Circular Letters
2008
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 2008. Click the appropriate number to view the letter in its entirety.
- December 31, 2008
- Circular Letters: 08-91 Federal Reserve Announces Details of Program to Purchase Mortgage-Backed Securities
- The Federal Reserve announced that it expects to begin operations in early January under the previously announced program to purchase mortgage-backed securities (MBS) and that it has selected private investment managers to act as its agents in implementing the program. PDF file
- December 30, 2008
- Circular Letters: 08-90 Results of the December 29, 2008 Term Auction
- On December 29, 2008, the Federal Reserve conducted an auction of $150 billion in 83-day credit through its Term Auction Facility. PDF file
- December 30, 2008
- Circular Letters: 08-89 Minimum Capital Ratios; Capital Adequacy Guidelines; Capital Maintenance; Capital: Deduction of Goodwill Net of Associated Deferred Tax Liability
- The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) (collectively, the Agencies) are amending their regulatory capital rules to permit banks, bank holding companies, and savings associations (collectively, banking organizations) to reduce the amount of goodwill that a banking organization must deduct from tier 1 capital by the amount of any deferred tax liability associated with that goodwill. PDF file
- December 29, 2008
- Circular Letters: 08-88 Federal Reserve will offer $150 Billion in 83-day Credit through its Term Auction Facility
- On December 29, 2008, the Federal Reserve will offer $150 billion in 83-day credit through its Term Auction Facility. PDF file
- December 29, 2008
- Circular Letters: 08-87 Regulation A Extensions of Credit by Federal Reserve Banks Final Rule
- The Board of Governors of the Federal Reserve System (Board) has adopted final amendments to its Regulation A to reflect the Board's approval of a decrease in the primary credit rate at each Federal Reserve Bank. PDF file
- December 24, 2008
- Circular Letters: 08-86 Policy on Payment System Risk; Daylight Overdraft Posting Rules
- The Board has decided not to pursue at this time its proposal to change the posting time to 8:30 a.m. for commercial and government automated clearinghouse (ACH) debit transfers that are processed by the Federal Reserve Banks' (Reserve Banks) FedACH service. PDF file
- December 24, 2008
- Policy on Payment System Risk Policy Statement
- The Board of Governors of the Federal Reserve System (Board) has adopted revisions to part II of its Policy on Payment System Risk (PSR) that are designed to improve intraday liquidity management and payment flows for the banking system, while also helping to mitigate credit exposures of the Federal Reserve Banks (Reserve Banks) from daylight overdrafts. PDF file
- Decemeber 23, 2008
- Circular Letters: 08-84 Regulation D Reserve Requirements of Depository Institutions
- The Board is amending Regulation D, Reserve Requirements of Depository Institutions, to revise the rate for earnings on required reserve balances and excess balances of eligible institutions and to provide that the rates may be revised by the Board from time to time. PDF file
- December 23, 2008
- Circular Letters: 08-83 Regulation C Home Mortgage Disclosure Final Rule; Staff Commentary
- The Board is publishing a final rule amending the staff commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure). PDF file
- December 22, 2008
- Circular Letters: 08-22 Regulators Issue Revised Identity Theft Brochure
- The federal bank, credit union, and thrift regulatory agencies announced publication of a revised identity theft brochure--You Have the Power to Stop Identity Theft--to assist consumers in preventing and resolving identity theft. PDF file
- December 22, 2008
- Circular Letetrs: 08-81 Community Reinvestment Act Regulations Joint Final Rule; Technical Amendment
- The OCC, the Board, the FDIC, and the OTS, are amending their Community Reinvestment Act (CRA) regulations to adjust the asset-size thresholds used to define small bank or small savings association and intermediate small bank or intermediate small savings association. PDF file
- December 19, 2008
- Circular Letters: 08-80 Schedule for Term Auctions of US Dollar Liquidity to be Conducted During the First Quarter of 2009
- The Federal Reserve, the Bank of England, the Bank of Japan, the European Central Bank (ECB), and the Swiss National Bank are announcing schedules for term auctions of U.S. dollar liquidity to be conducted during the first quarter of 2009. PDF file
- December 19, 2008
- Circular Letters: 08-79 Regulation Z—Truth in Lending–Extension of Comment Period
- On December 10, 2008, the Board published a proposal to amend Regulation Z that would conform the regulation to reflect recent amendments to the Truth in Lending Act (73 FR 74989). PDF file
- December 16, 2008
- Circular Letters: 08-78 http://4site.clev.frb.org/STEP
