Circular Letters
2013
Circular Letters announce news, policy, and guidance from the Board of Governors. The following letters were distributed by the Federal Reserve Bank of Cleveland in 2013. Click the appropriate number to view the letter in its entirety.
- May 23, 2013
- Circular Letter: 13-55 Exemption for small debit card issuers from interchange fee standards working as intended
- The exemption designed to protect small debit card issuers from interchange fee standards applied to large issuers is working as intended, a Federal Reserve Board report released Thursday showed.
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- May 21, 2013
- Circular Letter: 13-54 Federal Reserve announces results of offering 28-day term deposits on May 20
- On May 20, 2013, the Federal Reserve conducted a fixed-rate offering of term deposits with full allotment of tenders through its Term Deposit Facility. Read More
- May 20, 2013
- Circular Letter: 13-53 SR 13-11 Filing Procedures for Annual Independent Audits and Reports Requied Under Federal Deposit Insurance Corporation (FDIC) Rules
- The Federal Reserve is issuing this letter to remind state member banks with $500 million or more in total assets as of the beginning of their fiscal year of the key longstanding reporting and filing requirements for insured depository institutions in FDIC regulation for "Annual Independent Audit and Reporting Requirements" as amended in 2009. Read More
- May 15, 2013
- Circular Letter: 13-52 Federal Reserve offers 28-day term deposits with full allotment at 26 basis points through its Term Deposit Facility
- On May 20, 2013, the Federal Reserve will conduct a fixed-rate offering of term deposits with full allotment of tenders through its Term Deposit Facility (TDF). Read More
- May 13, 2013
- Circular Letter: 13-51 Federal Reserve Board announces results of company-run, midyear stress tests due on July 5
- Eighteen large U.S. bank holding companies are required to submit the results of their company-run, midyear stress tests to the Federal Reserve on July 5, the Federal Reserve said in instructions to those firms Monday. Read More
- May 8, 2013
- Circular Letter: 13-50 Federal Reserve provides additional information on borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley
- Some borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley and who were already sent a check as part of the Independent Foreclosure Review payment agreement will be sent an additional payment around May 17, Rust Consulting announced Wednesday. Read More
- April 29, 2013
- Circular Letter 13-49 Payments to Goldman Sachs and Morgan Stanley borrowers covered by foreclosure agreement to begin May 3
- Payments to more than 220,000 borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley are scheduled to begin on Friday, May 3 following an agreement announced earlier this year by the Federal Reserve Board. Read More
- April 26, 2013
- Circular Letter: 13-48 Federal Reserve announces small-value fixed-rate term deposit operations
- The Federal Reserve plans to conduct fixed-rate offerings of term deposits with full allotment of tenders under the Term Deposit Facility (TDF) as part of the ongoing program of small-value offerings announced on September 8, 2010. Read More
- April 25, 2013
- Circular Letter: 13-47 CA 13-7 Statement on Deposit Advance Products
- The Federal Reserve is issuing the attached policy statement, Statement on Deposit Advance Products, to emphasize to stat member banks the significant consumer risks associated with deposit advance products in light of the Consumer Financial Protection Bureau's april 24, 2012 white paper entitled "Payday Loans and Deposit Advance Products: A White Paper of Initial Data Findings." Read More
- April 23, 2013
- Circular Letter: 13-46 SR 13-9 CA 13-6 Minimum Standards for Prioritization and Handling Borrower Files with Imminent Scheduled Foreclosure Sale
- The Federal Reserve is issuing this letter to set forth guidance on sound business practices for residential mortgage servicing that Federal Reserve supervised financial institutions are expected to address in their collections, loss mitigation, and foreclosure processing functions. Read More
- April 18, 2013
- Circular Letter: 13-45 Supervision and Regulation Assessments for Bank Holding Companies and Savings and Loan Holding Companies With Total Consolidated Assets of $50 Billion or More and Nonbank Financial Companies Supervised by the Federal Reserve
- The Board of Governors of the Federal Reserve System (Board is inviting comments on a proposed rule to implement section 318 of the
Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which directs the Board to collect assessments, fees, or other
charges equal to the total expenses the Board estimates are necessary or appropriate to carry out the supervisory and regulatory responsibilities of the Board for bank holding companies and savings and loan holding companies with total consolidated assets of $50
billion or more and nonbank financial companies designated for Board supervision by the Financial Stability Oversight Council (Council). Read More
- April 17, 2013
- Circular Letter: 13-44 Federal Reserve provides information on checks sent under Independent Foreclosure Review Payment Agreement
- The paying agent for checks being sent to borrowers under the Independent Foreclosure Review has assured the Federal Reserve Board that early problems with some checks have been corrected and that funds are available to cash all checks.
