New supervisory guidance on allowance for loan and lease losses (ALLL) estimation practices, out today, reminds regulated financial institutions to monitor all credit quality indicators relevant to credit portfolios, including loans and lines of credit secured by junior liens on one- to four-family residential properties.

The Federal Reserve will hold three public meetings to collect information to help it weigh the expected public benefits of Capital One Financial Corporation’s proposed acquisition of ING Bank. The meetings will take place in Washington, DC on September 20, in Chicago on September 27, and in San Francisco on October 5. Requests to testify are due September 9 for the Washington meeting, September 15 for the Chicago meeting, and September 23 for the San Francisco meeting.

A new proposal outlines procedures for securities holding companies to elect Federal Reserve supervision. Public comments on the proposal are due October 11.

The Federal Reserve proposes a two-year phase-in for regulatory reporting requirements for most savings and loan holding companies and an initial reporting exemption for others. Public comments on the proposal are due November 1.

New federal supervisory guidance, published June 15 in the Federal Register, outlines general principles for satisfactory stress-testing practices at banking organizations with total consolidated assets of $10 billion or greater. Public comments on the guidance are due July 29.

A final rule, adopted by the Federal Reserve, OCC and FDIC, sets a floor for the risk-based capital requirements applicable to the largest, internationally active banking organizations. The rule takes effect 30 days from publication in the Federal Register.

The fee dollar amount that triggers additional disclosures for certain home mortgage loans under the Truth in Lending Act and Home Ownership and Equity Protection Act of 1994 has been adjusted to $611 for 2012. This annual adjustment will take effect January 1.

The dollar threshold for consumer credit and lease transactions exempt from Regulations Z and M, respectively, has been increased to $50,000 for 2012. This annual adjustment will take effect January 1.

An interim final rule, effective upon publication in the Federal Register, will allow small bank holding companies that are S-Corp or Mutual BHCs to exclude certain kinds of subordinated debt from treatment as debt for purposes of the Federal Reserve's Small BHC debt-to-equity standard. Public comments on the rule are due July 30.

Under a new proposal, top-tier BHCs with total consolidated assets of $50 billion or greater would have to submit annual capital plans for review by the Federal Reserve. Public comments on the proposal are due August 5.

The deadline for public comment on the federal financial regulatory agencies' proposal has been extended to August 1.

Under a new proposed rule just published in the Federal Register, remittance transfer providers would have to make certain new disclosures to their customers, and those customers would have new rights to error resolution and cancellation. Public comments are due July 22.

Under proposed changes to the regulation, creditors would have to determine a prospective borrower's ability to repay before making a loan and establish minimum underwriting standards. These changes implement requirements imposed by the Dodd-Frank Act. Public comments on the proposal are due July 22.

The Federal Reserve, which assumes supervisory and regulatory authority for savings & loan holding companies (SLHCs) and their non-depository subsidiaries on July 21, seeks comment on its proposed supervisory approach to SLHCs. Public comments on the proposal are due May 23.

A joint proposal from the federal financial regulatory agencies would prohibit certain potentially risky incentive compensation arrangements at financial institutions with more than $1 billion in assets. Public comments on the proposal, which has just been published in the Federal Register, are due May 31.

As required by the Dodd-Frank Act, the Board has proposed to repeal its Regulation Q, which prohibits the payment of interest on demand deposits by Federal Reserve member institutions. Public comments on the proposal, which has just been published in the Federal Register, are due May 16.

Under a proposed amendment to Regulation CC, depositary banks would be entitled to expeditious return of checks only if they agree to receive returned checks electronically and paying banks would be allowed to require electronic presentment of checks presented for same-day settlement. The amendment would also shorten the safe-harbor period for an exception hold to four business days. Public comments on the proposal are due June 3.

The Federal Reserve and Federal Trade Commission are proposing new model forms and notices to comply with new credit score disclosure requirements included in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Public comments are due 30 days after publication in the Federal Register.

An approved final rule, just published, explains how much time banking companies and nonbank financial companies supervised by the Federal Reserve will have to make their investments and activities conform to the so-called “Volcker Rule,” which restricts proprietary trading and relationships with hedge funds. The rule takes effect April 1.

