Circular Letters

Circular letters announce news, policy, and guidance from the Board of Governors. All circulars link to the Federal Reserve Board of Governors

2020

Nov 27, 2020

Federal Open Market Committee Minutes Released

The Federal Reserve Board and the Federal Open Market Committee have released the minutes of this month’s Committee meeting. The minutes include descriptions of economic and financial conditions prepared for the meeting.

Nov 23, 2020

Community Banks Obtain Temporary Relief

Regulators announced an interim final rule providing temporary relief for certain community banking organizations related to certain regulations and reporting requirements as a result, in large part, of their growth in size from the coronavirus response.

Nov 19, 2020

Due Diligence Requirements for Banks, Credit Unions Clarified

Regulatory agencies issued a fact sheet clarifying that bank and credit union compliance efforts to meet Bank Secrecy Act due diligence requirements for customers that are charities and other nonprofit organizations should be based on the money laundering risks posed by the customer relationship.

Nov 19, 2020

Final Rule Modifying Assessment Fees Issued

The Federal Reserve issued a final rule modifying annual assessment fees for its supervision and regulation of large financial companies. The final rule is nearly identical to the proposal issued in November 2019.

Nov 18, 2020

2021 Thresholds for Regulations M, Z Announced

The Federal Reserve Board and Consumer Financial Protection Bureau announced the dollar thresholds in Regulation Z and Regulation M that will apply for determining exempt consumer credit and lease transactions in 2021.

Nov 18, 2020

2021 Loan Exemption Threshold Announced

Regulatory agencies have announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2021 will remain unchanged from the 2020 level.

Nov 05, 2020

Federal Reserve Issues FOMC Statement

The Federal Open Market Committee announced its decision to maintain the target range for the federal funds rate at 0 to 1/4 percent.

Nov 02, 2020

Regulators Release Paper on Operational Resilience

Bank regulators have released a paper outlining practices designed to help large banks increase operational resilience. Examples of risks to operational resilience include cyberattacks, natural disasters, and pandemics.

Oct 30, 2020

Main Street Lending Program Terms Adjusted

The Fed has adjusted terms of the Main Street Lending Program to better target support to smaller businesses that face continued revenue shortfalls due to the pandemic.

Oct 29, 2020

Agencies Propose Regulation on Supervisory Guidance’s Role

Regulators are inviting comment on a proposal outlining and confirming their use of supervisory guidance for regulated institutions, a proposal that would codify a previous statement.

Oct 23, 2020

Comments Sought on Proposed Rule

The Financial Crimes Enforcement Network and the Federal Reserve Board have invited comment on a proposed rule that would amend the recordkeeping and travel rule regulations under the Bank Secrecy Act.

Oct 21, 2020

Final Rule Issued to Strengthen Large Banks’ Resilience

Federal bank regulators have finalized a rule strengthening the resilience of large banks by requiring them to maintain a minimum level of stable funding over a one-year period.

Oct 20, 2020

Rule Finalized to Reduce Large Bank Failure Impact

Bank regulators finalized a rule limiting the interconnectedness of the largest banking organizations and reducing the impact of their failure.

Oct 14, 2020

Fed Requests Comments on Updates

The Federal Reserve has requested public comment on certain updates regarding the Federal Open Market Committee's rules regarding availability of information, which describe its Freedom of Information Act procedures.

Oct 07, 2020

Federal Open Market Committee Minutes Released

The Federal Reserve Board and the Federal Open Market Committee have released the minutes of last month’s Committee meeting. The minutes include a summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the meeting.

Oct 01, 2020

Actions Increasing Credit Availability Extended

The Federal Reserve Board has extended temporary actions aimed at increasing the availability of intraday credit extended by Federal Reserve Banks on both a collateralized and uncollateralized basis.

Oct 01, 2020

Fed Extends Measures Ensuring Capital Resilience

Economic uncertainty from the coronavirus response has led the Federal Reserve to announce the extension of measures to ensure that large banks maintain a high level of capital resilience.

Sep 30, 2020

Comments Invited on Proposal to Update Planning Requirements

The Federal Reserve has invited public comment on a proposal that would update the Board's capital planning requirements to be consistent with other Board rules that were recently modified.

Sep 29, 2020

Agencies Issue Two Final Rules

Federal bank regulators finalized two rules, which are either identical or substantially similar to interim final rules currently in effect and issued earlier this year.

Sep 25, 2020

Fed Amends Implementation Date for Modifications

The Federal Reserve has amended the implementation date for modifications to the Federal Reserve Banks' payment services to facilitate adoption of a later same-day automated clearinghouse processing and settlement window.