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- April 15, 2013
- Circular Letter: 13-43 Agencies provide additional instructions for submission of some resolution plans
- The Federal Reserve Board (Board) and the Federal Deposit Insurance Corporation (FDIC) on Monday announced the release of additional guidance, clarification and direction for the first group of institutions filing their resolutions plans pursuant to the Dodd-Frank Act. Read More
- April 15, 2013
- Circular Letter: 13-42 Federal Reserve Board invites comment on proposal to establish annual assessments
- The Federal Reserve Board on Monday invited comment on a proposal to establish an annual assessment of bank holding companies and savings and loan holding companies with $50 billion or greater in total consolidated assets and for nonbank financial companies designated by the Financial Stability Oversight Council for supervision by the Federal Reserve.
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- April 11, 2013
- Circular Letter: 13-41 SR 13-8/CA 13-5 Extension of the Use of Indicative Ratings for Savings and Loan Holding Companies
- The Federal Reserve will continue to use the "RFI/C(D)" rating system (referred to as "RFI") to assign "indicative ratings" to savings and loan holding companies (SLHCs). Read More
- April 9, 2013
- Circular Letter: 13-40 Payments to 4.2 million borrowers covered by foreclosure agreement to begin April 12
- Payments to 4.2 million borrowers are scheduled to begin on April 12 following an agreement reached by the Office of the Comptroller of the Currency and the Federal Reserve Board with 13 mortgage servicers. Read More
- April 9, 2013
- Circular Letter 13-39 Retail Foreign Exchange Transactions (Regulation NN)
- The Board of Governors of the Federal Reserve System ("Board") is adopting a final rule to permit banking organizations under its supervision to engage in off-exchange transactions in foreign currency with retail customers. The final rule also describes
various requirements with which banking organizations must comply to conduct such transactions. Read More
- April 5, 2013
- Circular Letter 13-38 SR 13-7/CA 13-4 State Member Bank Branching Considerations
- The Federal Reserve is issuing this letter to clarify its policy concerning the application process for a state member bank in less-than-satisfactory condition for the establishment of a de novo branch. Read More
- April 5, 2013
- Circular Letter: 13-37 Definition of "Predominantly Engaged in Financial Activities" and "Significant" Nonbank Financial Company and Bank Holding Company
- The Board is adopting this final rule to establish, for purposes of Title I of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (the "Dodd-Frank Act" or "Act"), the requirements for determining if a company is "predominantly engaged in financial
activities"; and definitions of the terms "significant nonbank
financial company" and "significant bank holding company." Read More
- April 4, 2013
- Circular Letter: 13-36 Federal Reserve Board finalizes standards for Fed-regulated banks engaged in certain types of foreign exchange transactions with retail customers
- The Federal Reserve Board on Thursday announced the finalization of standards for banking organizations regulated by the Federal Reserve that engage in certain types of foreign exchange transactions with retail customers.
