Reserve Requirements of Depository Institutions, 78616-78618 [E8-30471]
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Federal Register / Vol. 73, No. 247 / Tuesday, December 23, 2008 / Rules and Regulations
forms; shall permit verification thereof
by the International Atomic Energy
Agency (IAEA); and shall take other
action as may be necessary to
implement the US/IAEA Safeguards
Agreement, as described in Part 75 of
this chapter.
Dated at Rockville, Maryland, this 8th day
of December 2008.
For the Nuclear Regulatory Commission.
Martin J. Virgilio,
Acting Executive Director for Operations.
[FR Doc. E8–30054 Filed 12–19–08; 11:15
am]
BILLING CODE 7590–01–P
FEDERAL RESERVE SYSTEM
12 CFR Part 203
[Regulation C; Docket No. 1341]
Home Mortgage Disclosure
AGENCY: Board of Governors of the
Federal Reserve System.
ACTION: Final rule; staff commentary.
The Board is publishing a
final rule amending the staff
commentary that interprets the
requirements of Regulation C (Home
Mortgage Disclosure). The staff
commentary is amended to increase the
asset-size exemption threshold for
depository institutions based on the
annual percentage change in the
Consumer Price Index for Urban Wage
Earners and Clerical Workers. The
adjustment from $37 million to $39
million reflects the increase of that
index by 4.49% percent during the
twelve-month period ending in
November 2008. Thus, depository
institutions with assets of $39 million or
less as of December 31, 2008, are
exempt from collecting data in 2009.
DATES: Effective January 1, 2009.
FOR FURTHER INFORMATION CONTACT: John
C. Wood, Counsel, Division of
Consumer and Community Affairs, at
(202) 452–3667; for users of
Telecommunications Device for the Deaf
(TDD) only, contact (202) 263–4869.
SUPPLEMENTARY INFORMATION: The Home
Mortgage Disclosure Act (HMDA; 12
U.S.C. 2801 et seq.) requires most
mortgage lenders located in
metropolitan areas to collect data about
their housing-related lending activity.
Annually, lenders must report those
data to their federal supervisory
agencies and make the data available to
the public. The Board’s Regulation C (12
CFR part 203) implements HMDA.
Prior to 1997, HMDA exempted
depository institutions with assets
totaling $10 million or less, as of the
SUMMARY:
VerDate Aug<31>2005
15:41 Dec 22, 2008
Jkt 217001
preceding year-end. Provisions of the
Economic Growth and Regulatory
Paperwork Reduction Act of 1996
(codified at 12 U.S.C. 2808(b)) amended
HMDA to expand the exemption for
small depository institutions. The
statutory amendment increased the
asset-size exemption threshold by
requiring a one-time adjustment of the
$10 million figure based on the
percentage by which the Consumer
Price Index for Urban Wage Earners and
Clerical Workers (CPIW) for 1996
exceeded the CPIW for 1975, and
provided for annual adjustments
thereafter based on the annual
percentage increase in the CPIW. The
one-time adjustment increased the
exemption threshold to $28 million for
1997 data collection.
Section 203.2(e)(1)(i) of Regulation C
provides that the Board will adjust the
threshold based on the year-to-year
change in the average of the CPIW, not
seasonally adjusted, for each twelvemonth period ending in November,
rounded to the nearest million. Pursuant
to this section, the Board has adjusted
the threshold annually, as appropriate.
For 2008, the threshold was $37
million. During the twelve-month
period ending in November 2008, the
CPIW increased by 4.49% percent; as a
result, the exemption threshold is raised
to $39 million. Thus, depository
institutions with assets of $39 million or
less as of December 31, 2008, are
exempt from collecting data in 2009. An
institution’s exemption from collecting
data in 2009 does not affect its
responsibility to report data it was
required to collect in 2008.
■
Final Rule
[Regulation D; Docket No. R–1334]
Under the Administrative Procedure
Act, notice and opportunity for public
comment are not required if the Board
finds that notice and public comment
are unnecessary. 5 U.S.C. 553(b)(B). The
amendment in this notice is technical.
Comment 2(e)–2 to § 203.2 of the
regulation is amended to implement the
increase in the exemption threshold.
This amendment merely applies the
formula established by Regulation C for
determining adjustments to the
exemption threshold. For these reasons,
the Board has determined that
publishing a notice of proposed
rulemaking and providing opportunity
for public comment are unnecessary.
