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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Release of the 2014 FFIEC BSA/AML Examination Manual
Federal Reserve Bank of San Francisco
On December 2, 2014, the Board of Governors of the Federal Reserve System issued Supervision and Regulation letter 14-10, “Release of the 2014 Federal Financial Institutions Examination Council’s Bank Secrecy Act/Anti-Money Laundering Examination Manual.”
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CFPB Proposes Federal Protections for Prepaid Products
On November 13, 2014, the Consumer Financial Protection (CFPB) issued a proposed rule to amend Regulations E and Z to create comprehensive consumer protections for prepaid financial products.
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Results of Director Elections
This letter is in regard to the election of directors of this Bank to succeed Ms. Megan F. Clubb, a Class A director, elected by banks in Group Three, and Mr. Richard A. Galanti, a Class B director, elected by banks in Group Two, whose terms end on December 31, 2014, 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 10 and October 29, 2014.
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FFIEC Cybersecurity Assessment General Observations
On November 3, 2014, the Federal Financial Institutions Examination Council (FFIEC), which includes the Board of Governors of the Federal Reserve System, released observations from a recent cybersecurity assessment at community banking institutions.
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Cybersecurity Threat and Vulnerability Monitoring and Sharing Statement
On November 3, 2014, the Federal Financial Institutions Examination Council (FFIEC), which includes the Board of Governors of the Federal Reserve System, issued guidance recommending that regulated financial institutions of all sizes participate in the Financial Services Information Sharing and Analysis Center (FS-ISAC) as part of their process to identify, respond to, and mitigate cybersecurity threats and vulnerabilities.
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Agencies Announce EGRPRA Outreach Meetings
Federal Reserve Bank of San Francisco
On November 5, 2014, the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Board of Governors of the Federal Reserve System (agencies) announced the first of a series of outreach meetings to review their regulations under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA).
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2015 “Rural” and “Rural or Underserved” Counties Lists
Federal Reserve Bank of San Francisco
On October 27, 2014, the Consumer Financial Protection Bureau (CFPB) posted new “rural” and “rural or underserved” counties lists to their website.
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CFPB Finalizes Minor Changes to the 2013 Mortgage Rules
Federal Reserve Bank of San Francisco
On October 22, 2014, the Consumer Financial Protection Bureau (CFPB) finalized minor adjustments to its mortgage rules, which were proposed in April 2014, incorporating changes that address concerns about origination and servicing issues, including those of nonprofit housing providers.
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Agencies Request Comment on Proposed Flood Insurance Rule
Federal Reserve Bank of San Francisco
On October 24, 2014, five federal regulatory agencies announced the approval of a joint notice of proposed rulemaking to amend regulations pertaining to loans secured by property in special flood hazard areas.
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Election of Directors
Federal Reserve Bank of San Francisco
In accordance with the provisions of Section 4 of the Federal Reserve Act and the announcement dated September 10, 2014, the Federal Reserve Bank of San Francisco is conducting an election of directors to succeed Ms. Megan F. Clubb, a Class A director, elected by banks in Group Three, and Mr. Richard A. Galanti, a Class B director, elected by banks in Group Two, whose terms end on December 31, 2014. There are given herein the names of the candidates nominated and the names of the banks which made the nominations.