- The Board of Governors of the Federal Reserve System has approved a 75 basis point decrease in the discount rate on primary credit to 0.50 percent. PDF file
- December 16, 2008
- Circular Letters: 08-78 Change in Discount Rate on Primary Credit
- The Board of Governors of the Federal Reserve System has approved a 75 basis point decrease in the discount rate on primary credit to 0.50 percent. PDF file
- December 16, 2008
- Circular Letters: 08-77 Results of the December 15, 2008 Term Auction
- On December 15, 2008, the Federal Reserve conducted an auction of $150 billion in 28-day credit through its Term Auction Facility. PDF file
- December 15, 2008
- Circular Letters: 08-76 Federal Reserve Will Offer $150 Billion in 28–day Credit through its Term Auction Facility
- On December 15, 2008, the Federal Reserve will offer $150 billion in 28–day credit through its Term Auction Facility. PDF file
- December 10, 2008
- Circular Letters: 08-75 Regulation Z—Truth in Lending—Request for Comments
- On July 30, 2008, the Board published a final rule amending Regulation Z, which implements the Truth in Lending Act (TILA) and the Home Ownership and Equity Protection Act (HOEPA). PDF file
- December 10, 2008
- Circular Letters: 08-73 Results of the 2008 Election of Federal Reserve Bank Directors
- Group 3 member banks in the fourth Federal Reserve District have elected two members
to the Federal Reserve Bank of Cleveland?s Board of Directors: PDF file
- December 9, 2008
- Circular Letters: 08-74 Federal Reserve will Conduct Two Auctions of Term Credit in January 2009
- The Federal Reserve will conduct two auctions of term credit through its Term Auction Facility (TAF) in January 2009. PDF file
- December 2, 2008
- Circular Letters: 08-72 Federal Reserve Announces the Extension of Three Liquidity Facilities Through April 30, 2009
- In light of continuing strains in financial markets, the Federal Reserve announced the extension through April 30, 2009, of three liquidity facilities: the Primary Dealer Credit Facility (PDCF), the Asset–Backed Commercial Paper Money Market Fund Liquidity Facility (AMLF), and the Term Securities Lending Facility (TSLF). PDF file
- December 2, 2008
- Circular Letters: 08-71 Results of the November 3, 2008 Term Auction
- On December 1, 2008, the Federal Reserve conducted an auction of $150 billion in 84—day credit through its Term Auction Facility. PDF file
- December 1, 2008
- Circular Letters: 08-70 Federal Reserve Will Offer $150 Billion in 84–day Credit through its Term Auction Facility
- On December 1, 2008, the Federal Reserve will offer $150 billion in 84–day credit through its Term Auction Facility. PDF file
- November 25, 2008
- Circular Letters: 08-69 Results of the November 24, 2008 Term Auction
- On November 24, 2008, the Federal Reserve conducted an auction of $150 billion in 13–day credit through its Term Auction Facility. PDF file
- November 25, 2008
- Circular Letters: 08-68 Federal Reserve will Initiate a Program to Purchase the Direct Obligations of Housing–Related Government–Sponsored Enterprises (GSEs)
- The Federal Reserve has announced that it will initiate a program to purchase the direct obligations of housing–related government–sponsored enterprises (GSEs)— Fannie Mae, Freddie Mac, and the Federal Home Loan Banks — and mortgage–backed securities (MBS) backed by Fannie Mae, Freddie Mac, and Ginnie Mae. PDF file
- November 25, 2008
- Circular Letters: 08-67 Federal Reserve Board has announced the Creation of the Term Asset-Backed Securities Loan Facility (TALF)
- The Federal Reserve Board has announced the creation of the Term Asset-Backed Securities Loan Facility (TALF), a facility that will help market participants meet the credit needs of households and small businesses by supporting the issuance of asset-backed securities (ABS) collateralized by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration (SBA). PDF file
- November 24, 2008
- Circular Letters: 08-66 Proposed Interagency Appraisal and Evaluation Guidelines — Request for Comments
- The federal bank, thrift, and credit union regulatory agencies jointly issued for comment proposed Interagency Appraisal and Evaluation Guidelines that reaffirm supervisory expectations for sound real estate appraisal and evaluation practices. PDF file
- November 24, 2008
- Circular Letters: 08-65 Federal Reserve will offer $150 billion in 13–day credit through its Term Auction Facility
- On November 24, 2008, the Federal Reserve will offer $150 billion in 13–day credit through its Term Auction Facility. PDF file
- November 24, 2008
- Circular Letters: 08-64 Semiannual Regulatory Flexibility Agenda
- The Board is issuing this agenda under the Regulatory Flexibility Act and the Board’s Statement of Policy Regarding Expanded Rulemaking Procedures. PDF file
- November 18, 2008
- Circular Letters: 08-63 Results of the November 17, 2008 Term Auction
- On November 17, 2008, the Federal Reserve conducted an auction of $150 billion in 28-day credit through its Term Auction Facility. PDF file
