Circular Letters

2011

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 2011. Click the appropriate number to view the letter in its entirety.

December 23, 2011
Circular Letter: 11-129 Results of the 2011 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 23, 2011
Circular Letter: 11-128 Federal Reserve Board issues final notice for a two-year phase-in period for most savings and loan holding companies to file Federal Reserve regulatory reports
The Federal Reserve Board on Friday issued a final notice for a two-year phase-in period for most savings and loan holding companies (SLHCs) to file Federal Reserve regulatory reports and an exemption for some SLHCs from initially filing Federal Reserve regulatory reports. Read More
December 22, 2011
Circular Letter: 11-127 Community Reinvestment Act Regulations
The OCC, the Board, and the FDIC (collectively, the agencies) 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. Read More
December 22, 2011
Circular Letter: 11-127 Community Reinvestment Act Regulations
The OCC, the Board, and the FDIC (collectively, the agencies) 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 intermeidate small savings association. Read More
December 21, 2011
Circular Letter: 11-126 SR 11-15 Disposal of Problem Assets through Exchanges
Financial Institutions are increasingly exploring strategies to dispose of or reduce nonperforming assets and other real estate owned (OREO). Read More
December 20, 2011
Circular Letter: 11-125 Federal Reserve Board proposes steps to strengthen regulation and supervision of large bank holding companies and systemically important nonbank financial firms
The Federal Reserve Board on Tuesday proposed steps to strengthen regulation and supervision of large bank holding companies and systemically important nonbank financial firms. Read More
December 19, 2011
Circular Letter: 11-124 Agencies Release Annual CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions
The federal bank regulatory agencies today 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. The annual adjustments are required by the CRA rules. Financial institutions are evaluated under different CRA examinations procedures based upon their asset-size classification. Those meeting the small and intermediate small asset-size threshold are not subjected to the reporting requirements applicable to large banks. Read More
December 16, 2011
Circular Letter: 11-123 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
December 7, 2011
Circular Letter: 11-122 Agencies seek comment on additional revisions to the market risk capital rules
The federal bank regulatory agencies today announced they are seeking comment on a notice of proposed rulemaking (NPR) that would amend an earlier NPR announced in December 2010. The initial NPR proposed modifications to the agencies' market risk capital rules for banking organizations with significant trading activities. Read More
November 22, 2011
Circular Letter: 11-121 Federal Reserve Board issues final rule on annual capital plans, launches 2012 review
The Federal Reserve Board on Tuesday issued a final rule requiring top-tier U.S. bank holding companies with total consolidated assets of $50 billion or more to submit annual capital plans for review. Read More
November 15, 2011
Circular Letter: 11-120 Results of the November 14, 2011 Term Auction
On November 14, 2011, the Federal Reserve conducted an auction of $5 billion in 28-day term deposits through its Term Deposit Facility. Read More
November 9, 2011
Circular Letter: 11-119 Federal Reserve offers $5 billion in 28-day term deposits through its Term Deposit Facility
On Monday, November 14, 2011, the Federal Reserve will offer $5 billion in 28-day term deposits through its Term Deposit Facility. Read More
November 1, 2011
Circular Letter: 11-118 Federal Reserve Board announces that borrowers from four mortgage servers can request and independent review
The Federal Reserve Board on Tuesday announced that borrowers who believe they were financially harmed during the mortgage foreclosure process by four institutions in 2009 and 2010 can now request an independent review and potentially receive compensation. Read More
October 28, 2011
Circular Letter: 11-117 Annual Adjustments for reserve calculations and deposit reporting
The Federal Reserve Board on Wednesday announced the annual indexing of the reserve requirement exemption amount and of the low reserve tranche for 2012. Read More
October 27, 2011
Circular Letter: 11-116 Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Flood Insurance
The OCC, Board, FDIC, FCA, and NCUA (collectively, the Agencies) are finalizing two new questions and answers, one relating to insurable value and one relating to force placement, and withdrawing one question and answer regarding insurable value. Read More
October 26, 2011
Circular Letter: 11-115 Nominations for Election of Federal Reserve Bank Directors
The terms of two directors of this Bank expire at the end of 2011. Nominations for these positions may be submitted by Group 3 member banks between now and November 15, 2011. PDF file
October 26, 2011
Circular Letter: 11-114 SR 11-14 Supervisory Expectations for Risk Management of Agricultural Credit Risk
This supervisory guidance is intended to serve as a reminder to banking organizations and supervisory staff of the key risk factors in agricultural lending and supervisory expectations for a banking organization's risk-management practices. Read More
October 26, 2011