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- April 3, 2013
- Circular Letter 13-35 Federal Reserve Board approves final rule establishing requirements for determining when a company is "predominantly engaged in financial activities"
- The Federal Reserve Board on Wednesday announced approval of a final rule that establishes the requirements for determining when a company is "predominantly engaged in financial activities." Read More
- March 29, 2013
- Circular Letter: 13-34 SR 13-6 CA 13-3 Supervisory Practices Regarding Banking Organizations and their Borrowers and Other Customers Affected by a Major Disaster or Emergency
- The purpose of this letter is to highlight the supervisory practices that the Federal Reserve can employ when banking organizations and their borrowers and other customers are affected by a major disaster or emergency. Read More
- March 29, 2013
- Circular Letter: 13-33 CA 13-2 Interagency Statement on the Impact of Biggert-Waters Act
- On July 6, 2012, Congress amended the Flood Disaster Protection Act of 1973 when it enacted the Biggert-Waters Flood Insurance Reform Act of 2012 (the Biggert-Waters Act). Read More
- March 27, 2013
- Circular Letter: 13-32 Federal Reserve survey provides information on mobile financial services
- The use of mobile phones to access a bank account, credit card, or other financial account became more prevalent in the Unites States last year, according to the Federal Reserve Board's latest report on the use of mobile financial services. Read More
- March 25, 2013
- Circular Letter: 13-31 SR 13-5 Revisions to the Required State Fields for the Interagency Loan Data Request
- The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies) and the Conference of State Bank Supervisors (CSBS) have increased the number of required loan data fields in the Interagency Loan Data Request (ILDR).
Inquiries concerning this circular letter should be directed to Robert Zalac, Senior Systems Specialist, at (216) 579-2888. Also available is a toll-free number (1-800-537-5990), in the Supervision and Regulation Department. Read More - March 25, 2013
- Circular Letter: 13-30 SR 13-4 Advanced Approaches Risk-Based Capital Rule Examination Guidance on the Boards Public Website
- This letter explains the availability on the Board's public website of examination guidance relating to implementation of the advanced approaches risk-based capital rule (advanced approaches rule). Read More
- March 22, 2013
- Circular Letter: 13-29 Increase in required electronic loan data fields
- Federal and state bank supervisors today announced an increase in the number of required loan data fields in the Interagency Loan Data Request (ILDR). Read More
- March 22, 2013
- Circular Letter: 13-28 SR 13-3 Interagency Guidance on Leveraged Lending
- The Board of Governors of the Federal Reserve System, together with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, has issued the attached Interagency Guidance on Leveraged Lending (2013 leveraged lending guidance). This guidance outlines high-level principles related to safe-and-sound leveraged lending activities. Read More
- March 22, 2013
- Circular Letter: 13-27 Interagency Guidance on Leveraged Lending
- The OCC, Board, and the FDIC (collectively, the "agencies")are issuing final guidance on leveraged lending. This guidance outlines
for agency-supervised institutions high-level principles related to safe-and-sound leveraged lending activities, including underwriting
considerations, assessing and documenting enterprise value, risk management expectations for credits awaiting distribution, stress-testing expectations, pipeline portfolio management, and risk management expectations for exposures held by the institution. Read More
- March 21, 2013
- Circular Letter: 13-26 Agencies issue updated leveraged lending guidance
- Federal bank regulatory agencies today released updated supervisory guidance on leveraged lending, which has been increasing since 2009 after declining during the financial crisis. Read More
- March 18, 2013
- Circular Letter: 13-25 Agencies release proposed revisions to Interagency Questions and Answers Regarding Community Reinvestment
- The federal bank regulatory agencies today requested comment on proposed revisions to "Interagency Questions and Answers Regarding Community Reinvestment." The Questions and Answers document provides additional guidance to financial institutions and the public on the agencies' Community Reinvestment Act (CRA) regulations. Read More
- March 18, 2013
- Circular Letter: 13-24 Community Reinvestment Act; Interagency Questions and Answers Regarding Community Reinvestment; Notice
- The OCC, Board, and FDIC (collectively, the Agencies) are proposing to clarify their Interagency Questions and Answers Regarding
Community Reinvestment to address several community development issues. The Agencies propose to revise five questions and answers, which address (i) community development activities outside institutions' assessment areas, both in the broader statewide or regional area and in nationwide funds; (ii) additional ways to determine whether recipients of community services are low- or moderate-income; and (iii) providing a community development service by serving on the board of directors of
a community development organization. Read More
- March 14, 2013
- Circular Letter: 13-23 Federal Reserve announces results of Comprehensive Capital Analysis and Review (CCAR)
- The Federal Reserve on Thursday announced it has approved the capital plans of 14 financial institutions in the Comprehensive Capital Analysis and Review (CCAR). Read More
- March 12, 2013
- Circular Letter: 13-22 Federal Reserve announces results of auction of $3 billion in 28-day term deposits from its Term Deposit Facility
- On March 11, 2013, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility. Read More
- March 7, 2013
- Circular Letter: 13-21 Federal Reserve releases summary results of bank stress tests
- The nation's largest bank holding companies have continued to improve their ability to withstand an extremely adverse hypothetical economic scenario and are collectively in a much stronger capital position than before the financial crisis, according to the summary results of bank stress tests announced by the Federal Reserve on Thursday. Read More
- March 6, 2013
- Circular Letter: 13-20 Federal Reserve offers $3 billion in 28-day term deposits through its Term Deposit Facility
- On Monday, March 11, 2013, the Federal Reserve will offer $3 billion in 28-day term deposits through its Term Deposit Facility.