Sep 21, 2020

Comments Sought on Modernizing CRA Regulations

The Federal Reserve Board has issued a notice that invites public comment on an approach to modernize the regulations that implement the Community Reinvestment Act.

Sep 16, 2020

Federal Reserve Issues FOMC Statement

The Federal Open Market Committee announced its decision to maintain the target range for the federal funds rate at 0 to 1/4 percent.

Sep 01, 2020

Comment Period Extended on Proposed Information Revision

In light of challenges associated with COVID-19, regulators will extend until November 3, 2020, the comment period on a proposal to revise interagency questions and answers regarding flood insurance.

Aug 27, 2020

FOMC Approves Updates to Strategy Statement

The Federal Open Market Committee announced approval of updates to its Statement on Longer-Run Goals and Monetary Policy Strategy, which serves as the foundation for its policy actions.

Aug 26, 2020

Agencies Issue Three Final Rules

Federal bank regulators finalized three rules, which are either identical or substantially similar to interim final rules currently in effect that were issued earlier this year.

Aug 21, 2020

Regulators Clarify Certain Due Diligence Requirements

Regulators issued a statement clarifying that Bank Secrecy Act due diligence requirements for customers who might be considered "politically exposed persons" should be commensurate with the risks posed by the relationship with those people.

Aug 20, 2020

Federal Open Market Committee Minutes Released

The Federal Reserve Board and the Federal Open Market Committee have released the minutes of last month’s Committee meeting. The minutes include descriptions of economic and financial conditions.

Aug 13, 2020

Agencies Issue Statement on Enforcement Action Evaluation

Federal banking agencies issued a statement updating enforcement guidance to enhance transparency regarding how they evaluate enforcement actions required by statute when financial institutions fail to meet Bank Secrecy Act/anti-money laundering obligations.

Aug 10, 2020

Fed Announces Large Bank Capital Requirements

Following its stress tests earlier this year, the Federal Reserve Board has announced individual large bank capital requirements, which will be effective October 1.

Aug 06, 2020

Federal Reserve Releases Information on FedNow

The Board has posted details about FedNow, a new interbank settlement service with clearing functionality to support instant payments in the United States.

Jul 29, 2020

Federal Reserve Issues FOMC Statement

The Federal Open Market Committee announced its decision to maintain the target range for the federal funds rate at 0 to 1/4 percent.

Jul 29, 2020

Fed Extends Dollar Liquidity Swap Lines

The Federal Reserve has announced the extensions of its temporary U.S. dollar liquidity swap lines and the temporary repurchase agreement facility for foreign and international monetary authorities.

Jul 28, 2020

Fed Extends Certain Lending Facilities’ Expiration Dates

The Federal Reserve has announced an extension through December 31 of its lending facilities that were set to expire on or around September 30, in part to ensure that the facilities will be available to help the economy recover from the pandemic.

Jul 24, 2020

Fed Finalizes Rule Updating Information Act

The Federal Reserve Board has finalized a rule that implements technical, clarifying updates to Freedom of Information Act procedures and changes to rules for disclosing confidential supervisory information.

Jul 23, 2020

Fed Expands Eligible Counterparties in Three Lending Facilities

The Federal Reserve Board has broadened the set of firms eligible to transact with and provide services in three emergency lending facilities, a move that will increase the Federal Reserve's operational capacity and insight into the respective markets.

Jul 21, 2020

Fed to Maintain Price Schedule for Services in 2021

Recognizing the uncertainties created by the pandemic, the Fed announced its intent to maintain in 2021 the current schedule of prices for most payment services that the Federal Reserve Banks provide to depository institutions.

Jul 20, 2020

Federal Reserve Modifies Lending Program

The Federal Reserve Board has modified the Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations.

Jul 16, 2020

Rule Change Announced to Paycheck Protection Program

The Federal Reserve Board has announced an extension of a rule change to bolster the effectiveness of the Small Business Administration's Paycheck Protection Program.

Jul 02, 2020

Largest Firms Receive Resolution Plan Information

Regulators have provided information to the eight largest and most complex domestic banking organizations that will guide their next resolution plans, which are due by July 1, 2021.

Jul 01, 2020

Federal Open Market Committee Minutes Released

The Federal Reserve Board and the Federal Open Market Committee have released the minutes of last month’s Committee meeting. The minutes include a summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the meeting.

Jun 29, 2020

New Term Sheet for Credit Facility Released

The Federal Reserve Board has released a new term sheet for the Primary Market Corporate Credit Facility, adding pricing and other information. Prices will be subject to minimum and maximum spreads over Treasury securities of comparable maturity.