Therefore, the amendment is adopted in
final form.
Reserve Requirements of Depository
Institutions
List of Subjects in 12 CFR Part 203
Banks, Banking, Federal Reserve
System, Mortgages, Reporting and
recordkeeping requirements.
PO 00000
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Fmt 4700
Sfmt 4700
For the reasons set forth in the
preamble, the Board amends 12 CFR
part 203 as follows:
PART 203—HOME MORTGAGE
DISCLOSURE (REGULATION C)
1. The authority citation for part 203
continues to read as follows:
■
Authority: 12 U.S.C. 2801–2810.
2. In Supplement I to part 203, under
Section 203.2 Definitions, 2(e)
Financial Institution, paragraph 2(e)–2
is revised to read as follows:
■
Supplement I to Part 203—Staff
Commentary
*
*
*
*
*
Section 203.2 Definitions
2(e) Financial Institution.
*
*
*
*
*
2. Adjustment of exemption threshold for
depository institutions. For data collection in
2009, the asset-size exemption threshold is
$39 million. Depository institutions with
assets at or below $39 million as of December
31, 2008 are exempt from collecting data for
2009.
*
*
*
*
*
By order of the Board of Governors of the
Federal Reserve System, acting through the
Director of the Division of Consumer and
Community Affairs under delegated
authority, December 17, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8–30361 Filed 12–22–08; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RESERVE SYSTEM
12 CFR Part 204
AGENCY: Board of Governors of the
Federal Reserve System.
ACTION: Interim final rule.
SUMMARY: The Board is amending
Regulation D, Reserve Requirements of
Depository Institutions, to revise the
rate for earnings on required reserve
balances and excess balances of eligible
institutions and to provide that the rates
may be revised by the Board from time
to time.
DATES: The amendments to Regulation D
are effective on December 23, 2008. The
applicability date for the revised rates
for earnings on required reserve
balances and excess balances is
December 18, 2008.
FOR FURTHER INFORMATION CONTACT:
Sophia H. Allison, Senior Counsel (202/
452–3565), or Dena L. Milligan, Staff
E:\FR\FM\23DER1.SGM
23DER1
Federal Register / Vol. 73, No. 247 / Tuesday, December 23, 2008 / Rules and Regulations
Attorney (202/452–3900), Legal
Division, or Margaret Gillis DeBoer,
Chief, Monetary and Reserve Analysis
Section, (202/452–3139), Division of
Monetary Affairs; for users of
Telecommunications Device for the Deaf
(TDD) only, contact (202/263–4869);
Board of Governors of the Federal
Reserve System, 20th and C Streets,
NW., Washington, DC 20551.
SUPPLEMENTARY INFORMATION:
I. Background
On October 9, 2008, the Board
published in the Federal Register an
interim final rule amending Regulation
D (Reserve Requirements of Depository
Institutions) to direct the Federal
Reserve Banks to pay interest on
balances held at Reserve Banks to satisfy
reserve requirements (‘‘required reserve
balances’’) and balances held at Reserve
Banks in excess of required reserve
balances and clearing balances (‘‘excess
balances’’) (73 FR 59482) (Oct. 9, 2008).
At that time, the Board announced two
formulas by which the amount of
earnings payable on required reserve
balances and excess balances would be
calculated. For required reserve
balances, the Board initially set the rate
of interest at the average federal funds
rate target established by the Federal
Open Market Committee (‘‘FOMC’’) over
the reserve maintenance period less 10
basis points. For excess balances, the
Board initially set the rate of interest at
the lowest federal funds rate target
established by the FOMC in effect
during the reserve maintenance period
less 75 basis points. The Board stated
that it may adjust the formula for the
interest rate on excess balances in light
of experience and evolving market
conditions.
Since that time, the Board has
adjusted the formula for the rate of
interest for excess balances twice (73 FR
65506 (Nov. 4, 2008), 73 FR 67713 (Nov.
17, 2008)). When the Board adjusted the
formula for the interest rate for excess
balances the second time, the Board also
adjusted the formula for the rate of
interest on required reserve balances (73
FR 67713) (Nov. 17, 2008). The formula
for the rate of interest on required
reserve balances currently is equal to
the average target federal funds rate over
the maintenance period, and the
formula for the rate of interest on excess
balances currently is equal to the lowest
target federal funds rate over the
maintenance period.