Under a proposed rule from the Federal Reserve and FDIC, systemically significant bank holding companies and nonbank financial companies would have to submit annual plans describing their strategies for rapid, orderly resolution in bankruptcy. These companies would also have to submit quarterly credit exposure reports. Public comments on the proposal are due June 10.

A joint rule proposed by five federal agencies, including the Federal Reserve, would impose margin and capital requirements on regulated swap entities. Public comments on the proposal are due June 24.

A new proposal sets standards to help determine whether a financial company qualifies for the Federal Reserve's new enhanced consolidated prudential supervision. Comments on the proposal are due March 30.

The federal bank and thrift regulatory agencies have proposed changes to thrift and thrift holding company reporting requirements. The changes are designed to bring uniformity to reporting requirements for insured banks and savings institutions and to do likewise for all holding companies supervised by the Federal Reserve. Comments on the proposed changes are due in April.

In light of its July 2011 transfer of Truth In Lending authority to the new Bureau of Consumer Financial Protection, the Federal Reserve will not finalize three pending proposed amendments to Regulation Z. The proposed amendments addressed disclosures for closed-end loans and home equity lines of credit, reverse mortgages, and rescission rights.

Effective January 31, residential mortgage loan originators employed by banks, thrifts, credit unions, or the Farm Credit System must register with the Nationwide Mortgage Licensing System and Registry.

The Federal Reserve, FDIC, and OCC seek comment on proposed new market risk capital rules for banking organizations that engage in significant trading activity. Comments are due in March, 2011.

A final interagency rule, substantially similar to one proposed this past June, expands Community Reinvestment Act consideration of neighborhood stabilization activities. The rule takes effect next month.

New proposed amendments to Regulation Z and Regulation M would apply the Truth In Lending Act and the Consumer Leasing Act, respectively, to consumer credit transactions and leases of up to $50,000. The current limit is $25,000. The proposed amendments are intended to implement requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Public comments are due February 1.

New interagency guidance explains minimum regulatory standards for appraisals of collateral for mortgages and other loans. The new guidance replaces previous guidance on the subject.

New joint final guidance, out today, seeks to ensure that incentive compensation arrangements at banking organizations appropriately tie rewards to longer-term performance and don't undermine the firm's safety and soundness or create undue risks to the financial system.

A new proposed rule would encourage depository institutions to support HUD's Neighborhood Stabilization Program (NSP) by lending and investing to support NSP activities in certain areas.

The final rule implementing the Credit CARD Act of 2009 has been approved and will take effect August 22.

Over the coming months, the Federal Reserve will conduct up to five small-value offerings of term deposits under the Term Deposit Facility. The first of these offerings could be as early as mid-June. These small-value offerings are designed to allow participants to familiarize themselves with term deposit procedures. The term deposits offered will be simple fixed-rate instruments with maturities of 84 days or less, offered primarily, though not exclusively, through competitive single-price auctions.

The Federal Reserve approved amendments to Reg. D to allow Reserve Banks to offer term deposits. These amendments will take effect 30 days from May 5, the date of their publication in the Federal Register.

Final guidance, published today in the Federal Register, addresses risks associated with funding and credit concentrations arising from correspondent relationships.

A new final rule, part of the Credit CARD Act of 2009’s implementation, restricts, among other things, inactivity fees for gift cards and other kinds of prepaid products. The rule takes effect August 22.

A new proposed rule, part of the Credit CARD Act of 2009’s implementation, would protect credit card users from unreasonable late payment and other penalty fees and would require card issuers to reconsider interest rate increases. Public comments on the proposed rule are due by April 14.

The Federal Reserve has launched a new interactive website, designed to help consumers understand the new credit card protections taking effect February 22

The Federal Reserve has clarified the overdraft rules it issued in late 2009 under Regulations E and DD. Public comment on the proposed clarifications are due in late March. A new online manual is designed to help consumers understand new protections against overdraft fees on debit-card and ATM transactions.

Effective today, the discount rate increases from 0.5 to 0.75 percent. Effective March 18, the typical maximum maturity for primary credit loans will shorten to overnight. The minimum bid rate for the final TAF auction on March 8 will be 0.5 percent, up from 0.25 percent.

A new advisory, out today, reemphasizes the importance of sound practices to manage interest rate risk.