- November 18, 2008
- Circular Letters:08-62 Election of Federal Reserve Bank Directors
- An election is being held to choose one Class A director and one Class B director of this Reserve Bank. PDF file
- November 17, 2008
- Circular Letters: 08-61 Federal Reserve Will Offer $150 Billion in 28-day Credit through its Term Auction Facility
- On November 17, 2008, the Federal Reserve will offer $150 billion in 28-day credit through its Term Auction Facility. PDF file
- November 17, 2008
- Circualr Letters: 08-60 Regulation D—Reserve Requirements–Request for Comment
- The Board is revising its interim final rule amending Regulation D, Reserve Requirements of Depository Institutions, to alter the formula by which earnings on required reserve balances and on excess balances of eligible institutions are calculated. PDF file
- November 12, 2008
- Circular Letters:08-59 Results of the November 10, 2008 Term Auction
- On November 10, 2008, the Federal Reserve conducted an auction of $150 billion in 17-day credit through its Term Auction Facility. PDF file
- November 12, 2008
- Circular Letters: 08-58 Interagency Statement on Meeting the Needs of Creditworthy Borrowers
- The Department of the Treasury, the Federal Deposit Insurance Corporation, and the Federal Reserve have recently put into place several programs designed to promote financial stability and to mitigate procyclical effects of the current market conditions. PDF file
- November 10, 2008
- Circular Letter: 08-57 Federal Reserve Will Offer $150 Billion in 17-day Credit through its Term Auction Facility
- On November 10, 2008, the Federal Reserve will offer $150 billion in 17-day credit through its Term Auction Facility. PDF file
- November 6, 2008
- Circular Letters: 08-56 Regulation A - Extensions of Credit by Federal Reserve Banks - Final Rule
- The Board of Governors of the Federal Reserve System (Board) has adopted final amendments to its Regulation A to reflect the Board's approval of a decrease in the primary credit rate at each Federal Reserve Bank. PDF file
- November 5, 2008
- Circular Letters: 08-55 Federal Reserve Announces that it will Alter Formulas used to Determine Interest Rates paid to Depository Institutions on Required Reserve Balances and Excess Reserve Balances
- The Federal Reserve Board announced today that it will alter the formulas used to determine the interest rates paid to depository institutions on required reserve balances and excess reserve balances. PDF file
- November 4, 2008
- Circular Letters: 08-54 Federal Reserve Board Alerts Public to Instances of Questionable Solicitations Directed at Consumers
- The Federal Reserve Board is alerting the public to instances of questionable solicitations directed at consumers. These solicitations promise consumers access to personal loans through a nonexistent Federal Reserve lending program. PDF file
- November 4, 2008
- Circular Letters: 08-53 Results of the November 3, 2008 Term Auction
- On November 3, 2008, the Federal Reserve conducted an auction of $150 billion in 84-day credit through its Term Auction Facility. PDF file
- November 4, 2008
- Circular Letters: 08-52 Reserve Requirements of Depository Institutions
- The Board is revising its interim final rule amending Regulation D, Reserve Requirements of Depository Institutions, to alter the formula by which earnings on excess reserves of depository institutions are calculated. PDF file
- November 3, 2008
- Circular Letters: 08-51 Federal Reserve will offer $150 billion in 84-day credit through its Term Auction Facility
- On November 3, 2008, the Federal Reserve will offer $150 billion in 84-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility (www.federalreserve.gov/monetarypolicy/taf.htm). PDF file
- November 3, 2008
- Circular Letters: 08-50 Agencies Announce Decision on Impact of Tax Change on Indirect Investment in Fannie Mae and Freddie Mac Preferred Stock
- The federal banking and thrift regulatory agencies announced today they are extending the applicability of their October 24, 2008 Interagency Statement on direct investments to certain indirect investments in Fannie Mae and Freddie Mac preferred stock. PDF file
- October 31, 2008
- Circular Letters: 08-49 Agencies Announce Decision on Regulatory Capital Impact of Emergency Economic Stabilization Act of 2008 on Fannie Mae and Freddie Mac Preferred Stock
- The federal banking and thrift regulatory agencies announced today that they will allow banks, bank holding companies, and thrifts (collectively, "banking organizations") to recognize the effect of the tax change enacted in Section 301 of the Emergency Economic Stabilization Act of 2008 (EESA) in their third quarter 2008 regulatory capital calculations. PDF file
- October 29,2008
- Operating Circular: 08-48 Change in Discount Rate on Primary Credit
- The Board of Governors of the Federal Reserve System has approved a 50 basis point decrease in the discount rate on primary credit to 1.25 percent. PDF file