Circular Letter: 11-113 Annual adjustments for reserve calculations and deposit reporting, Regulation D
The Federal Reserve Board on Wednesday announced the annual indexing of the reserve requirement exemption amount and of the low reserve tranche for 2012. Read More
October 17, 2011
Circular Letter: 11-112 Federal Reserve Board announced the approval of a final rule to implement the resolution plan requirement in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The Federal Reserve Board on Monday announced the approval of a final rule to implement the resolution plan requirement in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read More
October 14, 2011
Circular Letter: 11-111 Agencies Release Guidance and Proposed Revisions to Interagency Questions and Answers Regarding Flood Insurance
The federal agencies that supervise banks, thrifts, and credit unions, and the Farm Credit System, today published guidance that updates the Interagency Questions and Answers Regarding Flood Insurance that were most recently published on July 21, 2009 at 74 FR 35914-35947. Read More
October 11, 2011
Circular Letter: 11-110 Federal Reserve Board seeks comment on proposed rules intended to simplify the administration of reserve requirements
The Federal Reserve Board on Tuesday requested comment on proposed rules intended to simplify the administration of reserve requirements and reduce administrative and operational costs for both depository institutions and Reserve Banks. Read More
October 11, 2011
Circular Letter 11-109 Federal Reserve Board seeks comment on proposal to implement "Volcker Rule"
The Federal Reserve Board on Tuesday requested public comment on a proposed regulation implementing the so-called "Volcker Rule" requirements of section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read More
September 26, 2011
Circular Letter: 11-108 Regulation B; Equal Credit Opportunity; Final Rule
The Board is publishing a final rule amending Regulation B (Equal Credit Opportunity). Read More
September 22, 2011
Circular Letter: 11-107 Federal Reserve Board issues a final rule amending Regulation B
The Federal Reserve Board on Tuesday issued a final rule amending Regulation B to provide that motor vehicle dealers are not required to comply with new data collection requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) until the Board issues final regulations to implement the statutory requirements. Read More
September 21, 2011
Circular Letter: 11-106 Availability of Information, Interim Final Rule; request for comment
The Board of Governors of the Federal Reserve System (Board) is publishing an interim final rule with a request for public comment that sets forth regulations for savings and loan holding companies (SLHCs). Read More
September 20, 2011
Circular Letter: 11-105 Results of the September 19, 2011 Term Auction,
On September 19, 2011, the Federal Reserve conducted an auction of $5 billion in 28-day term deposits through its Term Deposit Facility. Read More
September 14, 2011
Circular Letter: 11-104 Federal Reserve offers $5 billion in 28-day term deposits through its Term Deposit Facility
On Monday, September 19, 2011, the Federal Reserve will offer $5 billion in 28-day term deposits through its Term Deposit Facility. Read More
September 2, 2011
Circular Letter: 11-103 Supervised Securities Holding Companies Registration
The Board is issuing a proposed rule to implement section 618 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which permits nonbank companies that own at least one registered securities broker or dealer, and that are required by a foreign regulator or provision of foreign law to be subject to comprehensive consolidated supervision, to register with the Board and subject themselves to supervision by the Board. Read More
August 31, 2011
Circular Letter: 11-102 Federal Reserve seeks comment on proposal outlining procedures for securities holding companies to elect to be supervised by the Federal Reserve
Read More
August 23, 2011
Circular Letter: 11-101 CA 11-7 Funds Availability and Payment of Interest
The purpose of this letter is to provide information about two provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd Frank Act) that became effective on July 21, 2011. The Dodd-Frank Act revised funds availability requirements and removed restrictions on the payment of interest on demand deposit accounts. Read More
August 22, 2011
Circular Letter: 11-100 Revised Examination Procedures for the Servicemembers Civil Relief Act
This letter transmits revised examination procedures for the Servicemembers Civil Relief Act (SCRA). The SCRA provides certain financial protections to service members and, in some cases, their spouses, dependents, and other persons subject to the obligations of service members. These protections include, among other things, restrictions on interest rates contract rescissions, foreclosures, and the exercise of certain insurance policy options. Read More
August 22, 2011
Circular Letter: 11-099 Federal Reserve Board proposes phase-in period for most savings and loan holding companies to file holding company reports
The Federal Reserve Board is proposing a two-year phase-in period for most savings and loan holding companies (SLHCs) to file Federal Reserve regulatory reports with the Board and an exemption for some SLHCs from initially filing Federal Reserve regulatory reports. Read More
August 12, 2011
Circular Letter: 11-098 Federal Reserve Board issued an interim final rule establishing regulations for savings and loan holding companies (SLHCs).