In light of weak economic conditions,
the FOMC decided, on December 16,
2008, to specify a target range for the
federal funds rate as the objective for
open market operations, rather than a
single target rate. As a result, the
VerDate Aug<31>2005
15:41 Dec 22, 2008
Jkt 217001
previous rate formulas for interest on
required reserve balances and excess
balances were no longer workable. The
Board has accordingly judged that
setting the rate on required reserve
balances and on excess balances at 1⁄4
percent (0.25 percent) will best support
the Federal Reserve’s objectives. These
revised rates of interest will be
applicable with the reserve maintenance
periods beginning on Thursday,
December 18, 2008.
The Board will continue to evaluate
the appropriate level of the rates of
interest for required reserve balances
and for excess balances in light of
evolving market conditions, and will
make further adjustments as needed. In
order to provide needed flexibility in
making these adjustments to the rates of
interest, the Board is amending
Regulation D to provide that the rates of
interest on required reserve balances
and excess balances may be rates as
determined by the Board from time to
time, rather than the rates stated in
revised sections 204.10(b)(1) and
204.10(b)(2) of Regulation D.
Administrative Procedure Act
The Board has adopted this rule in
light of, and to help address, the
continuing unusual strains in the
financial markets. This rule provides
tools for carrying out monetary policy
more effectively. The Board believes
that any delay in implementing the rule
would be contrary to the public interest
because any delay would hamper the
Board’s ability to make timely rate
adjustments in order to address existing
credit and liquidity pressures in the
financial markets and future
developments in these markets. Delay in
implementing changes to the rates of
interest payable on required reserve
balances and excess balances could
retard the effective implementation of
monetary policy. Therefore, in
accordance with the Administrative
Procedure Act (‘‘APA’’) section 553(b) (5
U.S.C. 553(b)), the Board finds, for good
cause, that providing notice and an
opportunity for public comment before
the effective date of this rule would be
contrary to the public interest. In
addition, pursuant to APA section
553(d) (5 U.S.C. 553(d)), the Board finds
good cause for making this amendment
effective without 30 days advance
publication.
Regulatory Flexibility Act
The Regulatory Flexibility Act (the
‘‘RFA’’) requires an agency that is
issuing a final rule to prepare and make
available a regulatory flexibility analysis
that describes the impact of the final
rule on small entities. 5 U.S.C. 603(a).
PO 00000
Frm 00019
Fmt 4700
Sfmt 4700
78617
The RFA provides that an agency is not
required to prepare and publish a
regulatory flexibility analysis if the
agency certifies that the final rule will
not have a significant economic impact
on a substantial number of small
entities. 5 U.S.C. 605(b).
Pursuant to section 605(b) of the RFA,
the Board certifies that this interim final
rule will not have a significant adverse
economic impact on a substantial
number of small entities. The rule
continues the payment of interest on
certain balances held by eligible
institutions at the Federal Reserve
Banks and will benefit all institutions,
small and large, that receive such
interest. There are no new reporting,
recordkeeping, or other compliance
requirements associated with this rule.
Paperwork Reduction Act
In accordance with the Paperwork
Reduction Act (44 U.S.C. 3506; 5 CFR
Part 1320 Appendix A.1), the Board has
reviewed the interim final rule under
authority delegated to the Board by the
Office of Management and Budget. The
rule contains no collections of
information pursuant to the Paperwork
Reduction Act.
List of Subjects in 12 CFR Part 204
Banks, Banking, Reporting and
recordkeeping requirements.
Authority and Issuance
For the reasons set forth in the
preamble, the Board is amending 12
CFR part 204 as follows:
■
PART 204—RESERVE
REQUIREMENTS OF DEPOSITORY
INSTITUTIONS (REGULATION D)
1. The authority citation for part 204
continues to read as follows:
■
Authority: 12 U.S.C. 248(a), 248(c), 371a,
461, 601, 611, and 3105.
2. In § 204.10, paragraph (b) is revised
to read as follows:
■
§ 204.10
Payment of interest on balances.
*
*
*
*
*
(b) Except as provided in paragraph
(c) of this section, Federal Reserve
Banks shall pay interest at the following
rates—
(1) For required reserve balances, at 1⁄4
percent;
(2) For excess balances, at 1⁄4 percent;
or
(3) For required reserve balances or
excess balances, at any other rate or
rates as determined by the Board from
time to time.
*
*
*
*
*
E:\FR\FM\23DER1.SGM
23DER1
78618
Federal Register / Vol. 73, No. 247 / Tuesday, December 23, 2008 / Rules and Regulations
By order of the Board of Governors of the
Federal Reserve System, December 18, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8–30471 Filed 12–22–08; 8:45 am]
BILLING CODE 6210–01–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
No adverse comments were received,
and thus this notice confirms that
effective date.
*
*
*
*
*
Issued in College Park, Georgia, on
December 2, 2008.
Mark D. Ward,
Manager, Operations Support Group, Eastern
Service Center, Air Traffic Organization.
[FR Doc. E8–30434 Filed 12–22–08; 8:45 am]
BILLING CODE 4910–13–P
14 CFR Part 71
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
Modification of Class D and E
Airspace; Brunswick, ME
14 CFR Part 71
*
*
*
AAL AK E5 Napakiak, AK [Corrected]
Napakiak, Napakiak Airport, AK
(Lat. 60°41′25″ N., long. 161°58′43″ W.)
That airspace extending upward from 700
feet above the surface within a 6.3-mile
radius of the Napakiak Airport, AK; and that
airspace extending upward from 1,200 feet
above the surface within a 84-mile radius of
the Napakiak Airport, AK.
*
*
*
*
Issued in Anchorage, AK, on December 4,
2008.
Anthony M. Wylie,
Manager, Alaska Flight Services Information
Area Group.
[FR Doc. E8–30390 Filed 12–22–08; 8:45 am]
This action confirms the
effective date of a direct final rule
published in the Federal Register (73
FR 56475) that modifies Class D and E
Airspace at Brunswick, ME to reflect the
times when the controlled airspace is
effective.
Effective 0901 UTC, January 15,
2009. The Director of the Federal
Register approves this incorporation by
reference action under title 1, Code of
Federal Regulations, part 51, subject to
the annual revision of FAA Order
7400.9 and publication of conforming
amendments.
DATES:
FOR FURTHER INFORMATION CONTACT:
Melinda Giddens, Operations Support
Group, Federal Aviation
Administration, P.O. Box 20636,
Atlanta, Georgia 30320; Telephone (404)
305–5610, Fax 404–305–5572.
SUPPLEMENTARY INFORMATION:
Confirmation of Effective Date
The FAA published this direct final
rule with a request for comments in the
Federal Register on September 29, 2008
(73 FR 56475), Docket No. FAA–2008–
0203; Airspace Docket No. 08–ANE–99.
The FAA uses the direct final
rulemaking procedure for a noncontroversial rule where the FAA
believes there will be no adverse public
comment. This direct final rule advised
the public that no adverse comments
were anticipated, and that unless a
written adverse comment, or a written
notice of intent to submit such an
adverse comment, were received within
the comment period, the regulation
would become effective on January 15,
2009.
BILLING CODE 4910–13–P
Establishment of Class E Airspace;
Napakiak, AK
SUMMARY:
Jkt 217001
[Corrected]
*
[Docket No. FAA–2008–0454; Airspace
Docket No. 08–AAL–13]
AGENCY: Federal Aviation
Administration (FAA), DOT.
ACTION: Final rule, confirmation of
effective date.
15:41 Dec 22, 2008
*
*
[Docket No. FAA–2008–0203; Airspace
Docket No. 08–ANE–99]
VerDate Aug<31>2005
§ 71.1
SUSQUEHANNA RIVER BASIN
COMMISSION
AGENCY: Federal Aviation
Administration (FAA), DOT.
ACTION: Final rule; correction.
18 CFR Part 806
Review and Approval of Projects
SUMMARY: This action corrects an error
in the airspace description contained in
a Final Rule that was published in the
Federal Register on Thursday,
November 20, 2008 (73 FR 70271).
Airspace Docket No. 08–AAL–13.
DATES: Effective Date: 0901 UTC,
January 15, 2009.
FOR FURTHER INFORMATION CONTACT: Gary
Rolf, AAL–538G, Federal Aviation
Administration, 222 West 7th Avenue,
Box 14, Anchorage, AK 99513–7587;
telephone number (907) 271–5898; fax:
(907) 271–2850; e-mail:
gary.ctr.rolf@faa.gov. Internet address:
https://www.faa.gov/about/office_org/
headquarters_offices/ato/service_units/
systemops/fs/alaskan/rulemaking/.
SUPPLEMENTARY INFORMATION:
History
Federal Register Docket FAA–2008–
0454, Airspace Docket No. 08–AAL–13,
published on Thursday, November 20,
2008 (73 FR 70271), established Class E
airspace at Napakiak, AK. A
typographical error was discovered in
the airspace description defining the
airport location. This action corrects
that error.
Correction to Final Rule
Accordingly, pursuant to the authority
delegated to me, the airspace
description of the Class E airspace
published in the Federal Register,
Thursday, November 20, 2008 (73 FR
70271), Docket No. FAA–2008–0454,
Airspace Docket No. 08–AAL–15, page
70272, column 2 is corrected as follows:
■
PO 00000
Frm 00020
Fmt 4700
Sfmt 4700
AGENCY: Susquehanna River Basin
Commission.
ACTION: Final rule.
SUMMARY: This document contains
amendments to the project review
regulations of the Susquehanna River
Basin Commission (Commission)
requiring review and approval of any
natural gas well development project
targeting the Marcellus or Utica shale
formations and involving the
withdrawal, diversion, or consumptive
use of waters of the Susquehanna River
Basin, adding a provision providing for
a specific approval by rule process for
consumptive water use associated with
such projects, and modifying the
definitions of ‘‘construction’’ and
‘‘project.’’ In addition, editorial changes
are made to the existing approval by
rule provision related to the
consumptive use of water withdrawn
from public water supply systems to
make that provision consistent with the
new approval by rule provision for
natural gas well development projects.
DATES: These rules are effective on
January 15, 2009.
ADDRESSES: Susquehanna River Basin
Commission, 1721 N. Front Street,
Harrisburg, PA 17102–2391.
FOR FURTHER INFORMATION CONTACT:
Richard A. Cairo, General Counsel, 717–
238–0423; fax: 717–238–2436; e-mail:
rcairo@srbc.net. Also, for further
information on the final rulemaking,
visit the Commission’s Web site at
https://www.srbc.net.
SUPPLEMENTARY INFORMATION:
E:\FR\FM\23DER1.SGM
23DER1
]]>Agencies
[Federal Register Volume 73, Number 247 (Tuesday, December 23, 2008)]
[Rules and Regulations]
[Pages 78616-78618]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-30471]
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
12 CFR Part 204
[Regulation D; Docket No. R-1334]
Reserve Requirements of Depository Institutions
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Interim final rule.
-----------------------------------------------------------------------
SUMMARY: The Board is amending Regulation D, Reserve Requirements of
Depository Institutions, to revise the rate for earnings on required
reserve balances and excess balances of eligible institutions and to
provide that the rates may be revised by the Board from time to time.
DATES: The amendments to Regulation D are effective on December 23,
2008. The applicability date for the revised rates for earnings on
required reserve balances and excess balances is December 18, 2008.
FOR FURTHER INFORMATION CONTACT: Sophia H. Allison, Senior Counsel
(202/452-3565), or Dena L. Milligan, Staff
[[Page 78617]]
Attorney (202/452-3900), Legal Division, or Margaret Gillis DeBoer,
Chief, Monetary and Reserve Analysis Section, (202/452-3139), Division
of Monetary Affairs; for users of Telecommunications Device for the
Deaf (TDD) only, contact (202/263-4869); Board of Governors of the
Federal Reserve System, 20th and C Streets, NW., Washington, DC 20551.
SUPPLEMENTARY INFORMATION:
I. Background
On October 9, 2008, the Board published in the Federal Register an
interim final rule amending Regulation D (Reserve Requirements of
Depository Institutions) to direct the Federal Reserve Banks to pay
interest on balances held at Reserve Banks to satisfy reserve
requirements (``required reserve balances'') and balances held at
Reserve Banks in excess of required reserve balances and clearing
balances (``excess balances'') (73 FR 59482) (Oct. 9, 2008). At that
time, the Board announced two formulas by which the amount of earnings
payable on required reserve balances and excess balances would be
calculated. For required reserve balances, the Board initially set the
rate of interest at the average federal funds rate target established
by the Federal Open Market Committee (``FOMC'') over the reserve
maintenance period less 10 basis points. For excess balances, the Board
initially set the rate of interest at the lowest federal funds rate
target established by the FOMC in effect during the reserve maintenance
period less 75 basis points. The Board stated that it may adjust the
formula for the interest rate on excess balances in light of experience
and evolving market conditions.