Jun 26, 2020

Comments Sought on Proposed Revisions to Flood Insurance Information

Regulators have requested public comment on new and revised questions and answers about information addressing technical flood insurance-related compliance issues.

Jun 26, 2020

Stress Test Results for 2020 Released

The Federal Reserve Board has released the results of its stress tests for 2020 and additional sensitivity analyses that the Board conducted in light of the coronavirus event.

Jun 25, 2020

Agencies Finalize Amendments to Swap Margin Rule

Regulators have finalized changes to their swap margin rule to facilitate the implementation of prudent risk management strategies at banks and other entities with significant swap activities.

Jun 25, 2020

Financial Regulators Modify Volcker Rule

Regulators have finalized a rule modifying the Volcker rule's prohibition on banking entities investing in or sponsoring hedge funds or private equity funds.

Jun 24, 2020

Regulators Release List of Distressed, Underserved Areas

Regulators announced the availability of the 2020 list of distressed or underserved nonmetropolitan middle-income geographies that are eligible to receive Community Reinvestment Act consideration under the community development definition.

Jun 23, 2020

Regulators Issue New Guidance to Bank Examiners

Federal regulatory agencies, in conjunction with the state bank and credit union regulators, have issued examiner guidance to promote consistency and flexibility in the supervision and examination of financial institutions affected by the COVID-19 pandemic.

Jun 18, 2020

Fed Unveils Tools to Help Combat Payments Fraud

The Federal Reserve has unveiled a set of tools and materials to help provide a consistent way to classify and better understand the magnitude of fraudulent activity and how it occurs across the payments industry.

Jun 16, 2020

Fed Seeks Comments on Proposed Lending Program Expansion

The Federal Reserve Board announced it will seek public feedback on a proposal to expand its Main Street Lending Program to provide access to credit for nonprofit organizations.

Jun 15, 2020

Fed Resuming Examination Activities for All Banks

The Federal Reserve Board announced that it will resume examination activities for all banks, after previously announcing a reduced focus on exam activity in light of the coronavirus response.

Jun 15, 2020

Fed Announces Updates to Credit Facility

The Federal Reserve has announced updates to the Secondary Market Corporate Credit Facility, which will begin buying a broad portfolio of corporate bonds to support market liquidity and the availability of credit for large employers.

Jun 12, 2020

Fed Issues Report Summarizing Public Events

The Federal Reserve has released a report summarizing the Fed Listens events held by the Board and the Federal Reserve Banks since the beginning of 2019, including the most recent event to discuss the effects of the pandemic.

Jun 10, 2020

Fed Expands Its Main Street Lending Program

The Federal Reserve expanded its Main Street Lending Program so that more small and medium-sized businesses can receive support. A lower minimum loan amount, higher maximum loan limit, and extended lending terms are among the adjustments.

Jun 10, 2020

Economic Projections from FOMC Meeting Released

Recently released data summarize the economic projections and the target federal funds rate projections made by Federal Open Market Committee (FOMC) participants for the June 9-10 FOMC meeting.

Jun 10, 2020

Federal Reserve Issues FOMC Statement

The Federal Open Market Committee announced its decision to maintain the target range for the federal funds rate at 0 to 1/4 percent.

Jun 03, 2020

Fed Expands Eligibility for Use of Liquidity Facility

The Federal Reserve Board has announced an expansion in the number and type of entities eligible to directly use its Municipal Liquidity Facility.

Jun 03, 2020

Regulators Issue Host State Loan-to-Deposit Ratios

Regulatory agencies have issued the host state loan-to-deposit ratios that they will use to determine compliance with part of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994.

May 29, 2020

Fed Releases Results of Survey of Senior Financial Officers

The Federal Reserve Board has released results of the Senior Financial Officer Survey, which asked banks’ senior financial officers about their strategies and practices for managing reserve balances.

May 20, 2020

Regulators Issue Principles for Offering Small-Dollar Loans

To encourage supervised banks, savings associations, and credit unions to offer responsible small-dollar loans to customers for consumer and small business purposes, regulators have issued principles for offering these loans responsibly to meet financial institutions customers' short-term credit needs.

May 18, 2020

Regulators Temporarily Change Leverage Ratio Rule

Bank regulators have temporarily changed the supplementary leverage ratio rule to provide flexibility so that depository institutions can better provide credit in light of challenges arising from the coronavirus.

May 18, 2020

Board Publishes Financial Stability Report

In an attempt to foster public understanding of and accountability for its views, the Federal Reserve has published a report summarizing its framework for assessing the resilience of the U.S. financial system.