The Federal Reserve Board has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve Banks’ check-processing operations.

The Federal Reserve has proposed auctioning interest-bearing term deposits to eligible institutions. Public comments on the proposal are due February 1, 2010.

Under new Federal Reserve and Federal Trade Commission rules, creditors must provide risk-based pricing notices to those consumers whose credit reports caused them to receive credit on terms less favorable than those applied to other consumers. The rules take effect in 2011.

The Basel Committee on Banking Supervision seeks public comment on proposed new capital and liquidity standards. Comments are due April 16, 2010.

The compliance date for the Department of the Treasury’s and the Federal Reserve’s joint final rule implementing certain provisions of the Unlawful Internet Gambling Enforcement Act has been extended to June 1, 2010.

New proposed rules would restrict the fees and expiration dates that apply to many gift cards. Public comments on the proposed rules are due December 21.

A final rule allowing mortgage loans modified under the Home Affordable Mortgage Program to retain their pre-modification risk weights takes effect December 21.

A final rule allowing mortgage loans modified under the Home Affordable Mortgage Program to retain their pre-modification risk weights takes effect December 21.

A new final model privacy notice, designed to enable compliance with the Financial Services Regulatory Relief Act of 2006, is now available.

An approved interim rule under the Helping Families Save Their Homes Act requires notice to consumers whose mortgage loans have been sold or transferred. Compliance with the interim rule is optional until January 19, 2010. Public comments on the interim rule are also due at that time.

Final rules requiring financial institutions to obtain consumer consent before charging fees for overdraft protection on ATM and one-time debit card transactions take effect January 19, 2010 with a mandatory compliance date of July 1, 2010.

On December 12, check-processing operations will move from the head office of the Federal Reserve Bank of Philadelphia to the head office of the Federal Reserve Bank of Cleveland. Changes to Reg. CC’s Appendix A reflecting this change will take effect at that time.

The 2010 fee schedule for priced services, effective January 4, is now available.

A new Federal Reserve policy statement, out today, provides guidance for commercial real estate loan workouts.

Proposed changes to the Term Asset-Backed Securities Loan Facility (TALF) would establish criteria to determine which credit rating agencies will be eligible to rate asset-backed securities (ABS) pledged as collateral at the TALF and require an additional formal ABS risk assessment by the New York Fed. Public comments on the proposed changes are due November 9, 2009.

New proposed credit card rules would restrict, among other things, interest rate increases, fees associated with subprime cards, and card issuances to consumers under the age of 21. The rules would ban double-cycle billing and payment allocations designed to maximize interest charges. Comments on the proposed rules, which would take effect next February, are due in early November.

New revisions to Regulation S will take effect January 1. The revisions will increase the fees the government pays financial institutions to assemble and produce documents under the Right to Financial Privacy Act and encourage electronic document production.

The Term Auction Facility (TAF) and Term Securities Lending Facility (TSLF) will gradually shrink in scope during the coming months. Consistent with the Federal Reserve's stated goal of gradually scaling back the facilities as financial market conditions improve, the TAF will continue to offer $75 billion per 28-day auction through January, but will likely reduce that volume in early 2010. The TAF's 84-day offerings and TSLF offerings will each shrink to $50 billion in October and $25 billion through the end of the year.

The Federal Reserve will subject nonbank subsidiaries of bank holding companies and foreign banking organizations to the consumer protection laws and regulations it enforces.

A new proposed regulatory capital rule, slated to take effect next year, would change the way banking organizations account for items they currently exclude from their balance sheets. Public comments on the proposed rule and its implementation are due in October.

On October 19, collateral pledged to secure discount window and TAF loans will be subject to a new schedule of margins.

On October 19, collateral pledged to secure discount window and TAF loans will be subject to a new schedule of margins.

Effective January 1, 2010, the fee-based trigger for home mortgage loans will be $579.

Under new final amendments to Regulation Z, private education lenders must make additional disclosures to prospective borrowers, including disclosures about potentially less costly federal student loan programs. The amendments will take effect in early 2010.

The amount of TAF credit offered at each of two August auctions will be reduced to $100 billion.

Comments are due in late November on new proposed mortgage and HELOC disclosure rules.