The Federal Reserve Board on Friday issued an interim final rule establishing regulations for savings and loan holding companies (SLHCs). The rule will take effect once it is published in the Federal Register, which is expected soon. Read More
August 3, 2011
Circular Letter: 11-097 Retail Foreign Exchange Transactions (Regulation NN)
The Board of Governors of the Federal Reserve System (Board) is publishing for comment a regulation to permit banking organizations under its supervision to engage in off-exchange transactions in foreign currency with retail customers. Read More
July 28, 2011
Circular Letter 11-096 Federal Reserve Board is seeking comment on a prospoals that sets standards for banking organizations
The Federal Reserve is seeking comment on a proposal that sets standards for banking organizations regulated by the Federal Reserve that engage in certain types of foreign exchange transactions with retail customers. Read More
July 27, 2011
Circular Letter: 11-095 SR 11-13 Guidance Regarding Prior Notices with Respect to Dividend Declarations by Savings Association Subsidiaries of Savings and Loan Holding Companies
Effective July 21, 2011, any savings association that is a subsidiary of a savings and loan holding company (SLHC) must provide notice to the Board at least 30 days before declaring a dividend. Read More
July 27, 2011
Circular Letter: 11-094 SR 11-12 Deregistration Procedures for Certain Savings and Loan Holding Companies
Under the Home Owners? Loan Act (HOLA), a savings and loan holding company (SLHC) includes any company that directly or indirectly controls either a savings association or any other company that is an SLHC. Read More
July 27, 2011
Circular Letter: 11-093 SR 11-11 / CA 11-5 Supervision of Savings and Loan Holding Companies (SLHCs)
Title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act1 (Dodd-Frank Act) transfers to the Board of Governors of the Federal Reserve System (Board) the supervisory functions of the Office of Thrift Supervision (OTS) related to SLHCs and their nondepository subsidiaries beginning on July 21, 2011. Read More
July 26, 2011
Circular Letter: 11-092 Federal Reserve announces results of $5 billion in 28-day term deposits held on July 25, 2011
On July 25, 2011, the Federal Reserve conducted an auction of $5 billion in 28-day term deposits through its Term Deposit Facility. Read More
July 22, 2011
Circular Letter: 11-091 Continued Application of Regulations to Savings and Loan Holding Companies
The Board of Governors of the Federal Reserve System (Board) is issuing this notice of its intention to continue to enforce certain regulations previously issued by the Office of Thrift Supervision (OTS) after assuming supervisory responsibility for savings and loan holding companies (SLHCs) and their non-depository subsidiaries from the OTS in July 2011. Read More
July 21, 2011
Circular Letter: 11-090 Federal Reserve seeks comment on notice outlining regulations previously issued by the Office of Thrift Supervision
The Federal Reserve Board is seeking comment on a notice that outlines the regulations previously issued by the Office of Thrift Supervision (OTS) that the Federal Reserve will continue to enforce after assuming supervisory responsibility for savings and loan holding companies (SLHCs). Read More
July 20, 2011
Circular Letter: 11-089 Regulation Z - Truth in Lending
The Board is publishing final revisions to the official staff commentary to Regulation Z, which implements the Truth in Lending Act (TILA). Read More
July 20, 2011
Circular Letter: 11-088 Regulation II - Debit Card Interchange Fees and Routing
The Board is publishing a final rule, Regulation II, Debit Card Interchange Fees and Routing. Read More
July 20, 2011
Circular Letter: 11-087 Regulation II - Debit Card Interchange Fees and Routing
The Board is adopting an interim final rule and requesting comment on provisions in Regulation II (Debit Card Interchange Fees and Routing) adopted in accordance with Section 920(a)(5) of the Electronic Fund Transfer Act, which governs adjustments to debit interchange transaction fees for fraud-prevention costs. Read More
July 20, 2011
Circular Letter: 11-086 Federal Reserve offers $5 billion in 28-day term deposits through its Term Deposit Facility
On Monday, July 25, 2011, the Federal Reserve will offer $5 billion in 28-day term deposits through its Term Deposit Facility. Read More
July 18, 2011
Circular Letter: 11-085 Regulations D, Q, and DD, Prohibition Against Payment of Interest on Demand Deposits
The Board is publishing a final rule repealing Regulation Q, Prohibition Against Payment of Interest on Demand Deposits, effective July 21, 2011. Read More
July 15, 2011
Circular Letter: 11-084 Regulation V - Fair Credit Reporting Risk-Based Pricing Regulations
On January 15, 2010, the Board and the Commission published final rules to implement the risk-based pricing provisions in section 311 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), which amended the Fair Credit Reporting Act (FCRA). Read More
July 15, 2011
Circular Letter: 11-083 Regulation B, Equal Credit Opportunity
Section 701 of the Equal Credit Opportunity Act (ECOA)requires a creditor to notify a credit applicant when it has taken adverse action agains the applicant. Read More
July 14, 2011
Circular Letter: 11-082 Federal Reserve issues final rule to repeal Regulation Q, which prohibited the payment of interest on demand deposits
The Federal Reserve Board on Thursday announced the approval of a final rule to repeal its Regulation Q, which prohibits the payment of interest on demand deposits by institutions that are member banks of the Federal Reserve System. Read More
July 12, 2011
Circular Letter: 11-081 Federal Reserve releases lists of institutions subject to and exempt from, the debit card interchange fee standards
The Federal Reserve Board on Tuesday published lists of institutions that are subject to, and exempt from, the debit card interchange fee standards in Regulation II, which implements provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read More
July 8, 2011
Circular Letter: 11-80 SR 11-10 Interagency Counterparty Credit Risk Management Guidance