May 11, 2020

Regulators Approve Statement on Credit Loss Allowances

To promote consistency in interpreting and applying a credit losses accounting standard, federal financial regulatory agencies have approved a policy statement on allowances for credit losses.

Apr 30, 2020

Fed Extends Comment Period on Notice of Acquisition

The Fed has extended the public comment period for the notice by Morgan Stanley to acquire E*TRADE Financial Corporation.

Apr 30, 2020

Fed Expands Lending Program’s Scope, Eligibility

The Main Street Lending Program, which the Federal Reserve developed to help credit flow to certain small and medium-sized businesses, is expanding its scope and eligibility.

Apr 28, 2020

Fed Expands Scope, Duration of Municipal Liquidity Facility

The Federal Reserve has announced an expansion of the scope and duration of the Municipal Liquidity Facility.

Apr 27, 2020

Fed Extends Comment Period for Proposed Guidance

Banking regulators have extended the comment period for the agencies' proposed guidance for certain large foreign banks’ resolution plans.

Apr 24, 2020

Rule Amending Monthly Transfer Limit Announced

An announced interim final rule amendment will allow customers to make an unlimited number of convenient transfers and withdrawals from savings deposits.

Apr 24, 2020

Fed Working to Expand Access to Liquidity Program

To facilitate lending to small businesses, the Federal Reserve has announced that it is working to expand access to its Paycheck Protection Program Liquidity Facility.

Apr 24, 2020

Fed Outlines Availability of Information about Programs

The Federal Reserve Board has outlined the information to be made available about programs to support the flow of credit to households and businesses.

Apr 24, 2020

Fed Moves to Increase Intraday Credit Availability

The Federal Reserve Board has announced actions aimed at increasing the availability of intraday credit extended by Federal Reserve Banks.

Apr 21, 2020

Fed Makes Rule Change to Bolster Program

The Federal Reserve Board change a rule to bolster the Paycheck Protection Program, temporarily modifying the rules so that certain bank directors and shareholders can apply for business loans.

Apr 15, 2020

Some Real Estate Valuations, Appraisals Deferred

Banking agencies issued an interim final rule to temporarily defer real estate-related appraisals and evaluations under the agencies' interagency appraisal regulations in the wake of the national emergency declared in connection with COVID-19.

Apr 09, 2020

Federal Open Market Committee Minutes Released

The Federal Reserve Board and the Federal Open Market Committee have released the minutes of last month's Committee meeting and conference call. The minutes include descriptions of economic and financial conditions.

Apr 09, 2020

Rule to Encourage Lending to Small Firms Announced

Regulatory agencies announced an interim final rule to encourage lending to small businesses through the Small Business Administration's Paycheck Protection Program.

Apr 09, 2020

Fed to Provide New Loans to Support U.S. Economy

The Federal Reserve has taken additional actions to provide up to $2.3 trillion in loans to support the economy, assisting households and employers and bolstering the ability of state and local governments to deliver services during the coronavirus pandemic.

Apr 07, 2020

Facility for Lending to Small Businesses Established

To facilitate lending to small businesses via the Small Business Administration's Paycheck Protection Program, the Federal Reserve will establish a facility to provide term financing backed by the program’s loans.

Apr 07, 2020

Mortgage Companies Encouraged to Work with Virus-Affected Consumers

Federal and state regulators have issued a statement providing needed regulatory flexibility to enable mortgage servicers to work with struggling consumers affected by coronavirus.

Apr 07, 2020

Community Bank Leverage Ratio Changes Announced

Federal bank regulatory agencies have announced the issuance of interim final rules to provide temporary relief to community banking organizations.

Apr 03, 2020

Agencies to Consider Volcker Rule Modification Comments

Regulators announced that they will consider comments submitted before May 1, 2020, on their proposal to modify the Volcker rule's general prohibition on banking entities investing in or sponsoring hedge funds or private equity funds.

Apr 01, 2020

Fed Delays Framework's Effective Date

The Federal Reserve Board will delay by six months the effective date for its revised control framework to reduce operational burden and allow institutions to focus on current economic conditions.

Apr 01, 2020

Fed Establishes Temporary Repo Facility

The Federal Reserve has established a temporary repurchase agreement facility for foreign and international monetary authorities to help support the smooth functioning of financial markets and maintain the supply of credit to U.S. households and businesses.

Mar 27, 2020

Actions Supporting Lending to Households, Businesses Announced

The federal bank regulatory agencies have announced actions to support the U.S. economy and allow banking organizations to continue lending to households and businesses.