- October 28, 2008
- Operating Circualr: 08-47 Missing Comments Submitted Through the Federal eRulemaking Portal, Notice of Opportunity to Resubmit Comments
- Because of a software problem at the Federal eRulemaking Portal (http://www.regulations.gov), the Board did not receive certain public comments submitted through that portal. PDF file
- October 27, 2008
- Operating Circular: 08-46 Correction of Citation in Footnote 1 of the Supplementary Information and in the Interim Final Regulation by Revising These Sections - Capital Adequacy Guidelines: Treatment of Perpetual Preferred Stock issued to the United States Treasury Under the Emerg
- The Board published an interim final rule with request for public comment in the Federal Register on October 22, 2008 ( 73 FR 62851), providing that bank holding companies that issue new senior perpetual preferred stock to the U.S Department of Treasury under the capital purchase program announced by the Secretary of the Treasury on October 14, 2008, may include such capital instruments in Tier 1 capital for purposes of the Board's risk-based and leverage capital rules and guidelines for bank holding companies. PDF file
- October 27, 2008
- Operating Circular: 08-45 Minimum Capital Ratios; Capital Adequacy Guidelines; Capital Maintenance; Capital: Treatment of Certain Claims on, or Guaranteed by, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac)
- On September 7, 2008, the U.S. Department of Treasury (Treasury) entered into senior preferred stock purchase agreements (the Agreement or Agreements) with the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), which effectively provide protection to the holders of senior debt, subordinated debt, and mortgage-backed securities (MBS) issued or guaranteed by these entities. In light of the financial support provided under the Agreements, the Office of the Comptroller of the
Currency (OCC), Board of Governors of the Federal Reserve System
(Board), Federal Deposit Insurance Corporation (FDIC), and Office of
Thrift Supervision (OTS) (collectively, the agencies) are proposing to adopt a 10 percent risk weight for claims on, and the portion of claims guaranteed by, Fannie Mae or Freddie Mac. PDF file
- October 24, 2008
- Operating Circular; 08-44 Federal Reserve Releases Concentrated Poverty Report
- The factors that gave rise to high-poverty neighborhoods, and the challenges these communities face, are the focus of a Systemwide Federal Reserve research effort that examines the diverse landscape of concentrated poverty in America. PDF file
- October 24, 2008
- Operating Circular; 08-43 Regulation C Home Mortgage Disclosure - Final rule; official staff interpretation
- The Board is publishing final rules to amend Regulation C (Home Mortgage Disclosure) to revise the rules for reporting price information on higher-priced loans. PDF file
- Operating Circular: 08-42 Federal Reserve Board Will Alter the Formula Used to Determine the Interest Rate Paid to Depository Institutions on Excess Balances
- The Federal Reserve Board announced that it will alter the formula used to determine the interest rate paid to depository institutions on excess balances. PDF file
- Operating Circular: 08-41 Capital Adequacy Guidelines: Treatment of Perpetual Preferred Stock Issued to the United States Treasury Under the Emergency Economic Stabilization Act of 2008 - Interim final rule with request for public comments
- In order to support and facilitate the timely implementation and acceptance of the capital purchase program announced by the U.S. Department of Treasury (Treasury) and promote the stability of banking organizations and the financial system, the Board has adopted this interim final rule (interim final rule or rule). PDF file
- Operating Circular: 08-40 Agencies Encourage Participation in Treasury’s Capital Purchase Program
- The federal banking and thrift regulatory agencies encourage all eligible institutions to use the Treasury Department’s Capital Purchase Program and the Federal Deposit Insurance Corporation’s Temporary Liquidity Guarantee Program. PDF file
- Operating Circular: 08-39 Consolidated Supervision of Bank Holding Companies and the Combined U.S. Operations of Foreign Banking Organizations
- The continuing growth in the size and complexity of many banking organizations exposes these firms to a wide array of potential risks, while at the same time making it more challenging for a single supervisor to have a complete view of firm wide risks and controls. PDF file
- Operating Circular: 08-38 Compliance Risk Management Programs and Oversight at Large Banking Organizations with Complex Compliance Profiles
- In recent years, banking organizations have greatly expanded the scope, complexity, and global nature of their business activities. At the same time, compliance requirements associated with these activities have become more complex. PDF file