The federal banking agencies are issuing the attached Interagency Supervisory Guidance on Counterparty Credit Risk Management. Read More
July 7, 2011
Circular Letter: 11-079 Federal Reserve Releases a Report on College Credit Card Agreements
The Federal Reserve Board on Thursday released a report that contains 2010 payment and account information about more than 1,000 agreements between institutions of higher education or affiliated organizations and credit card issuers. Read More
July 6, 2011
Circular Letter: 11-078 Federal Reserve and FTC Issue Final Rules to Implement the Credit Score Disclosure Requirements of the Dodd-Frank Act
The Federal Reserve Board (Board) and the Federal Trade Commission (FTC) on Wednesday issued final rules to implement the credit score disclosure requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read More
July 1, 2011
Circular Letter: 11-077 SR 11-9 Interagency Supplement to Authentication in an Internet Banking Environment
The Federal Reserve Board, together with the other members of the Federal Financial Institution Examination Council (FFIEC) (collectively, the agencies) have issued the attached guidance titled "Supplement to Authentication in an Internet Banking Environment" (Supplement), which supplements the similarly titled guidance issued by the FFIEC in 2005. Read More
June 30, 2011
Circular Letter: 11-076 SR 11-8 Supervisory Guidance on Implementation Issues Related to the Advanced Measurement Approaches for Operational Risk
The Board of Governors of the Federal Reserve System and the other federal banking agencies are issuing the attached Interagency Guidance on the Advanced Measurement Approaches for Operational Risk to address and provide clarity on implementation issues related to the advanced measurement approaches (AMA) in the agencies' advanced capital adequacy framework (advanced approaches rule). Read More
June 30, 2011
Circular Letter: 11-075 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 24, 2010. Read More
June 29, 2011
Circular Letter: 11-074 Federal Reserve issues a final rule establishing standards for debit card interchange fees and prohibiting network exclusivity arrangements and routing restrictions
The Federal Reserve Board on Wednesday issued a final rule establishing standards for debit card interchange fees and prohibiting network exclusivity arrangements and routing restrictions. This rule, Regulation II (Debit Card Interchange Fees and Routing), is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read More
June 28, 2011
Circular Letter: 11-073 Risk-Based Capital Standards: Advanced Capital Adequacy Framework-Basel II; Establishment of a Risk-Based Capital Floor
The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) are amending the advanced risk-based capital adequacy standards (advanced approaches rules) in a manner that is consistent with certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act), and the general risk-based capital rules to provide limited flexibility consistent with section 171(b) of the Act for recognizing the relative risk of certain assets generally not held by depository institutions. Read More
June 24, 2011
Circular Letter: 11-072 Margin and Capital Requirements for Covered Swap Entities
On May 11, 2011, the OCC, Board, FDIC, FCA, and FHFA (collectively, the Agencies) published in the Federal Register a joint notice of proposed rulemaking for public comment to establish minimum margin and capital requirements for registered swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants for which one of the Agencies is the prudential regulator (the proposed rule). Read More
June 23, 2011
Circular Letter: 11-071 Agencies extend comment period on swap margin and capital proposed rulemaking
Five federal agencies have approved and will submit a Federal Register notice that extends the comment period on a proposed rule to establish margin and capital requirements for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The comment period was extended to July 11, 2011, to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by June 24, 2011. Read More
June 23, 2011
Circular Letter: 11-070 Regulation B, Equal Credit Opportunity, Proposed rule; request for public comment
The Board is publishing for public comment a proposed rule amending Regulation B (Equal Credit Opportunity). Read More
June 20, 2011
Circular Letter: 11-069 Federal Reserve proposes rules under Regulation B to clarify data collection compliance requirements for motor vehicle dealers
The Federal Reserve Board on Monday issued a proposed rule under Regulation B to clarify that motor vehicle dealers temporarily are not required to comply with certain data collection requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) until the Board issues final regulations to implement the statutory requirements. The Board believes that implementing rules are needed to ensure data are collected and reported in a consistent and standardized way. Read More
June 17, 2011
Circular Letter: 11-068 Regulation Y, Capital Plans
The Board is proposing amendments to Regulation Y to require large bank holding companies to submit capital plans to the Federal Reserve on an annual basis and to require prior notice to the Federal Reserve under certain circumstances before making a capital distribution. Read More
June 15, 2011
Circular Letter: 11-067 Proposed Joint Guidance with Request for Public Comment
The OCC, Board, and the FDIC (collectively, the "agencies") request comment on proposed guidance on stress testing (proposed guidance). Read More
June 14, 2011
Circular Letter: 11-066 Agencies adopt final rule to establish a risk-based capital floor
Three federal banking regulatory agencies adopted a final rule that establishes a floor for the risk-based capital requirements applicable to the largest, internationally active banking organizations. The rule, finalized by the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, is consistent with the requirements of Section 171 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read More
June 13, 2011