Mar 27, 2020

Fed Offers Regulatory Relief to Virus-Affected Banks

The Federal Reserve recognizes that small financial institutions might need more time to submit certain regulatory reports in light of disruptions caused by coronavirus.

Mar 27, 2020

Regulators Encourage Lending to Consumers, Small Firms

Bank regulators issued a statement encouraging banks, savings associations, and credit unions to offer responsible small-dollar loans to consumers and small businesses in response to coronavirus.

Mar 23, 2020

Federal Reserve Issues FOMC Statement

The Federal Open Market Committee has issued a statement describing actions taken to support the flow of credit to households and businesses so that it may promote its maximum employment and price stability goals.

Mar 23, 2020

Federal Reserve System Publishes Annual Financial Statements

The Federal Reserve System has released the 2019 combined annual audited financial statements for the 12 individual Federal Reserve Banks and the Board of Governors.

Mar 23, 2020

Federal Reserve Announces Technical Rule Change

The Federal Reserve Board announced a technical rule change to support the U.S. economy and allow banks to continue lending to creditworthy households and businesses.

Mar 23, 2020

Banks Encouraged to Work with Virus-Affected Borrowers

The federal financial institution regulatory agencies and the state banking regulators are encouraging financial institutions to work constructively with borrowers affected by COVID-19.

Mar 23, 2020

Fed Announces New Measures to Support U.S. Economy

As the coronavirus pandemic causes hardship across the United States and around the world, the Federal Reserve has announced extensive new measures to support the U.S. economy.

Mar 19, 2020

Fed Establishes Swap Lines with Other Central Banks

The Federal Reserve has announced the establishment of temporary U.S. dollar liquidity arrangements, also known as swap lines, with a number of other countries’ central banks.

Mar 19, 2020

Fed Broadens Program Supporting Credit Flow to Households, Businesses

The Federal Reserve Board broadened its program supporting credit flow to households and businesses by taking steps enhancing money markets' liquidity and functioning.

Mar 19, 2020

Interim Final Rule Issued for Liquidity Facility

Federal bank regulators announced an interim final rule to ensure that financial institutions will be able to use a liquidity facility recently launched by the Federal Reserve Board.

Mar 17, 2020

Fed Establishes Funding Facility

The Federal Reserve Board has announced the establishment of a commercial paper funding facility to support the flow of credit to households and businesses.

Mar 17, 2020

New Actions Allow Banks to Support Lending to Households, Businesses

The federal bank regulatory agencies have announced actions to support the U.S. economy and allow banks to continue lending to households and businesses.

Mar 16, 2020

Fed Encourages Banks to Use Discount Window

Federal bank regulators are encouraging banks to use the Federal Reserve's discount window so that they are able to support households and businesses.

Mar 15, 2020

Federal Reserve Issues FOMC Statement

The Federal Open Market Committee announced its decision to lower the target range for the federal funds rate to 0 to 1/4 percent.

Mar 15, 2020

Actions to Support Credit Flow to Businesses, Households

The Federal Reserve is monitoring credit markets and is prepared to use its tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.

Mar 15, 2020

Central Banks Coordinate Action to Enhance Dollar Liquidity

Central banks have announced coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements.

Mar 11, 2020

Agencies Acknowledge Coronavirus Impact

Bank regulators encourage financial institutions to meet the financial needs of customers and members affected by the coronavirus. The agencies recognize its potential impact on the customers, members, and operations of many financial institutions.

Mar 09, 2020

Federal Reserve Simplifies Capital Rules for Large Banks

The Federal Reserve has approved a rule to simplify its capital rules for large banks, preserving the strong capital requirements already in place.

Mar 03, 2020

Federal Reserve Issues FOMC Statement

The Federal Open Market Committee announced its decision to lower the target range for the federal funds rate to 1 to 1-1/4 percent.

Feb 19, 2020

Federal Open Market Committee Minutes Released

The Federal Reserve Board and the Federal Open Market Committee have released the minutes of last month's Committee meeting. The minutes include descriptions of economic and financial conditions.

Jan 31, 2020

Review Finds Some Loans' Risk Elevated

The Shared National Credit Program Review found that the share and amount of loan commitments with the lowest supervisory ratings rose slightly between 2018 and 2019.

Jan 29, 2020

Federal Reserve Issues FOMC Statement

The Federal Open Market Committee announced its decision to maintain the target range for the federal funds rate at 1-1/2 to 1-3/4 percent.

Jan 02, 2020

CRA Asset-Size Threshold Adjustments Released

Bank regulators announced the adjustment to the asset-size thresholds that define small bank, small savings association, intermediate small bank, and intermediate small savings association under Community Reinvestment Act regulations.

Select an archived year: