regulatory agencies announced 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.

On December 23, 2014, the Federal Reserve Board announced the annual adjustment of the dollar amount used to determine whether a small loan is exempt from the special appraisal requirements that apply to higher-priced mortgage loans.

On November 18, 2014, the Consumer Financial Protection (CFPB) issued CFPB Bulletin 2014-03 to remind creditors of: (1) their obligations under the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B, with respect to consideration of public assistance income; and (2) relevant standards and guidelines regarding verification of Social Security Disability Insurance (SSDI) and Supplemental Social Security Income (SSI) (collectively, Social Security disability income) received by mortgage applicants.

On November 7, 2014, the Federal Reserve System issued Supervision and Regulation letter 14-9, “Incorporation of Federal Reserve Policies into the Savings and Loan Holding Company (SLHC) Supervision Program.”