Circular Letter: 11-065 Annual adjustment of dollar threshold for exempt consumer credit and lease transactions
The Federal Reserve Board on Monday adjusted Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) by increasing the dollar threshold for exempt consumer credit and lease transactions. Transactions at or below the threshold are subject to the protections of the regulations. These adjustments reflect the annual percentage increase in the consumer price index that was in effect as of June 1, 2011. These annual adjustments are required by statute and will take effect on January 1, 2012. Read More
June 13, 2011
Circular Letter: 11-064 Annual adjustment of fee-based trigger for additional mortgage loan disclosures
The Federal Reserve Boarde on Monday published its annual adjustment to the amount of fees that triggers additional disclosure requirements under the Truth in Lending Act and the Home Ownership and Equity Protection Act of 1994 for home mortgage loans that bear rates or fees above a certain amount. Read More
June 13, 2011
Circular Letter: 11-063 Federal Reserve announces adoption of interim final rule pertaining to small bank holding companies
The Federal Reserve Board on Monday announced the adoption of an interim final rule that allows small bank holding companies that are S-Corps or that are organized in mutual form to exclude subordinated debt issued to Treasury under the Small Business Lending Fund (SBLF) from treatment as "debt" for purposes of the debt-to-equity standard under the Board's Small Bank Holding Company Policy Statement. Read More
June 10, 2011
Circular Letter: 11-062 Credit Risk Retention
On April 29, 2011, the OCC, Board, FDIC, Commission, FHFA and HUD (collectively, the "Agencies") published in the Federal Register a joint notice of proposed rulemaking for public comment to implement the credit risk retention requirements of secction 15G of the Securities Exchange Act of 1934, as added by the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Credit Risk NPR" or proposed rule"). Read More
June 10, 2011
Circular Letter: 11-061 Federal Reserve seeks comment on annual capital plan reviews
The Federal Reserve Board is seeking comment on a proposal to require top-tier U.S. bank holding companies with total consolidated assets of $50 billion or greater to submit annual capital plans for review. Read More
June 9, 2011
Circular Letter: 11-060 Agencies Seek Comment on Stress Testing Guidance
The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation are seeking comment on proposed supervisory guidance regarding stress-testing practices at banking organizations with total consolidated assets of more than $10 billion. Read More
June 7, 2011
Circular Letter: 11-059 Agencies Extend Comment Period on Risk Retention Proposed Rulemaking
Six federal agencies have approved and will submit a Federal Register notice that extends the comment period on the proposed rules to implement the credit risk retention requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read More
June 1, 2011
Circular Letter: 11-058 Federal Reserve announces results of auction of $5 billion in 28-day term deposits held on May 31, 2011
On May 31, 2011, the Federal Reserve conducted an auction of $5 billion in 28-day term deposits through its Term Deposit Facility. Read More
June 1, 2011
Circular Letter: 11-057 Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
The federal bank and thrift regulatory agencies today announced the availability of the 2011 list of distressed or underserved nonmetropolitan middle-income geographies where revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as "community development." Read More
June 1, 2011
Circular Letter: 11-056 Regulation B, Equal Credit Opportunity
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 Federal Deposit Insurance Corporation administers compliance with the regulation. Read More
May 31, 2011
Circular Letter: 11-055 Regulation Z, Truth in Lending: Correction
This document corrects certain typographical errors in the regulation and the staff commentary of the final rule published in the Federal Register of April 25, 2011. Read More
May 25, 2011
Circular Letter: 11-054 Federal Reserve offers $5 billion in 28-day term deposits through its Term Deposit Facility
On Tuesday, May 31, 2011 the Federal Reserve will offer $5 billion in 28-day term deposits through its Term Deposit Facility. As noted in the Federal Reserve Board's September 8, 2010 release, this offering is part of ongoing small-value operations designed to provide eligible institutions with an opportunity to become familiar with term deposit operations. Read More
May 25, 2011
Circular Letter: 11-053 Results of the 2011 Special Election of Federal Reserve Bank Class B Director
Group 1 member banks in the Fourth Federal Reserve District have elected one member to the Federal Reserve Bank of Cleveland's Board of Directors. PDF file
May 21, 2011
Circular Letter: 11-052 Regulation E, Electronic Fund Transfers - Proposed rule; request for comment
The Board is proposing to amend Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation, which interprets the requirements of Regulation E. Read More
May 12, 2011
Circular Letter: 11-051 Federal Reserve Proposes Rule Under Regulation E to Create New Consumer Protections for Remittance Transfers
The Federal Reserve Board on Thursday requested public comment on a proposed rule that would create new protections for consumers who send remittance transfers to recipients located in a foreign country. Read More
May 11, 2011
Circular Letter: 11-050 Regulation Z: Truth in Lending - Proposed rule; request for comment
The Board is publishing for public comment a proposed rule amending Regulation Z (Truth in Lending)to implement amendments to the Truth in Lending Act (TILA) made by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act or Act). Read More
May 11, 2011
Circular Letter: 11-049 Margin and Capital Requirements for Covered Swap Entities
The OCC, Board, FDIC, FCA, and FHFA (collectively, the Agencies)are requesting comment on a proposal to establish minimum margin and capital requirements for registered swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants for which one of the Agencies is the prudential regulator. Read More
May 6, 2011
Circular Letter: 11-048 Election of Federal Reserve Bank Director
A special election is being held to choose one Class B director of this Reserve Bank. PDF file
April 29, 2011
Circular Letter: 11-047 Credit Risk Retention
The OCC, Board, FDIC, Commission, FHFA, and HUD (the Agencies) are proposing rules to implement the credit risk retention requirements of section 15G of the Securities Exchange Act of 1934 (15 U.S.C. 780-11), as added by section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read More
April 25, 2011
Circular Letter: 11-046 Regulation Z - Truth in Lending - Final Rule
On February 22, 2010 and June 29, 2010, the Board published in the Federal Register final rules amending Regulation Z's provisions that apply to open-end (not home-secured) credit plans, in each case in order to implement provisions of the Credit Card Accountability Responsibility and Dislcosure Act of 2009. Read More
April 22, 2011
Circular Letter: 11-045 Notice of intent to Apply Certain Supervisory Guidance to Savings
The Board of Governors of the Federal Reserve System (Board) invites comment on its intention to apply certain elements of its consolidated supervisory program currently applicable to bank holding companies to savings and loan holding companies (SLHCs) after assuming supervisory responsibility for SLHCs in July 2011. Read More
April 22, 2011
Circular Letter: 11-044 Resolution Plans and Credit Exposure Reports Required
The Board and the Corporation request comment on this proposed rule that implements the requirements in section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") regarding resolution plans and credit exposure reports. Read More
April 21, 2011
Circular Letter: 11-043 Federal Reserve invites comment on two bankruptcy-related studies that it will conduct
The Federal Reserve Board on Thursday issued a request for public information and comment on two bankruptcy-related studies that it is required to conduct under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read More
April 19, 2011
Circular Letter: 11-042 Federal Reserve proposes rule under Regulation Z pertaining to a consumer''s ability to repay a mortgage and minimum mortgage underwriting standards
The Federal Reserve Board on Tuesday requested public comment on a proposed rule under Regulation Z that would require creditors to determine a consumer's ability to repay a mortgage before making the loan and would establish minimum mortgage underwriting standards. Read More
April 15, 2011
Circular Letter: 11-041 Federal Reserve seeks comments on outline of how it intends to apply certain parts of its current consolidated supervisory program for bank holding companies to savings and loan holding companies
The Federal Reserve Board is seeking comment on a notice that outlines how it intends to apply certain parts of its current consolidated supervisory program for bank holding companies to savings and loan holding companies (SLHCs) after assuming supervisory responsibility for SLHCs. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, supervisory and rule-writing authority for SLHCs and their non-depository subsidiaries will transfer from the Office of Thrift Supervision (OTS) to the Board on July 21, 2011. Read More
April 14, 2011
Circular Letter: 11-040 Prohibition Against Payment of Interest on Demand Deposits
The Board is requesting public comment on proposed amendments that would repeal Regulation Q, Prohibition Against Payment of Interest on Demand Deposits, effective July 21, 2011. Read More
April 14, 2011
Circular Letter: 11-039 Incentive-Based Compensation Arrangements
The OCC, Board, FDIC, OTS, NCUA, SEC, and FHFA (the Agencies) are proposing rules to implement section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read More
April 12, 2011
Circular Letter: 11-038 Agencies seek comment on resolution plan reporting
Large, systemically significant bank holding companies and nonbank financial companies would be required to submit annual resolution plans and quarterly credit exposure reports under a rule proposed by the Federal Reserve Board and the Federal Deposit Insurance Corporation. Read More
April 12, 2011
Circular Letter: 11-037 Agencies seek comment on swap margin and capital requirements
Five federal agencies are seeking comment on a proposed rule to establish margin and capital requirements for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read More
April 6, 2011
Circular Letter: 11-036 Federal Reserve seeks comment on proposed rule to repeal Regulation Q, which prohibits the payment of interest on demand deposits
The Federal Reserve Board on Wednesday requested comment on a proposed rule to repeal the Board's Regulation Q, which prohibits the payment of interest on demand deposits by institutions that are member banks of the Federal Reserve System. Read More
April 5, 2011
Circular Letter: 11-035 Nominations for Special Election of Federal Reserve Bank Class B Director
Paul Poston, who was elected a Federal Reserve Bank of Cleveland Class B director in 2010, passed away before beginning his three-year term. Therefore, a new Class B director must be selected. PDF file
April 5, 2011
Circular Letter: 11-034 Results of the April 4, 2011 Auction
On April 4, 2011, the Federal Reserve conducted an auction of $5 billion in 28-day term deposits through its Term Deposit Facility. Read More
April 4, 2011
Circular Letter: 11-033 Regulation HH - Financial Market Utilities; Notice of proposed rulemaking
Under section 805(a)(1)(A) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), the Board of Governors of the Federal Reserve System (the "Board") is required to promulgate risk-management standards governing the operations related to the payment, clearing, and settlement activities of certain financial market utilities ("FMUs") that are designated as systemically important by the Financial Stability Oversight Council (the "Council"). Read More
April 4, 2011
Circular Letter: 11-032 Regulation Z - Truth in Lending - Final rule