- Operating Circular: 08-37 Interagency Examination Procedures for the Identity Theft Red Flags and Other Regulations under the Fair Credit Reporting Act
- This letter establishes the Federal Reserve’s expectations for Federal Reserve-supervised financial institutions and examination staff with respect to the final rules and guidelines regarding identity theft red flags and other regulations under the Fair Credit Reporting Act (FCRA). PDF file
- Operating Circular: 08-36 Additional Details Regarding the Commercial Paper Funding Facility (CPFF)
- The Board authorized the CPFF on October 7, 2008 under Section 13(3) of the Federal Reserve Act to provide a liquidity backstop to U.S. issuers of commercial paper. The CPFF is intended to improve liquidity in short-term funding markets and thereby increase the availability of credit for businesses and households. PDF file
- Operating Circular: 08-35 Joint Statement by Treasury, Federal Reserve and FDIC
- We are taking decisive actions to protect the U.S. economy, to strengthen public confidence in our financial institutions, and to foster the robust functioning of our credit markets. These steps will ensure that the U.S. financial system performs its vital role of providing credit to households and businesses and protecting savings and investments in a manner that promotes strong economic growth in the U.S. and around the world. PDF file
- Operating Circular: 08-34 Access to Liquidity and Funding to Financial Institutions
- In order to provide broad access to liquidity and funding to financial institutions, the Bank of England (BoE), the European Central Bank (ECB), the Federal Reserve, the Bank of Japan, and the Swiss National Bank (SNB) are jointly announcing further measures to improve liquidity in short-term U.S. dollar funding markets. PDF file
- Operating Circular: 08-33 Creation of the Commercial Paper Funding Facility
- The Federal Reserve Board on Tuesday announced the creation of the Commercial Paper Funding Facility (CPFF), a facility that will complement the Federal Reserve’s existing credit facilities to help provide liquidity to term funding markets. PDF file
- Operating Circular: 08-30 Nominations for Election of Federal Reserve Bank Directors
- The terms of two directors of this Bank expire at the end of 2008. Nominations for these positions may be submitted by Group 3 member banks between now and November 14, 2008. PDF file
- Operating Circular: 08-32 Interim final rule; request for public comment - Regulation D - Reserve Requirements
- The Federal Reserve Board on Monday announced that it will begin to pay interest on depository institutions’ required and excess reserve balances. The payment of interest on excess reserve balances will give the Federal Reserve greater scope to use its lending programs to address conditions in credit markets while also maintaining the federal funds rate close to the target established by the Federal Open Market Committee. PDF file
- Operating Circular: 08-31 Change in Discount Rate on Primary Credit
- The Board of Governors of the Federal Reserve System has approved a 50 basis point decrease in the discount rate on primary credit to 1.75 percent. Accordingly, effective October 8, 2008, the Federal Reserve Bank of Cleveland has established the following schedule of rates for eligible borrowers under the Federal Reserve Act, as amended, and Regulation A of the Board of Governors of the Federal Reserve System. PDF file
- Operating Circular: 08-29 Annual Adjustments for Reserve Calculations and Deposit Reporting - Regulation D
- The Federal Reserve Board on Monday announced the annual indexing of the reserve requirement exemption amount and of the low reserve tranche for 2009. These amounts are used in the calculation of reserve requirements of depository institutions. The Board also announced the annual indexing of the nonexempt deposit cutoff level and the reduced reporting limit that will be used to determine deposit reporting panels effective 2009. PDF file
- Operating Circular: 08-28 Federal Reserve and other Central Banks Announce Operations to Address Funding Pressures over Quarter End
- Central banks have been employing coordinated measures designed to address the pressures in global money markets. Most recently, central banks have acted together to inject dollars into the overnight markets. PDF file
- Operating Circular: 08-27 Approval of a Policy Statement on Equity Investments in Banks and Bank Holding Companies
- The Federal Reserve Board on Monday announced the approval of a policy statement on equity investments in banks and bank holding companies. The policy statement provides additional guidance on the Board's position on minority equity investments in banks and bank holding companies that generally do not constitute “control” for purposes of the Bank Holding Company Act. PDF file
- Operating Circular: 08-26 Exemption for Certain Securities Financing Transactions Between a Member Bank and an Affiliate - Interim Final Rule with Request for Public Comment.
- The Federal Reserve Board on Friday approved two interim final rules in connection with its initiative to provide liquidity to markets by extending loans to banking organizations to finance their purchases of high-quality asset-backed commercial paper (ABCP) from money market mutual funds. PDF file
- Operating Circular: 08-25 Regulation B - Equal Credit Opportunity - Final Rule
- The Board is publishing amendments to Regulation B (Equal Credit Opportunity Act) to update the address where questions should be directed concerning creditors for which the Office of Thrift Supervision administers compliance with the regulation. PDF file
- Operating Circular: 08-24 Joint Notice of Proposed Rulemaking (NPR)
- The Federal Reserve Board on Monday requested public comment on an interagency notice of proposed rulemaking (NPR) that would permit a banking organization to reduce the amount of its goodwill deduction from tier 1 capital by any associated deferred tax liability. PDF file
- Operating Circular: 08-23 Federal Banking Agencies Evaluating FASB’s Accounting Proposals
- The federal banking agencies are evaluating the amendments to generally accepted accounting principles proposed today by the Financial Accounting Standards Board (FASB). PDF file
- Operating Circular: 08-22 Several Initiatives announced to provide additional support to Financial Markets, including enhancements to its existing Liquidity Facilities
- “In close collaboration with the Treasury and the Securities and Exchange Commission, we have been in ongoing discussions with market participants, including through the weekend, to identify potential market vulnerabilities in the wake of an unwinding of a major financial institution and to consider appropriate official sector and private sector responses,” said Federal Reserve Board Chairman Ben S. Bernanke. “The steps we are announcing today, along with significant commitments from the private sector, are intended to mitigate the potential risks and disruptions to markets.” PDF file
- Operating Circular: 08-20 Joint Press Release on Fannie Mae and Freddie Mac
- The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision (the Agencies), have been assessing the exposure of banks and thrifts to Fannie Mae and Freddie Mac. PDF file
- Operating Circular: 08-21 2008 Hurricane Season and Supervisory Practices Regarding Affected Banking Organizations
- Hurricane Gustav hit Louisiana on Monday, September 1, 2008, flooding parts of the state's southern coastline near New Orleans. Although a large and powerful storm, Hurricane Gustav did not wreak damage comparable to Hurricane Katrina in August 2005. PDF file
- Operating Circular: 08-18 Truth in Lending – Final rule; staff commentary
- The Board is publishing a final rule amending the staff commentary that interprets the requirements of Regulation Z (Truth in Lending). The Board is required to adjust annually the dollar amount that triggers requirements for certain home mortgage loans bearing fees above a certain amount. PDF file
- Operating Circular: 08-19 Banking Agencies Issue Host State Loan-to-Deposit Ratios
- The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today issued the host state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios update data released on June 12, 2007. PDF file
- Operating Circular: 08-17 Agencies Issue Final Guidance on Supervisory Review Process (Pillar 2) Related to Implementation of Basel II Advanced Approaches Rule
- The federal banking and thrift agencies today issued final guidance outlining the supervisory review process for banking organizations implementing the new advanced capital adequacy framework known as Basel II. The final guidance relating to supervisory review is aimed at helping banking organizations meet certain qualification requirements in the advanced approaches rule, which took effect April 1. PDF file
- Operating Circular: 08-16 Qualification Process for Advanced Approaches Risk-Based Capital Framework Implementation
- The federal banking and thrift agencies issued an interagency statement outlining the qualification process for banking organizations implementing the new advanced capital adequacy framework known as Basel II. PDF file
- Operating Circular: 08-13 Fair Credit Reporting Risk-Based Pricing Regulations; Correction
- Due to a technical error, the second page of Model form H-4 of the Board’s proposal and Model form B-4 of the Commission’s proposal, as published, erroneously included a row entitled “Key factors that adversely affected your credit score.” PDF file
- Operating Circular: 08-14 Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