Federal agencies released revised questions and answers about flood insurance, superseding the questions and answers released in 1997, and requested comment on five new ones. Comments are due September 21, 2009.

The Federal Reserve has approved an interim final rule amending Regulation Z and requiring creditors to give consumers more notice before making significant changes to credit card account terms. Public comments on the rule are due 60 days from the rule's publication in the Federal Register.

Appendix A to Regulation CC now reflects the fact that the Chicago Fed's check-processing operations have moved to the Cleveland Fed.

Federal banking agencies are seeking public comment on the agencies' new guidance for sound management of funding and liquidity risks. Comments are due 60 days from today.

New rules and guidelines to promote the accuracy and integrity of information furnished to credit bureaus and other consumer reporting agencies have become final and will take effect July 1, 2010.

New rules and guidelines to promote the accuracy and integrity of information furnished to credit bureaus and other consumer reporting agencies have become final and will take effect July 1, 2010.

In response to market conditions, the Federal Reserve has extended some of its liquidity programs through February 1, 2010 and either narrowed or suspended others.

The Federal Reserve is seeking nominations for appointments to its Consumer Advisory Council.

The Federal Reserve is seeking nominations for appointments to its Consumer Advisory Council.

The Financial Accounting Standards Board has published two new Statements of Financial Accounting Standards. The Federal Reserve is reviewing the effect these new standards will have on regulatory capital requirements.

Federal agencies have published a set of frequently asked questions designed to help explain compliance with new identity theft rules.

Bank holding companies may include as part of their Tier 1 capital senior perpetual preferred stock issued to the U.S. Treasury Department under the Troubled Asset Relief Program (TARP).

Pending changes to Reg. D and Reg. I will make it easier for community banks using correspondent banks to receive interest on excess balances held at Federal Reserve Banks. These changes and others will take effect 30 days after their publication in the Federal Register. Excess balance accounts will be available for the reserve maintenance period beginning July 2, 2009.

Certain kinds of high-quality commercial mortgage-backed securities issued before January 1, 2009 (Legacy CMBS) will become eligible collateral under the Federal Reserve’s Term Asset-Backed Securities Loan Facility (TALF). The initial subscription date for TALF loans collateralized by newly issued CMBS will be June 16, 2009, and the subscription dates for TALF loans collateralized by Legacy CMBS will follow and be announced in advance.

On June 4, 2009, new technical amendments to Operating Circular 12 will take effect. Among the changes, Appendix C will address National Settlement Service access for FedLine Direct ® users and Appendix B will list the security documentation relevant to FedLine Direct ®.

Two new interest rates will apply to certain loans extended under the Federal Reserve's Term Asset-Backed Securities Loan Facility (TALF) with weighted average lives to maturity of less than two years. The new rates, along with some technical clarifications, will take effect for the May TALF funding.

The Federal Reserve has proposed clarifications to the final credit card rules it issued last December under the Federal Trade Commission and Truth in Lending Acts. Comments on the clarifications are due 30 days from the proposals' publication in the Federal Register.

Because of changes resulting from the recent implementation of interest payments on reserve balances, the Federal Reserve has proposed changes to the way private sector adjustment factor is calculated. Public comments are due in late May.

The Federal Reserve has revised two of the appendices to Operating Circular 4.

The Federal Reserve expanded the set of eligible collateral under the Term Asset-Backed Securities Loan Facility (TALF) to include four additional categories of asset-backed securities. The new categories of collateral will be eligible for the April TALF funding.

The Federal Reserve will purchase up to an additional $750 billion this year of GSE mortgage-backed securities and up to an additional $100 billion of GSE debt this year. The Federal Reserve will also purchase up to $300 billion of longer-term Treasury securities over the next six months.

On March 31, 2009, new limits on the inclusion of trust preferred securities and other restricted core capital elements in bank holding company tier 1 capital were supposed to take effect. In response to the current financial situation, the Board of Governors has delayed imposition of these new limits until March 31, 2011.

The Board of Governors has proposed amendments to Regulation Z (Truth in Lending) that would apply to private student loans, including a three-day right of rescission for consumers and disclosure of a loan's total cost based on the maximum interest rate a creditor can charge. Public comments are due in May.

Daniel K. Tarullo, most recently a professor of international law and banking law at Georgetown University Law Center, was formally sworn in as a member of the Board of Governors of the Federal Reserve System.

