Circular Letters

2012

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 2012. Click the appropriate number to view the letter in its entirety.

December 19, 2012
Circular Letter: 12-112 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. Read More
December 17, 2012
Circular Letter: 12-111 SR 12-17/CA 12-14 Consoildated Supervision Framework for Large Financial Institutions
The Federal Reserve Board on Monday issued a Supervision and Regulation letter summarizing changes made in recent years to its program for consolidated supervision of large financial institutions. Read More
December 14, 2012
Circular Letter: 12-110 Federal Reserve Board releases proposed rules to strengthen the oversight of U.S. operations of foreign banks
The Federal Reserve Board on Friday proposed rules to strengthen the oversight of U.S. operations of foreign banks. Read More
December 13, 2012
Circular Letter: 12-109 Federal Reserve and other central banks announce an extension of the existing temporary U.S. dollar liquidity swap arrangements through February 1, 2014
The Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing an extension of the existing temporary U.S. dollar liquidity swap arrangements through February 1, 2014. Read More
December 3, 2012
Circular Letter: 12-108 Federal Reserve Board announces appointment of the chairs and deputy chairs of the Federal Reserve Banks for 2013
The Federal Reserve Board on Monday announced the designation of the chairs and deputy chairs of the Federal Reserve Banks for 2013. Read More
November 29, 2012
Circular Letter: 12-107 FinCen, Federal Reserve seek comments on Bank Secrecy Act definitions
The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, and the Federal Reserve Board are seeking comments on a proposal to amend the definitions of funds transfer and transmittal of funds under the regulations implementing the Bank Secrecy Act. Read More
November 29, 2012
Circular Letter: 12-106 Results of the 2012 Election of Federal Reserve Bank Directors
Group 2 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
November 27, 2012
Circular Letter: 12-105 Federal Reserve announces college Fed Challenge winners
Northwestern University won the ninth annual national finals of the College Fed Challenge on Tuesday, a competition that encourages students to learn about the U.S. economy, monetary policymaking, and the role of the Federal Reserve System. Read More
November 23, 2012
Circular Letter: 12-104 Policy Statement on the Scenario Design Framework for Stress Testing
The Board is 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 pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act or Act) and the Board's capital plan rule. Read More
November 21, 2012
Circular Letter: 12-103 Truth in Lending Regulation Z
The Board and the Bureau are publishing final rules amending the official interpretations and commentary for the agencies' regulations that implement the Truth in Lending Act (TILA). Read More
November 21, 2012
Circular Letter: 12-102 Consumer Leasing Regulation M
The Board and the Bureau are publishing final rules amending the official interpretations and commentary for the agencies' regulations that implement the Consumer Leasing Act (CLA). Read More
November 20, 2012
Circular Letter: 12-101 SR 12-15 Investing in Securities without Reliance on Nationally Recognized Statistical Rating Organization Ratings
The Federal Reserve is issuing this letter to advise state member banks that effective January 1, 2013, they may no longer rely solely on credit ratings issued by nationally recognized statistical rating organizations (external credit ratings) to determine whether a particular security is an investment security that is permissible for investment by a state member bank. Read More
November 20, 2012
Circular Letter: 12-100 Agencies announce increases in dollar thresholds in regulations Z and M for exempt consumer credit and lease transactions
The Federal Reserve Board (Board) and the Consumer Financial Protection Bureau (CFPB) today announced increases in the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for exempt consumer credit and lease transactions. Read More
November 16, 2012
Circular Letter: 12-099 Rules of Practice for Hearings
The Board of Governors of the Federal Reserve System (the Board) is amending its rules of practice and procedure to adjust the amount of each civil money penalty (CMP) provided by law within its jurisdiction to account for inflation. Read More
November 15, 2012
Circular Letter: 12-098 Federal Reserve Board releases economic and financial market scenarios that will be used in next round of stress tests for large financial institutions
The Federal Reserve Board on Thursday released the economic and financial market scenarios that will be used in the next round of stress tests for large financial institutions. Read More
November 14, 2012
Circular Letter: 12-097 Agencies Issue Supplemental Statement on Supervisory Practices Regarding Financial Institutions and Borrowers Affected by Hurricane Sandy
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (the agencies) recognize the continuing impact of Hurricane Sandy on the customers and operations of many financial institutions and encourage institutions to consider all reasonable and prudent steps to assist customers in communities affected by recent storms. Read More
November 13, 2012
Circular Letter: 12-096 Advertising reminds eligible borrowers of deadline to request Independent Foreclosure Review
Advertising and other outreach efforts are kicking off around the country to remind eligible borrowers of the December 31 deadline to request a free, impartial review through the Independent Foreclosure Review. Read More
November 9, 2012
Circular Letter: 12-095 Federal Reserve Board launches 2013 capital planning and stress testing program
The Federal Reserve Board on Friday launched the 2013 capital planning and stress testing program, issuing instructions to firms with timelines for submissions and general guidelines. Read More
November 9, 2012
Circular Letter: 12-094 Agencies provide guidance on capital rulemakings
The U.S. federal banking agencies issued three notices of proposed rulemaking in June that would revise and replace the current regulatory capital rules. Read More
November 5, 2012
Circular Letter: 12-093 Reserve Requirements of Depository Institutions: Reserve Simplification
The Board is delaying the effective date for implementation of certain provisions of its final rule amending the Board's Regulation D (Reserve Requirements of Depository Institutions) published in the Federal Register on April 12, 2012. Read More
November 5, 2012
Circular Letter: 12-092 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. Group 2 banks are eligible to vote in the Fourth District election this year. PDF file
November 5, 2012
Circular Letter: 12-091 Federal Reserve announces results of auction of $3 billion in 28-day term deposits held on November 5, 2012
On November 5, 2012, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility. Read More
November 1, 2012
Circular Letter: 12-090 The October 2012 Senior Loan Officer Opinion Survey on Bank Lending Practices
The October 2012 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. Read More
October 31, 2012
Circular Letter: 12-089 Federal Reserve offers $3 billion in 28-day term deposits through its Term Deposit Facility
On Monday, November 5, 2012, the Federal Reserve will offer $3 billion in 28-day term deposits through its Term Deposit Facility. Read More
October 31, 2012
Circular Letter: 12-088 Federal Reserve approves fee schedule for Federal Reserve Bank priced services
The Federal Reserve Board on Monday announced the approval of fee schedules, effective January 2, 2013, for payment services the Federal Reserve Banks provide to depository institutions (priced services). Read More
October 31, 2012
Circular Letter: 12-087 Reserve Requirements of Depository Institutions
The Board is amending Regulation D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2013. The Regulation D amendments set the amount of total reservable liabilities of each depository institution that is subject to a zero percent reserve requirement in 2013 at 12.4 million (from $11.5 million in 2012). Read More
October 31, 2012
Circular Letter: 12-086 SR 12-14 Revised Guidance on Supervision of Technology Service Providers
The Federal Financial Institutions Examination Council (FFIEC) is issuing an updated ?Supervision of Technology Service Providers Booklet? (TSP Booklet) that provides guidance to examiners, financial institutions, and technology service providers on the supervision of technology service providers. Read More
October 30, 2012
Circular Letter: 12-085 Agencies issue statement on supervisory practices regarding financial institutions and borrowers affected by Hurricane Sandy
WASHINGTON--The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (the agencies) recognize the serious impact of Hurricane Sandy on the customers and operations of many financial institutions and will provide regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions in the affected areas to meet the financial services needs of their communities. Read More
October 26, 2012
Circular Letter: 12-084 Federal Reserve Board announces delay in the implementation of the second phase of its program to simplify the administration of reserve requirements
The Federal Reserve Board on Friday announced a five-month delay in the implementation of the second phase of its program to simplify the administration of reserve requirements. Read More
October 25, 2012
Circular Letter: 12-083 Reimbursement to Financial Institutions for Providing Financial Records; Recordkeeping Requirements for Certain Financial Records
The Board of Governors (Board) is amending its regulation which governs recordkeeping and reporting requirements for funds transfers and transmittals of funds, to conform the citations and references to organizational changes adopted by the Director of the Financial Crimes Enforcement Network (FinCEN) in 2010. Read More
October 25, 2012
Circular Letter: 12-082 Federal Reserve Board announces indexing of reserve requirement exemption amount and of low reserve tranche for 2013
The Federal Reserve Board on Thursday announced the annual indexing of the reserve requirement exemption amount and of the low reserve tranche for 2013. Read More
October 19, 2012
Circular Letter: 12-081 SR 12-13 FFIEC Statement on the Impact of Drought Conditions on Financial Institutions
The Federal Reserve, along with the other members of the Federal Financial Institutions Examination Council (FFIEC),1 is issuing the attached statement to regulated financial institutions to encourage them to work with their customers and borrowers who have been adversely affected by severe drought conditions across much of the Midwest and southern portions of the United States. Read More
October 12, 2012
Circular Letter: 12-080 Supervisory and Company-Run Stress Test Requirements for Covered Companies
The Dodd-Frank Wall Street Reform and Consumer Protection Act(Dodd-Frank Act or Act) requires the Board to conduct annual stress tests of bank holding companies with total consolidated assets of $50 billion or more and nonbank financial companies the Financial Stability Oversight Council (Council) designates for supervision by the Board(nonbank covered companies, and together, with bank holding companies with total consolidated assets of $50 billion or more, covered companies) and also requires the Board to issue regulations that require covered companies to conduct stress tests semi-annually. Read More
October 12, 2012
Circular Letter: 12-079 Annual Company -Run Stress Test Requirements for Banking Organizations With Total Consolidated Assets Over $10 Billion Other Than Covered Companies
The Dodd-Frank Wall Street Reform and Consumer Protection Act(Dodd-Frank Act or Act) requires the Board to issue regulations that require financial companies with total consolidated assets of more than $10 billion and for which the Board is the primary federal financial regulatory agency to conduct stress tests on an annual basis. Read More
October 9, 2012
Circular Letter: 12-078 Federal Reserve Board publishes two final rules with stess testing requirements for certain bank holding companies, state member banks, and savings and loan holding companies
The Federal Reserve Board on Tuesday published two final rules with stress testing requirements for certain bank holding companies, state member banks, and savings and loan holding companies. Read More
October 2, 2012
Circular Letter: 12-077 Margin and Capital Requirements for Covered Swap Entities; Reopening of Comment Period
The OCC, Board, FDIC, FCA, and FHFA (collectively, the Agencies) are reopening the comment period for the proposed rule published in the Federal Register on May 11, 2011 (76 FR 27564) to establish minimum margin and capital requirements for uncleared swaps and security-based swaps entered into by 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 (Proposed Margin Rule). Read More
September 28, 2012
Circular Letter: 12-076 Federal Reserve publishes quarterly data for discount window lending and open market transactions
The Federal Reserve on Friday began the quarterly publication of transaction-level information related to discount window lending to depository institutions and open market transactions. Read More
October 5, 2012
Circular Letter: 12-075 Nominations for Election of Federal Reserve Bank Directors
The terms of two directors of this Bank expire at the end of 2012. PDF file
September 26, 2012
Circular Letter: 12-074 Agencies reopen comment period on swap margin and capital proposed rulemaking
Five federal agencies on Wednesday reopened 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 for which one of the agencies is the prudential regulator, as required by sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read More
September 24, 2012
Circular Letter: 12-073 Agencies release a regulatory capital estimation tool to assist in assessing the potential effects of recently proposed regulatory capital rules
The federal banking regulatory agencies on Monday announced the availability of a regulatory capital estimation tool to help community banking organizations and other interested parties evaluate recently published regulatory capital proposals. Read More
September 11, 2012
Circular Letter: 12-072 Federal Reserve announces results of auction of $3 billion in 28-day term deposits held on September 10, 2012
On September 10, 2012, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility. Read More
September 5, 2012
Circular Letter: 12-071 Federal Reserve offers $3 billion in 28-day term deposits through its Term Deposit Facility
On Monday, September 10, 2012, the Federal Reserve will offer $3 billion in 28-day term deposits through its Term Deposit Facility. Read More
August 31, 2012
Circular Letter: 12-070 Federal Reserve Board considering changes to the implementation timeline for the Dodd-Frank company-run stress test requirements
The Federal Reserve Board is considering changes to the implementation timeline for the annual company-run stress test requirements required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read More
August 30, 2012
Circular Letter: 12-069 Regulatory Capital Rules: Standardized Approach for Risk-Weighted Assets; Market Discipline and Disclosure Requirements
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) are seeking comment on three notices of proposed rulemaking (NPRs) that would revise and replace the agencies' current capital rules. Read More
August 30, 2012
Circular Letter: 12-068 Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Minimum Regulatory Capital Ratios, Capital Adequacy, Transition Provisions, and Prompt Corrective Action
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 seeking comment on three Notices of Proposed Rulemaking (NPR) that would revise and replace the agencies' current capital rules. Read More
August 30, 2012
Circular: 12-067 Regulatory Capital Rules: Advanced Approaches Risk-Based Capital Rule; Market Risk Capital Rule
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) are seeking comment on three notices of proposed rulemaking (NPRs) that would revise and replace the agencies' current capital rules. Read More
August 30, 2012
Circular Letter: 12-066 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 DepositInsurance Corporation (FDIC) are revising their market risk capital rules to better capture positions for which the market risk capital rules are appropriate; reduce procyclicality; enhance the rules' sensitivity to risks that are not adequately captured under current methodologies; and increase transparency through enhanced disclosures. Read More
August 27, 2012
Circular Letter: 12-065 Fedseral Reserve Board begins practice of publishing Reserve Bank financial reports on a quarterly basis
The Federal Reserve Board on Monday began the practice of publishing unaudited combined Federal Reserve Bank financial reports on a quarterly basis. Read More
August 27, 2012
Circular Letter: 12-064 Credit risk in the shared national credit portfolio declines, but remains high
The credit quality of large loan commitments owned by U.S. banking organizations, foreign banking organizations (FBOs), and nonbanks improved in 2012 for the third consecutive year, according to the Shared National Credits (SNC) Review for 2012. A loan commitment is the obligation of a lender to make loans or issue letters of credit pursuant to a formal loan agreement. Read More
August 15, 2012
Circular Letter: 12-063 Agencies issue proposed rule on appraisals for higher-risk mortgages
Six federal financial regulatory agencies today issued a proposed rule to establish new appraisal requirements for "higher-risk mortgage loans." The proposed rule would implement amendments to the Truth in Lending Act enacted by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Under the Dodd-Frank Act, mortgage loans are higher-risk if they are secured by a consumer's home and have interest rates above a certain threshold. Read More
August 8, 2012
Circular Letter: 12-062 Federal Reserve Board extends comment period on three proposed capital rules rulemakings until October 22, 2012
The Federal Reserve Board on Wednesday announced the extension of the comment period until October 22, 2012, on three notices of proposed rulemaking that would revise and replace current capital rules. Read More
August 2, 2012
Circular Letter: 12-060 Regulation HH - Financial Market Utilities
The Board is publishing a final rule, Regulation HH, Designated Financial Market Utilities. Read More
August 2, 2012
Circular Letter: 12-059 Deadine to request Independent Foreclosure Review extended to December 31
Borrowers seeking a review of their mortgage foreclosures under the federal banking agencies' Independent Foreclosure Review now have until December 31, 2012, to submit their requests. Read More
July 30, 2012
Circular Letter: 12-058 Federal Reserve Board announces final rule establishing risk-management standards for financial market utilities (FMUs) designated as systemically important by the Financial Stability Oversight Council
The Federal Reserve Board on Monday announced the approval of a final rule establishing risk-management standards for certain financial market utilities (FMUs) designated as systemically important by the Financial Stability Oversight Council. Read More
July 27, 2012
Circular Letter: 12-057 Federal Reserve Board approves final rule permitting debit card issuers to receive fraud-prevention adjustment
The Federal Reserve Board on Friday announced the approval of a final rule that amends the provisions in Regulation II (Debit Card Interchange Fees and Routing) that permit a debit card issuer subject to the interchange fee standards to receive a fraud-prevention adjustment. The final rule revises provisions that are currently in effect as an interim final rule. Read More
July 19, 2012
Circular Letter: 12-056 Federal Reserve Board reaffirms long-standing policy of applying relevant international risk-management standards to Fedwire funds and Fedwire securities services
The Federal Reserve Board on Thursday reaffirmed its long-standing policy of applying relevant international risk-management standards to the Federal Reserve Banks' Fedwire funds and Fedwire securities services. Read More
July 17, 2012
Circular Letter: 12-055 Federal Reserve announces results of auction of $3 billion in 28-day term deposits held on July 16, 2012
On July 16, 2012, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility. Read More
July 12, 2012
Circular Letter: 12-054 Federal Reserve Board issues supervisory gudiance for new optional pre-filing process for an applicant to request a response on a potential bank acquisition or other proposal
The Federal Reserve on Thursday issued supervisory guidance describing a new optional process for an applicant to request a response on a potential bank acquisition or other proposal before the submission of a formal application or notice. Read More
July 11, 2012
Circular Letter: 12-053 SR 12-12/CA 12-11 Implementation of a New Process for Requesting Guidance from the Federal Reserve Regarding Bank and Nonbank Acquisitons and Other Proposals
This letter outlines the Federal Reserve?s new process for an applicant to request feedback on a potential acquisition or other proposal prior to the submission of a formal application or notice.1 Read More
July 11, 2012
Circular Letter: 12-052 SR 12-11/CA 12-10 - Guidance on a Lenders Decision to Discontinue Foreclosure Proceedings
The Federal Reserve is issuing this guidance to emphasize the importance of appropriate risk management practices and controls in connection with a decision not to complete foreclosure proceedings after they have been initiated (a situation referred to in this guidance as an abandoned foreclosure). Read More
July 11, 2012
Circular Letter: 12-051 Federal Reserve offers $3 billion in 28-day term deposits through its Term Deposit Facility
On Monday, July 16, 2012, the Federal Reserve will offer $3 billion in 28-day term deposits through its Term Deposit Facility. Read More
June 29, 2012
Circular Letter: 12-050 Federal Reserve Board and Federal Deposit Insurance Corporation announce process for receiving and evaluating initial resolution plans, known as living wills
The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board on Friday announced the process for receiving and evaluating the initial resolution plans--also known as living wills--from the largest banking organizations operating in the United States. Read More
June 29, 2012
Circular Letter: 12-049 Agencies release lits of distressed or underserved nonmetropolitan middle-income geographies
The federal bank and thrift regulatory agencies today announced the availability of the 2012 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 28, 2012
Circular Letter: 12-048 SR 12-10/CA 12-9 Questions and Answers for FederalReserve-Regulated Institutions Related to the Management of Other Real Estate Owned (OREO)
This letter conveys various questions and answers regarding the management of OREO by institutions regulated by the Federal Reserve. During the recent financial crisis, financial institutions have experienced a rise in OREO caused by general weaknesses in the housing market, including increases in delinquencies and defaults, house price declines, and weaknesses in the structure of a number of commercial real estate financings. Read More
June 28, 2012
Circular Letter: 12-047 Federal Reserve Board and Treasury Department agree to reduce credit protection Treasury is providing for the Term Asset-Backed Securities Loan Facility
The Federal Reserve Board on Thursday announced that it agreed with the Treasury Department that it was appropriate to reduce from $4.3 billion to $1.4 billion the credit protection Treasury is providing for the Term Asset-Backed Securities Loan Facility (TALF). Read More
June 21, 2012
Circular Letter: 12-046 Agencies issue guidance concerning mortgage servicing practices that impact servicemembers
The Federal Reserve Board on Thursday joined with four other financial regulatory agencies in issuing guidance concerning mortgage servicing practices that may pose risks to homeowners serving in the military. Read More
June 21, 2012
Circular Letter: 12-045 Agencies release financial remediation guidance, extend deadline for requesting a free independent foreclosure review to September 30, 2012
The Office of the Comptroller of the Currency and the Federal Reserve Board Thursday released guidance that will be used in determining the compensation or other remedy that borrowers will receive for financial injury identified during the Independent Foreclosure Review. Read More
June 12, 2012
Circular Letter: 12-044 Agencies seek comment on regulatory capital rules and finalize market risk rule
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) are seeking comment on three notices of proposed rulemaking (NPRs) that would revise and replace the agencies' current capital rules. The agencies also announced the finalization of the market risk capital rule that was proposed in 2011. Read More
June 7, 2012
Circular Letter: 12-043 Federal Reserve Board invites comment on three proposed rules intended to help ensure bank maintain strong capital positions
The Federal Reserve Board on Thursday invited comment on three proposed rules intended to help ensure banks maintain strong capital positions, enabling them to continue lending to creditworthy households and businesses even after unforeseen losses and during severe economic downturns. Read More
June 7, 2012
Circular Letter: 12-042 Federal Reserve approves final rule to implement changes to market risk capital rule
The Federal Reserve Board on Thursday approved a final rule to implement changes to the market risk capital rule, which requires banking organizations with significant trading activities to adjust their capital requirements to better account for the market risks of those activities. Read More
May 30, 2012
Circular Letter: 12-041 Federal Reserve Board announces final rule outlining procedures for securities holding companies (SHCs) to elect to be supervised by the Federal Reserve
The Federal Reserve Board on Wednesday announced the approval of a final rule outlining the procedures for securities holding companies (SHCs) to elect to be supervised by the Federal Reserve. An SHC is a nonbank company that owns at least one registered broker or dealer. Read More
May 24, 2012
Circular Letter: 12-040 Federal Reserve Board releases action plans and engagement letter to correct deficiencies in residential mortgage loan servicing and foreclosure processing
The Federal Reserve Board on Thursday released action plans for Citigroup and HSBC Finance Corporation to correct deficiencies in residential mortgage loan servicing and foreclosure processing. Read More
May 23, 2012
Circular Letter: 12-039 Federal Reserve Board announces new video explaining how borrowers can apply for
The Federal Reserve Board on Wednesday announced the availability of a new video that explains how borrowers who believe they were financially harmed during the mortgage foreclosure process in 2009 and 2010 can apply for a free, independent foreclosure file review. Read More
May 17, 2012
Circular Letter: 12-038 Supervisory Guidance on Stress Testing for Banking Organizations With More than $10 Billion in total Consolidated Assets
The Board, FDIC and OCC, (collectively, the agencies) are issuing this guidance, which outlines high-level principles for stress testing practices, applicable to all Federal Reserve-supervised, FDIC-supervised, and OCC-supervised banking organizations with more than $10 billion in total consolidated assets. Read More
May 15, 2012
Circular Letter: 12-037 Results of the May 14, 2012 Term Auction
On May 14, 2012, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility. Read More
May 14, 2012
Circular Letter: 12-036 Agencies Clarify Supervisory Expectations for Stress Testing by Community Banks
Three federal banking agencies Monday issued a joint statement to clarify expectations for stress testing by community banks--banks, savings associations, and bank and savings and loan holding companies with $10 billion or less in total assets. Read More
May 14, 2012
Circular Letter: 12-035 Agencies Finalize Large Bank Stress Testing Guidance
The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation on Monday issued final supervisory guidance regarding stress-testing practices at banking organizations with total consolidated assets of more than $10 billion. Read More
May 10, 2012
Circular Letter: 12-034 Guidance on the Effective Date of Section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
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) are issuing this guidance to provide clarity regarding the effective date of section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) with respect to entities for which each is the prudential regulator. Read More
May 9, 2012
Circular Letter: 12-033 Federal Reserve offers $3 billion 28-day term deposits through its Term Auction Facility
On Monday, May 14, 2012, the Federal Reserve will offer $3 billion in 28-day term deposits through its Term Deposit Facility. Read More
May 1, 2012
Circular Letter: 12-032 Federal Reserve Board publishes comparative information on average debit card interchange fees
The Federal Reserve Board on Tuesday published comparative information on the average debit card interchange fees that each payment card network charges acquirers (and indirectly merchants) and provides to debit card issuers. Read More
April 18, 2012
Circular Letter: 12-031 SR 12-6 Inactive Supervisory Guidance
Federal Reserve Board staff have identified certain previously issued guidance that should now be inactive. Read More
April 17, 2012
Circular Letter: 12-030 Definition of Predominantly Engaged in Financial Activities; Correction
On April 10, 2012, the Board published in the Federal Register a supplemental notice of proposed rulemaking and request for comment that would establish the criteria for determining whether a company is predominantly engaged in financial activities for puposes of Title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Read More
April 17, 2012
Circular Letter: 12-029 Payment System Risk Policy; Daylight Overdraft Posting Rules
The Board of Governors of the Federal Reserve System (Board) has revised its Policy on Payment System Risk (PSR Policy) to modify the posting rules to conform with procedural changes to the redemption of separately-sorted savings bonds and to eliminate a reference to the contractual clearing balance program. Read More
April 16, 2012
Circular Letter: 12-028 CPSS and IOSCO Issue Final Report on Principles for Financial Market Infrastructures and Seek Comment on Two Consultative Documents
The Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO) today published the final report on the Principles for Financial Market Infrastructures. Read More
April 12, 2012
Circular Letter: 12-027 Reserve Requirements of Depository Institutions: Reserves Simplification
The Board is amending Regulation D, Reserve Requirements of Depository Institutions, to simplify the administration of reserve requirments. Read More
April 10, 2012
Circular Letter: 12-026 Definition of Predominantly Engaged in Financial Activities
On February 11, 2011, the Board published a notice of proposed rulemaking (February 2011 NPR) that would amend Regulation Y to 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 for purposes of Title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act or Act). Read More
April 5, 2012
Circular Letter: 12-025 SR 12-5 and CA 12-3 Policy Statement on Rental of Residential Other Real Estate Owned (OREO) Properties
The Federal Reserve is issuing the attached Policy Statement on Rental of Residential OREO Properties (policy statement) to remind banking organizations and examiners that the Federal Reserve's regulations and policies permit the rental of OREO properties as part of an orderly disposition strategy within statutory and regulatory limits. Read More
April 5, 2012
Circular Letter: 12-024 Federal Reserve seeks comment on proposed rulemaking to establish requirements for determining whether a company is predominantly engaged in financial activities
The Federal Reserve Board on Monday requested comment on a proposed amendment to the Board's Notice of Proposed Rulemaking (NPR) issued February 11, 2011, to establish requirements for determining whether a company is "predominantly engaged in financial activities." Read More
April 5, 2012
Circular Letter: 12-023 Federal Reserve issues policy statement regarding rental of residential property
The Federal Reserve Board on Thursday released a policy statement reiterating that statutes and Federal Reserve regulations permit rental of residential properties acquired in foreclosure as part of an orderly disposition strategy. Read More
April 5, 2012
Circular Letter: 12-022 Federal Reserve approves final rule to simplify the administration of reserve requirements
The Federal Reserve Board on Thursday announced the approval of a final rule to simplify the administration of reserve requirements and reduce administrative and operational costs for depository institutions and Federal Reserve Banks. Read More
March 30, 2012
Circular Letter: 12-021 Proposed Guidance on Leveraged Lending
The OCC, Board, and the FDIC (collectively, the Agencies) request comment on proposed guidance on leveraged lending (proposed guidance). Read More
March 30, 2012
Circular Letter: 12-020 Agencies Clarify Effective Date for Section 716 of the Dodd-Frank Act
Three federal financial regulatory agencies on Friday issued guidance clarifying that the effective date of section 716, the so-called Swaps Pushout provision, of the Dodd-Frank Wall Street Reform and Consumer Protection Act is July 16, 2013. Read More
March 26, 2012
Circular Letter: 12-019 Agencies Propose Revisions to Leveraged Finance Guidance
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency (the agencies) are seeking comment on proposed revisions to the interagency leveraged finance guidance issued in 2001. Read More
March 20, 2012
Circular Letter: 12-018 Results of the March 19, 2012 Auction
On March 19, 2012, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility. Read More
March 14, 2012
Circular Letter: 12-017 Federal Reserve offers $3 billion in 28-day term deposits through its Term Deposit Facility
On Monday, March 19, 2012, the Federal Reserve will offer $3 billion in 28-day term deposits through its Term Deposit Facility. Read More
March 13, 2012
Circular Letter: 12-016 Federal Reserve announces summary results of latest round of bank stress tests
The Federal Reserve on Tuesday announced summary results of the latest round of bank stress tests, which show that the majority of the largest U.S. banks would continue to meet supervisory expectations for capital adequacy despite large projected losses in an extremely adverse hypothetical economic scenario. Read More
March 12, 2012
Circular Letter: 12-015 Federal Reserve releases paper describing methodoloty used in 2012 Comprehensive Capital Analysis and Review stress test
The Federal Reserve on Monday released a paper describing the methodology used in the stress test in the 2012 Comprehensive Capital Analysis and Review (CCAR) as well as the templates for disclosure of the summary results, which will be issued at 4:30 p.m. EDT on Thursday, March 15. Read More
March 9, 2012
Circular Letter: 12-014 Agencies and CDFR Fund to sponsor national interagency community reinvestment conference
The federal bank regulatory agencies, the Federal Reserve Bank of San Francisco, and the Community Development Financial Institutions Fund will host the 2012 National Interagency Community Reinvestment Conference in Seattle, Washington, from March 25 to 28. Read More
March 7, 2012
Circular Letter: 12-013 Enchanced Prudential Standards and Early Remediation Requirements for Covered Companies
On January 5, 2012, the Board published in the Federal Register a notice of proposed rulemaking for public comment to implement the enhanced prudential standards required to be established under section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act or Act) and the early remediation requirements established under section 166 of the Act. Read More
March 3, 2012
Circular Letter: 12-012 SR 12-4 Upgrades of Supervisory Ratings for Banking Organizations with $10 Billion or Less in Total Consolidated Assets
The Board of Governors is issuing guidance to describe the factors the Federal Reserve will consider in evaluating whether to update and institution's supervisory ratings. Read More
March 2, 2012
Circular Letter: 12-011 Federal Reserve Board issues guidance for evaluating whether banking organizations are eligible for upgrades of supervisory ratings
The Federal Reserve Board on Friday issued guidance to ensure that supervisors apply consistent standards as they evaluate whether banking organizations with $10 billion or less in assets are eligible for upgrades of supervisory ratings. Read More
March 2, 2012
Circular Letter: 12-010 Federal Reserve Board extends comment period on proposed rule to implement enhanced prudential standards and early remediation requirements
The Federal Reserve Board on Friday extended the comment period until April 30, 2012, on a proposed rule to implement the enhanced prudential standards and early remediation requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read More
February 27, 2012
Circular Letter: 12-09 Federal Reserve Board releases action plans for supervised financial institutions to correct deficiencies in residential mortgage loan servicing and foreclosure processing
The Federal Reserve Board on Monday released action plans for supervised financial institutions to correct deficiencies in residential mortgage loan servicing and foreclosure processing. Read More
February 15, 2012
Circular Letter: 12-08 Deadline to Request Review Under the Independent Foreclosure Review Extended to July 31
People seeking a review of their mortgage foreclosures under the Federal banking agencies' Independent Foreclosure Review now have until July 31, 2012, to submit their requests. Read More
January 31, 2012
Circular Letter: 12-07 SR 12-3 Interagency Guidance on Allowance Estimation Practices for Junior Lien Loans and Lines of Credit
The Board of Governors of the Federal Reserve System, together with the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency, has issued the attached guidance addressing allowance estimation practices for junior lien loans and lines of credit (collectively, junior liens.) Read More
January 31, 2012
Circular Letter: 12-06 Agencies Issue Guidance on Junior Lien Loan Loss Allowances
Four federal financial regulatory agencies on Tuesday issued supervisory guidance on allowance for loan and lease losses (ALLL) estimation practices associated with loans and lines of credit secured by junior liens on one- to four-family residential properties. Read More
January 13, 2012
Circular Letter: 12-05 SR 12-2 Questions and Answers on Interagency Advisory on Interest Rate Risk Management
On January 11, 2010, the Federal Reserve and the other financial regulators published an Advisory on Interest Rate Risk Management (SR letter 10-1, Interagency Advisory on Interest Rate Risk). Read More
January 10, 2012
Circular Letter: 12-04 Results of the January 9, 2012 Term Auction
On January 9, 2012, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility. Read More
January 10, 2012
Circular Letter: 12-03 Reserve Bank income and expense data and transfers to the Treasury for 2011
The Federal Reserve Board on Tuesday announced preliminary unaudited results indicating that the Reserve Banks provided for payments of approximately $76.9 billion of their estimated 2011 net income to the U.S. Treasury. Read More
January 5, 2012
Circular Letter: 12-02 Enhanced Prudential Standards and Early Remediation Requirements for Covered Companies
The Board is requesting comment on proposed rules that would implement the enhanced Prudential standards required to be established under section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act or Act) and the early remediation requirements established under section 166 of the Act. Read More
January 4, 2012
Circular Letter: 12-01 Federal Reserve offers $3 billion in 28-day term deposits through its Term Deposit Facility
On Monday, January 9, 2012, the Federal Reserve will offer $3 billion in 28-day term deposits through its Term Deposit Facility. Read More

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Circular Letters

Circular Letters

2012