- The federal bank and thrift regulatory agencies announced the availability of the 2008 list of distressed or underserved nonmetropolitan middle-income geographies where bank revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as “community development.” PDF file
- Operating Circular: 08-15 Federal Financial Regulators Issue Final Illustrations of Consumer Information for Hybrid Adjustable Rate Mortgage Products
- The Agencies are publishing four documents that set forth Illustrations of Consumer Information for Hybrid Adjustable Rate Mortgage Products. PDF file
- Operating Circular: 08-11 Proposed Rules on Risk-Based Pricing Notices
- The Board and the Commission are publishing for comment proposed rules to implement the risk-based pricing provisions in section 311 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), which amends the Fair Credit Reporting Act (FCRA). PDF file
- Operating Circular: 08-12 Regulation AA (Unfair or Deceptive Acts or Practices); Truth in Lending Act (Regulation Z) and the Truth in Savings Act (Regulation DD) – Proposed rule; request for public comment
- The Federal Reserve Board proposed rules to prohibit unfair practices regarding credit cards and overdraft services that would, among other provisions, protect consumers from unexpected increases in the rate charged on pre-existing credit card balances. PDF file
- Operating Circular: 08-10 Change in Discount Rate on Primary Credit
- The Board of Governors of the Federal Reserve System has approved a 25 basis point decrease in the discount rate on primary credit to 2.25 percent. PDF file
- Operating Circular: 08-8 Business Continuity Planning Booklet
- The Federal Financial Institutions Examination Council (FFIEC) today issued updated guidance for examiners, financial institutions, and technology service providers to identify business continuity risks and evaluate controls and risk management practices for effective business continuity planning. PDF file
- Operating Circular: 08-9 Rules Regarding Equal Opportunity
- The Board of Governors of the Federal Reserve System (the Board) has adopted a final rule that amends the section of its Rules Regarding Equal Opportunity (EEO Rules) which governs the employment of persons who are not United States citizens consistent with the Board’s requirements for the security of its information. PDF file
- Operating Circular: 08-7 Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Flood Insurance ? Request for Comment
- The federal bank, thrift, credit union, and Farm Credit System regulatory agencies requested public comment on new and revised interagency questions and answers regarding flood insurance. PDF file
- Operating Circular: 08-6 Change in Discount Rate on Primary Credit
- The Board of Governors of the Federal Reserve System has approved a 75 basis point decrease in the discount rate on primary credit to 2.50 percent. Accordingly, effective March 18, 2008, the Federal Reserve Bank of Cleveland has established the following schedule of rates for eligible borrowers under the Federal Reserve Act, as amended, and Regulation A of the Board of Governors of the Federal Reserve System. PDF file
- Operating Circular: 08-5 Change in Discount Rate on Primary Credit
- The Board of Governors of the Federal Reserve System has approved a 25 basis point decrease in the discount rate on primary credit to 3.25 percent. PDF file
- Operating Circular: 08-4 Statement to Financial Institutions Servicing Residential Mortgages on Reporting Loss Mitigation of Subprime Mortgages
- The Federal Reserve encourages financial institutions that service subprime mortgage loans to report their loss mitigation activities consistent with uniform standards. These financial institutions should consider utilizing the HOPE NOW alliance’s loan modification reporting standards for their serviced loans. PDF file
- Operating Circular: 08-3 Reserve Requirements of Depository Institutions; Issue and Cancellation of Federal Reserve Bank Capital Stock
- The Federal Reserve Board on Thursday requested public comment on proposed changes to Regulation D (Reserve Requirements of Depository Institutions) and Regulation I (Issue and Cancellation of Federal Reserve Bank Stock) to incorporate provisions of the Financial Services Regulatory Relief Act of 2006. PDF file
- Operating Circular: 08-2 Change in Discount Rate on Primary Credit
- The Board of Governors of the Federal Reserve System has approved a 50 basis point decrease in the discount rate on primary credit to 3.50 percent. PDF file
- Operating Circular: 08-1 Change in Discount Rate on Primary Credit
- The Board of Governors of the Federal Reserve System has approved a 75 basis point decrease in the discount rate on primary credit to 4.00 percent. PDF file