Effective July 21, 2011, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amends the Truth in Lending Act (TILA)by increasing the threshold for exempt consumer credit transactions from $25,000 to $50,000. Read More
April 4, 2011
Circular Letter: 11-031 Regulation M, Consumer Leasing, Final Rule
Effective July 21, 2011, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amends the Consumer Leasing Act (CLA) by increasing the threshold for exempt consumer leases from $25,000 to $50,000. Read More
March 31, 2011
Circular Letter: 11-030 Agencies seek comment on risk retention proposal
Six federal agencies are seeking comment on a proposed rule that would require sponsors of asset-backed securities (ABS) to retain at least 5 percent of the credit risk of the assets underlying the securities and would not permit sponsors to transfer or hedge that credit risk. Read More
March 30, 2011
Circular Letter: 11-029 Agencies seek comment on proposed rule on incentive compensation
Federal financial regulatory agencies request comment on a joint proposed rule to ensure that regulated financial institutions design their incentive compensation arrangements to take account of risk. Read More
March 30, 2011
Circular Letter: 11-028 Federal Reserve offers $5 billion in 28-day term deposits through its Term Deposit Facility
On Monday, April 4, 2011, the Federal Reserve will offer $5 billion in 28-day term deposits through its Term Deposit Facility. Read More
March 30, 2011
Circular Letter: 11-027 Federal Reserve seeks comment on proposed rule related to supervision of designated financial market utilities
The Federal Reserve Board on Wednesday requested comment on a proposed rule that implements two provisions of Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act related to the supervision of financial market utilities (FMUs) designated as systemically important by the Financial Stability Oversight Council. Read More
March 29, 2011
Circular Letter: 11-026 Federal Reserve proposes rule requiring sponsors of asset-backed securities to retain at least five percent of the credit risk of the assets underlying the securities
The Federal Reserve Board on Tuesday proposed a rule that would require sponsors of asset-backed securities (ABS) to retain at least 5 percent of the credit risk of the assets underlying the securities. Read More
March 28, 2011
Circular Letter: 11-025 Agencies announce consideration of risk retention notice of proposed rulemaking
The staffs of the Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation, the U.S. Securities and Exchange Commission, the Federal Housing Finance Agency, and the Department of Housing and Urban Development (together, the agencies) announced that the agencies this week are considering for approval a notice of proposed rulemaking that addresses section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read More
March 25, 2011
Circular Letter: 11-024 Federal Reserve expands consumer protection regulations for credit transactions and leases of higher dollar amounts
The Federal Reserve Board on Friday adopted two rules that would expand the coverage of consumer protection regulations to credit transactions and leases of higher dollar amounts. Read More
March 24, 2011
Circular Letter: 11-023 SR 11-6 Guidance on Accepting Accounts from Foreign Embassies, Consulates and Missions
An Interagency Advisory has been issued to supplement SR letter 04-10, "Banking Accounts for Foreign Governments, Embassies, and Political Figures." The supplemental advisory provides information to financial institutions regarding the provision of account services to foreign missions in a manner that fulfills the needs of those foreign governments while complying with the provisions of the Bank Secrecy Act (BSA). Read More
March 18, 2011
Circular Letter: 11-022 Federal Reserve issues clarifications to Regulation Z provisions that apply to open-end credit plans including credit cards
The Federal Reserve Board on Friday approved a rule amending Regulation Z (Truth in Lending) to clarify aspects of prior Board rules implementing the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act). This rule is intended to enhance protections for consumers who use credit cards and to resolve areas of uncertainty so that card issuers fully understand their compliance obligations. Read More
March 18, 2011
Circular Letter: 11-021 Federal Reserve Completes Comprehensive Capital Analysis and Review
The Federal Reserve on Friday announced it has completed the Comprehensive Capital Analysis and Review (CCAR), its cross-institution study of the capital plans of the 19 largest U.S. bank holding companies. Read More
March 3, 2011
Circular Letter: 11-020 SR 11-5 Spanish Translation of the FFIEC BSA/AML Examination Manual
The Federal Reserve, together with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (collectively, the Agencies), have issued a Spanish-language translation of the Federal Financial Institutions Examination Council's (FFIEC) Bank Secrecy Act/Anti-Money Laundering Examination Manual (manual). Read More
March 2, 2011
Circular Letter: 11-019 Regulation Z - Truth in Lending - Proposed rule; request for comment
The Board is publishing for public comment a proposed rule that would amend Regulation Z (Truth in Lending) to implement certain amendments to the Truth in Lending Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read More
March 2, 2011
Circular Letter: 11-018 Regulation Z - Truth in Lending - Final rule; official staff commentary
The Board is publishing a final rule to amend Regulation Z, which implements the Truth in Lending Act (TILA). Read More
March 1, 2011
Circular Letter: 11-017 Federal Reserve seeks comment on proposed rules on risk-based pricing notices and adverse action notices
The Federal Reserve Board and the Federal Trade Commission (FTC) on Tuesday proposed regulations regarding the credit score disclosure requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read More
February 23, 2011
Circular Letter: 11-016 Federal Reserve issues final rule and seeks comment on proposed revisions to escrow account requirements for home mortgage loans
The Federal Reserve Board on Wednesday issued a final rule and requested public comment on a second rule under Regulation Z to revise the escrow account requirements for certain home mortgage loans. Read More
February 17, 2011
Circular Letter: 11-015 Board begins survey of finance companies
The Federal Reserve System in February will conduct its Survey of Finance Companies as part of an effort to paint a complete and continuing picture of the sector in the aftermath of the financial crisis. Read More
February 14, 2011
Circular Letter: 11-014 Regulation Y Conformance Period for Entities Engaged in Prohibited Proprietary Trading or Private Equity Fund or Hedge Fund Activities
The Board is adopting a final rule to implement the conformance period during which banking entities and nonbank financial companies supervised by the Board must bring their activities and investments into compliance with the prohibitions and restrictions on proprietary trading Read More
February 11, 2011
Circular Letter: 11-013 Regulation Y - Definitions of "Predominantly Engaged in Financial Activities" and "Significant" Nonbank Financial Company and Bank Holding Company
The Board is publishing for comment proposed amendments to Regulation Y that establish the criteria for determining whether a company is "predominantly engaged in financial activities" and define the terms "significant nonbank financial company" and "significant bank holding company" Read More
February 9, 2011
Circular Letter: 11-012 Federal Reserve issues final rule to implement Volcker Rule conformance period
The Federal Reserve Board on Wednesday announced its approval of a final rule to implement the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that give banking firms a period of time to conform their activities and investments to the prohibitions and restrictions of the so-called Volcker Rule. Read More
February 8, 2011
Circular Letter: 11-011 Notice of Intent to Require Reporting Forms for Savings and Loan Holding Companies
The Board of Governors of the Federal Reserve System (Board) is providing notice of its intention to require savings and loan holding companies (SLHCs) to submit the same reports as bank holding companies (BHCs), beginning with the March 31, 2012 reporting period. Read More
February 8, 2011
Circular Letter: 11-010 Federal Reserve announces results of $5 billion in 28-day term deposits held on February 7, 2011
On February 7, 2011, the Federal Reserve conducted an auction of $5 billion in 28-day term deposits through its Term Deposit Facility. Following are the results of the auction: Read More
February 8, 2011
Circular Letter: 11-009 Federal Reserve issues proposals related to designation of systemically important nonbank financial companies
The Federal Reserve Board on Tuesday requested comment on a proposed rule that implements two provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act related to the designation by the Financial Stability Oversight Council of systemically important nonbank financial companies for consolidated supervision by the Board. Read More
February 7, 2011
Circular Letter: 11-008 Federal Reserve offers $5 billion in 28-day term deposits through its Term Deposit Facility
On Monday, February 7, 2011 the Federal Reserve will offer $5 billion in 28-day term deposits through its Term Deposit Facility. Read More
February 3, 2011
Circular Letter: 11-007 Agencies Propose changes in Reporting Requirements for OTS-Regulated Savings Associations and Savings and Loan Holding Companies
The federal bank and thrift regulatory agencies announced proposed changes today to reporting requirements for savings associations and savings and loan holding companies regulated by the Office of Thrift Supervision (OTS). Read More
February 3, 2011
Circular Letter: 11-006 Registration of Mortgage Loan Originators
The OCC, Board, FDIC, OTS, FCA, and NCUA (collectively, the Agencies) are issuing a notice announcing that the initial registration period for Federal regulations required by the Secure and Fair Enforcement for Mortgage Licensing Act (the S.A.F.E. Act) and the Agencies' implementing rules issued July 28, 2010, will run from January 31, 2011 through July 29, 2011. Read More
February 1, 2011
Circular Letter: 11-005 Federal Reserve does not plan to proceed with finalizing three pending mortgage rulemakings under Regulation Z
The Federal Reserve Board on Tuesday announced that it does not expect to finalize three pending rulemakings under Regulation Z, which implements the Truth in Lending Act (TILA), prior to the transfer of authority for such rulemakings to the Consumer Financial Protection Bureau (CFPB). Read More
January 25, 2011
Circular Letter: 11-004 SR 11-1 Impact of High-Cost Credit Protection Transactions on the Assessment of Capital Adequacy
This letter provides direction to supervisory and banking organization staff on the potential impact of high-cost credit protection transactions on their assessment of banking organization's overall capital adequacy. Read More
January 18, 2011
Circular Letter: 11-003 Federal Reserve sets up diversity and inclusion offices
The Federal Reserve on Tuesday announced the establishment of offices to promote diversity and inclusion at the Federal Reserve Board and at all 12 of the Federal Reserve Banks. Read More
January 12, 2011
Circular Letter: 11-002 Federal Reserve announces online publication on rules about credit decisions and notices
Lenders often consider a consumer's credit history or credit score when deciding whether, and at what cost, to extend credit. A new online Federal Reserve publication helps consumers better understand new notices they may receive from lenders when credit reports or credit scores affect a decision to grant credit. Read More
January 11, 2011
Circular Letter: 11-001 Regulation H and Y - Risk Based Capital Guidelines: Market Risk
The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and Federal Deposit Insurance Corporation (FDIC), are requesting comment on a proposal to revise their market risk capital rules Read More

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Circular Letters

Circular Letters

2011