Federal agencies announced they will begin stress tests of eligible bank holding companies with assets exceeding $100 billion. The agencies expect to complete the stress tests within the next two months.

Bank holding companies should consult the Federal Reserve before declaring a dividend that could raise safety and soundness concerns, redeeming or repurchasing regulatory capital instruments when experiencing financial weaknesses, or redeeming or repurchasing common stock or perpetual preferred stock that would result in a net reduction in the amount of such equity instruments outstanding for the quarter.

The Federal Reserve Board has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Third and Fifth Districts.

The Federal Reserve is prepared to undertake a substantial expansion of the TALF.

The Federal Reserve Board released additional terms and conditions of the TALF.

The Federal Reserve will help avoid preventable foreclosures on some residential mortgage assets held by a Reserve Bank.

The Federal Reserve approved three final rules, previously approved as interim rules, to facilitate participation in the AMLF and the provision of liquidity to affiliates for assets typically funded in the tri-party repo market.

Comments are due March 2 on a proposal to allow particular institutions to earn interest at the excess-balance rate in Reserve Bank accounts managed by a correspondent or other agent.

Federal Reserve check processing operations in Charlotte will move to Atlanta on March 21. This will cause some formerly nonlocal checks to become local under Regulation CC's expedited availability rules.

The Federal Reserve expanded eligibility to participate in the Money Market Investor Funding Facility and made adjustments so that the program can remain a viable source of backup liquidity even at low market interest rates.

Federal agencies published revised questions and answers on CRA, adding 9 answers, revising 14, and requesting comment by Mar. 9 on three new or revised answers.

The Federal Reserve released details about its program, expected to begin in January, to purchase mortgage-backed securities.

Federal agencies published an updated brochure to help consumers prevent and resolve identity theft.

The Federal Reserve Board issued revised terms and conditions and questions and answers detailing operational aspects of the Term Asset-Backed Securities Loan Facility.

The Federal Reserve Board adopted revisions to its Payment System Risk policy designed to improve intraday liquidity management and payment flows for the banking system, while also helping to mitigate the credit exposures of the Federal Reserve Banks from daylight overdrafts.

The Federal Reserve Board is dropping its proposal to change the daylight overdraft posting rules at least for the time being. Commercial and government ACH debit transfers processed by FedACH will continue to be posted at 11:00 a.m. ET, and commercial and government ACH credit transfers will continue to be posted at 8:30 a.m. ET.

Depository institutions with assets of $39 million or less on December 31 are exempt from collecting HMDA data in 2009.

Comments are due in February on a proposal to give consumers a choice regarding the payment of overdrafts for automated teller machine withdrawals and one-time debit card transactions. The Federal Reserve Board also adopted a rule, effective January 1, 2010, addressing disclosure practices for overdraft services.

The Federal Reserve Board approved rules, effective July 1, 2010, to protect credit card users by prohibiting certain unfair acts or practices and improving disclosures.

As they do every year, federal agencies adjusted the asset-sizes that define small and intermediate-small banks in CRA regulations.

Federal Reserve check processing operations in St. Louis will move to Atlanta on February 21.  This will cause some formerly nonlocal checks to become local under Regulation CC's expedited availability rules.

The Board issued a technical note about calculating interest on required reserves because of the change from a target federal funds rate to a target range.

The Board issued a technical note about calculating interest on required reserves because of the change from a target federal funds rate to a target range.

Federal agencies have approved a final rule to permit banking organizations to reduce goodwill it must deduct from tier 1 capital by any associated deferred tax liability.

The banking agencies have issued a revised Guide to the Interagency Country Exposure Review Committee Process.

Comments are due January 23 on revised disclosure requirements for mortgage loans, implementing recent legislation.

The Federal Reserve is extending the Primary Dealer Credit Facility, the Asset-Backed Commercial Paper Money Market Fund Liquidity Facility, and the Term Securities Lending Facility through the end of April.

The Federal Reserve is initiating a program to purchase direct obligations of housing-related government-sponsored enterprises and mortgage-backed securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae.

Federal Reserve check processing operations in Des Moines will move to Chicago on January 31. This will cause some formerly nonlocal checks to become local under Regulation CC's expedited availability rules.

Public comments are due in January on proposed appraisal and evaluation guidelines regarding sound real estate appraisal and evaluation practices.

The Federal Reserve Board and the Treasury have adopted rules implementing the Unlawful Internet Gambling Enforcement Act of 2006.

The Federal Reserve, Treasury and FDIC published a statement on meeting the needs of creditworthy borrowers.  Consistent with safety and soundness principles and existing supervisory standards, each banking organization needs to enusre the adequacy of its capital base, enagage in appropriate loss mitigation strategies and foreclosure prevention, and reassess the incentive implications of its compensation policies. 

The Federal Reserve, Treasury and FDIC published a statement on meeting the needs of creditworthy borrowers.  Consistent with safety and soundness principles and existing supervisory standards, each banking organization needs to enusre the adequacy of its capital base, enagage in appropriate loss mitigation strategies and foreclosure prevention, and reassess the incentive implications of its compensation policies. 

Under an accelerated transition plan, the Cleveland Reserve Bank will become the single paper check processing and adjustments site and the Atlanta Reserve Bank will become the single electronic check processing site for the Federal Reserve System.

The Federal Reserve is changing the formulas for interest paid on required and excess reserve balances.

Banks, bank holding companies, and thrifts may adjust their September 30, 2008 regulatory capital calculations for the tax effects from losses on direct and indirect investments in Fannie Mae and Freddie Mac preferred stock.

Next year's fee schedules for priced services are available.

The Federal Reserve approved temporary liquidity swap facilities with the central banks of Brazil, Mexico, Korea, and Singapore.

The Federal Open Market Committee authorized a temporary swap facility with the Reserve Bank of New Zealand.

Effective tomorrow, the rate the Federal Reserve pays depository institutions on excess balances will equal the lowest FOMC target rate in effect during the reserve maintenance period less 35 basis points.

The Federal Reserve is creating a Money Market Investor Funding Facility to support a private-sector initiative designed to provide liquidity to U.S. money market investors.

Application guidelines and other information are available for the Treasury's capital purchase program and the FDIC's temporary liquidity guarantee program.

Banking organizations may recognize the economic benefits of the recently legislated change in the tax treatment of losses on Fannie Mae and Freddie Mac preferred stock in the third quarter of 2008 for regulatory capital purposes.

New guidance is available about the consolidated supervision of bank holding companies and combined U.S. operations of foreign banking organizations and about supervisory expectations for firm-wide compliance risk management.

The FOMC authorized an increase in the size of its temporary swap line with the Bank of Japan.

The Federal Reserve will begin funding purchases of commercial paper on October 27.

The Treasury announced a voluntary capital purchase program and has authorized the FDIC to guarantee senior debt of all FDIC-insured institutions and their holding companies, as well as deposits in non-interest bearing deposit transaction accounts.

The Federal Reserve and other central banks adopted further measures to improve liquidity in short-term U.S. dollar funding markets.

With the approval of the Federal Reserve Board and as part of coordinated actions among several central banks, this Reserve Bank reduced its primary credit rate to 1-3/4 percent.

Comments will be due in November on a proposal to reduce the risk weights for claims on Freddie Mac and Fannie Mae and claims they guarantee.

The Federal Reserve Board announced the creation of a Commercial Paper Funding Facility to complement the Federal Reserve's existing credit facilities to help provide liquidity to term funding markets.

The Federal Reserve will begin paying interest on required and excess reserve balances. It is also substantially increasing the size of the Term Auction Facility auctions and consulting market participants on ways to provide additional support for term unsecured funding markets.

In response to continued strains in short-term funding markets, the Federal Reserve and other central banks announced further coordinated actions to expand significantly the capacity to provide U.S. dollar liquidity.

The first $10.3 million of net transaction accounts will be subject to a zero-percent reserve requirement in 2009; a 10-percent reserve ratio will apply to net transaction accounts in excess of $44.4 million; and a 3-percent ratio in between.

The Federal Reserve Board published a policy on minority equity investments in banks and bank holding companies that generally do not constitute control under the Bank Holding Company Act.

The Federal Reserve will extend non-recourse loans at the primary credit rate to U.S. depository institutions and bank holding companies to finance the purchases of high-quality asset-backed commercial paper from money market mutual funds and will purchase from primary dealers short-term debt obligations of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.

The Federal Reserve has established new swap facilities with Australian and Scandinavian central banks.

To facilitate participation by depository institutions and bank holding companies in the special lending program as intermediaries between the Federal Reserve and money market mutual funds, the Federal Reserve Board approved temporary limited exceptions to the Board's leverage and risk-based capital rules for bank holding companies and state member banks and to sections 23A and 23B of the Federal Reserve Act, which restrict transactions between banks and their affiliates.

Comments will be due in July on proposed rules to prohibit unfair practices regarding credit cards and overdraft services.

Comments will be due in August on proposed regulations that generally would require a creditor to provide a consumer with a risk-based pricing notice when, based on the consumer’s credit report, the creditor offers or provides credit on terms less favorable than the terms it offers or provides to others.

Federal agencies published sample information in English and Spanish that lenders may use to help consumers understand certain hybrid adjustable-rate mortgage products.

The Federal Reserve will add 84-day loans to its term auction facility without discontinuing the 28-day loan auctions, and will take other steps to make its liquidity facilities more effective. The European Central Bank and the Swiss National Bank will follow suit.

Comments will be due this fall on a proposed rule that would implement less-complex approaches (the Basle II standardized framework) for calculating risk-based capital requirements.

Federal supervisors published new host state loan-to-deposit ratios that they will use to determine compliance with restrictions against out-of-state branches established, acquired, or operating primarily for deposit production.

Supervisory agencies have updated their statement outlining the qualification process for banking organizations implementing the new advanced capital adequacy framework known as Basel II.

Federal supervisors issued final guidance outlining the supervisory review process for banking organizations implementing the new advanced capital adequacy framework known as Basel II.

The Federal Reserve Board encourages banking organizations to work with borrowers and customers in communities affected by Hurricane Gustav and subsequent storms and to work with their Reserve Banks to resolve weather-related operating problems.

Federal agencies are ready to help smaller banks develop capital restoration plans if they have significant exposures to Fannie Mae and Freddie Mac.

Federal banking agencies are evaluating amendments to FAS 140 that the Financial Accounting Standards Board proposed today regarding qualifying special-purpose entities.

Public comments will be due in October on a proposal to permit banking organizations to reduce their goodwill deduction from tier 1 capital by any associated deferred tax liability.

A Small Entity Compliance Guide for Regulation R is available. Regulation R implements securities-law exceptions for banks acting as brokers.

Federal Reserve check processing operations in Memphis will move to Atlanta on July 19. This will cause some formerly nonlocal checks to become local under Regulation CC's expedited availability rules. The Reserve Banks have also accelerated their plans for reducing the number of locations that process checks.

Effective July 15, a bank that sends electronic data to a Reserve Bank for handling under Operating Circular No. 3 warrants that the data were captured from a check.

Federal Reserve check processing operations in Windsor Locks, Conn., will move to Philadelphia on Sept. 20. This will cause some formerly nonlocal checks to become local under Regulation CC's expedited availability rules.

Federal Reserve check processing operations in Cincinnati will move to Cleveland on October 18. This will cause some formerly nonlocal checks to become local under Regulation CC's expedited availability rules.

Comments are due Sept. 29 on proposed revisions to the fee schedule for reimbursing financial institutions' costs of providing customer financial records to the government.

The Federal Reserve expanded collateral eligible for the Primary Dealer Credit Facility and the Term Securities Lending Facility; increased the frequency and size of schedule 2 TSLF auctions; and temporarily eased certain affiliate lending restrictions.

Federal Reserve check processing operations in Jacksonville will move to Atlanta on November 15. This will cause some formerly nonlocal checks to become local under Regulation CC's expedited availability rules.

The Federal Reserve Board amended Regulation Z to prohibit some home mortgage lending practices and restrict others, establish advertising standards, and accelerate some mortgage disclosures. Except for new escrow requirements, the changes will take effect October 1, 2009. The Board will also request comment about the definition of "higher-priced mortgage loan" in its home mortgage disclosure regulation.

Regulatory agencies updated the list of distressed and underserved nonmetropolitan middle-income geographies where bank revitalization or stabilization activities will receive CRA consideration as community development.