- March 5, 2013
- Circular Letter: 13-19 Federal Reserve Board publishes report containing summary information on debit card transactions in 2011
- The Federal Reserve Board on Tuesday published a report containing summary information on the volume and value, interchange fee revenue, certain debit card issuer costs, and fraud losses related to debit card transactions in 2011. The report is the second in a series to be published every two years pursuant to section 920 of the Electronic Fund Transfer Act (EFTA). Read More
- March 4, 2013
- Circular Letter: 13-18 Regulation HH Financial Market Utilities - Notice of Proposed Rulemaking
- Section 806(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act" or "Act") permits the Board of Governors of the Federal Reserve System (the "Board") to authorize a Federal Reserve Bank to establish and maintain an account for, and through the account provide certain financial services to, financial market utilities ("FMUs") that are designated as
systemically important by the Financial Stability Oversight Council (the "Council"). Read More
- February 28, 2013
- Circular Letter: 13-17 Amendments to consent orders memoralize $9.3 billion foreclosure agreement
- The Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board today released amendments to their enforcement actions against 13 mortgage servicers for deficient practices in mortgage loan servicing and foreclosure processing. The amendments require the servicers to provide $9.3 billion in payments and other assistance to borrowers. Read More
- February 27, 2013
- Circular Letter: 13-16 Enhanced Prudential Standards and Early Remediation Requirements for Foreign Banking Organizations and Nonbank Financial Companies
- On December 28, 2012, the Board published in the Federal Register a notice of proposed rulemaking to implement the enhanced prudential standards required to be established under section 165 of
the Dodd-Frank Act and the early remediation requirements established under section 166 of the Act for foreign banking organizations and
foreign nonbank financial companies supervised by the Board. Read More
- February 26, 2013
- Circular Letter: 13-15 Federal Reserve Board announces proposed rule regarding Federal Reserve Bank accounts and services for financial market utilities designated as systemically important
- The Federal Reserve Board on Tuesday requested comment on a proposed rule to amend Regulation HH to set out the conditions and requirements for a Federal Reserve Bank to open and maintain accounts for and provide financial services to financial market utilities designated as systemically important by the Financial Stability Oversight Council.
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- February 22, 2013
- Circular Letter: 13-14 Federal Reserve Board extends comment period on proposed rule to implement enhanced prudential standards and early remediation requirements until April 30, 2013
- The Federal Reserve Board has extended until April 30, 2013, the comment period on a proposed rule to implement the enhanced prudential standards and early remediation requirements established under sections 165 and 166 of the Dodd-Frank Wall Street Reform and Consumer Protection Act for foreign banking organizations and foreign nonbank financial companies supervised by the Board. Read More
- February 13, 2013
- Circular Letter: 13-13 Appraisals for Higher-Priced Mortgage Loans; Final Rule
- The Board, Bureau, FDIC, FHFA, NCUA, and OCC (collectively,the Agencies) are issuing a final rule to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the official
interpretation to the regulation. Read More
- February 11, 2013
- Circular Letter: 13-12 Policy Statement on the Scenario Design Framework for Stress Testing
- The Board of Governors of the Federal Reserve System published in the Federal Register of November 23, 2012, a document requesting
public comment on a policy statement on the approach to scenario design for stress testing that would be used in connection with the
supervisory and company-run stress tests conducted under the Board's regulations issued pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Board's capital plan rule. Read More
- January 28, 2013
- Circular Letter: 13-11 Federal Reserve Board announces release dates for results from supervisory stress tests and from the Comprehensive Capital Analysis and Review (CCAR)
- The Federal Reserve Board on Monday announced that results from the supervisory stress tests conducted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act will be released on Thursday, March 7, and the related results from the Comprehensive Capital Analysis and Review, or CCAR, will be released on Thursday, March 14. Read More
- January 23, 2013
- Circular Letter: 13-10 SR 13-1/ CA 13-1 Supplemental Policy Statement on the Internal Audit Function and Its Outsourcing
- The Federal Reserve is issuing the attached policy statement, Supplemental Policy Statement on the Internal Audit Function and Its Outsourcing, to provide institutions with additional guidance related to interagency guidance that was issued in 2003 and remains in effect. Read More
- January 18, 2013
- Circular Letter: 13-09 OCC and Federal Reserve Reach Agreement with HSBC to Provide $249 Million in Payments and Assistance
- HSBC has joined the agreement in principle announced by the Federal Reserve Board and Office of the Comptroller of the Currency (OCC) on January 7, 2013, and will pay $249 million in cash payments and other assistance to help mortgage borrowers. Read More
- January 18, 2013
- Circular Letter: 13-08 Agencies issue final rule on appraisals for higher-prices mortgage loans
- Six federal financial regulatory agencies today issued the final rule that establishes new appraisal requirements for "higher-priced mortgage loans." Read More
- January 17, 2013
- Circular Letter: 13-07 Federal Reserve Banks announce new study to examine nations payments usage
- The Federal Reserve's Retail Payments Office (RPO), located at the Federal Reserve Bank in Atlanta, today announced plans to conduct a new study to determine the current volume and composition of electronic and check payments in the United States. Read More
- January 15, 2013
- Circular Letter: 13-06 Federal Reserve Board announces agreement with Treasury Department regarding credit protection for the Term Asset-Backed Securities Loan Facility (TALF)
- The Federal Reserve Board on Tuesday announced that it agreed with the Treasury Department that the credit protection Treasury has provided for the Term Asset-Backed Securities Loan Facility (TALF) is no longer necessary because the accumulated fees collected through TALF exceed the amount of TALF loans outstanding. Read More
- January 15, 2013
- Circular Letter: 13-05 Federal Reserve announces results of auction of $3 billion in 28-day term deposits held on January 14, 2013
- On January 14, 2013, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility. Read More
- January 10, 2013
- Circular Letter: 13-04 Reserve Bank income and expense data and transfers to the Treasury for 2012
- The Federal Reserve Board on Thursday announced preliminary unaudited results indicating that the Reserve Banks provided for payments of approximately $88.9 billion of their estimated 2012 net income to the U.S. Treasury. Read More
- January 9, 2013
- Circular Letter: 13-03 Federal Reserve offers $3 billion in 28-day term deposits through its Term Deposit Facility
- On Monday, January 14, 2013, the Federal Reserve will offer $3 billion in 28-day term deposits through its Term Deposit Facility. Read More
- January 8, 2013
- Circular Letter: 13-02 Semiannual Regulatory Agenda
- The Board is issuing this agenda under the Regulatory
Flexibility Act and the Board's Statement of Policy Regarding Expanded Rulemaking Procedures. The Board anticipates having under consideration
regulatory matters as indicated below during the period November 1,2012 through April 30, 2013. The next agenda will be published in spring 2013.
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- January 7, 2013
- Circular Letter: 13-01 Independent foreclosure review to provide $3.3 billion in paments, $5.2 billion in mortgage assistance
- Ten mortgage servicing companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing have reached an agreement in principle with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to pay more than $8.5 billion in cash payments and other assistance to help borrowers. Read More