Since that time, the Board has adjusted the formula for the rate of
interest for excess balances twice (73 FR 65506 (Nov. 4, 2008), 73 FR
67713 (Nov. 17, 2008)). When the Board adjusted the formula for the
interest rate for excess balances the second time, the Board also
adjusted the formula for the rate of interest on required reserve
balances (73 FR 67713) (Nov. 17, 2008). The formula for the rate of
interest on required reserve balances currently is equal to the average
target federal funds rate over the maintenance period, and the formula
for the rate of interest on excess balances currently is equal to the
lowest target federal funds rate over the maintenance period.
In light of weak economic conditions, the FOMC decided, on December
16, 2008, to specify a target range for the federal funds rate as the
objective for open market operations, rather than a single target rate.
As a result, the previous rate formulas for interest on required
reserve balances and excess balances were no longer workable. The Board
has accordingly judged that setting the rate on required reserve
balances and on excess balances at \1/4\ percent (0.25 percent) will
best support the Federal Reserve's objectives. These revised rates of
interest will be applicable with the reserve maintenance periods
beginning on Thursday, December 18, 2008.
The Board will continue to evaluate the appropriate level of the
rates of interest for required reserve balances and for excess balances
in light of evolving market conditions, and will make further
adjustments as needed. In order to provide needed flexibility in making
these adjustments to the rates of interest, the Board is amending
Regulation D to provide that the rates of interest on required reserve
balances and excess balances may be rates as determined by the Board
from time to time, rather than the rates stated in revised sections
204.10(b)(1) and 204.10(b)(2) of Regulation D.
Administrative Procedure Act
The Board has adopted this rule in light of, and to help address,
the continuing unusual strains in the financial markets. This rule
provides tools for carrying out monetary policy more effectively. The
Board believes that any delay in implementing the rule would be
contrary to the public interest because any delay would hamper the
Board's ability to make timely rate adjustments in order to address
existing credit and liquidity pressures in the financial markets and
future developments in these markets. Delay in implementing changes to
the rates of interest payable on required reserve balances and excess
balances could retard the effective implementation of monetary policy.
Therefore, in accordance with the Administrative Procedure Act
(``APA'') section 553(b) (5 U.S.C. 553(b)), the Board finds, for good
cause, that providing notice and an opportunity for public comment
before the effective date of this rule would be contrary to the public
interest. In addition, pursuant to APA section 553(d) (5 U.S.C.
553(d)), the Board finds good cause for making this amendment effective
without 30 days advance publication.
Regulatory Flexibility Act
The Regulatory Flexibility Act (the ``RFA'') requires an agency
that is issuing a final rule to prepare and make available a regulatory
flexibility analysis that describes the impact of the final rule on
small entities. 5 U.S.C. 603(a). The RFA provides that an agency is not
required to prepare and publish a regulatory flexibility analysis if
the agency certifies that the final rule will not have a significant
economic impact on a substantial number of small entities. 5 U.S.C.
605(b).
Pursuant to section 605(b) of the RFA, the Board certifies that
this interim final rule will not have a significant adverse economic
impact on a substantial number of small entities. The rule continues
the payment of interest on certain balances held by eligible
institutions at the Federal Reserve Banks and will benefit all
institutions, small and large, that receive such interest. There are no
new reporting, recordkeeping, or other compliance requirements
associated with this rule.
Paperwork Reduction Act
In accordance with the Paperwork Reduction Act (44 U.S.C. 3506; 5
CFR Part 1320 Appendix A.1), the Board has reviewed the interim final
rule under authority delegated to the Board by the Office of Management
and Budget. The rule contains no collections of information pursuant to
the Paperwork Reduction Act.
List of Subjects in 12 CFR Part 204
Banks, Banking, Reporting and recordkeeping requirements.
Authority and Issuance
0
For the reasons set forth in the preamble, the Board is amending 12 CFR
part 204 as follows:
PART 204--RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS
(REGULATION D)
0
1. The authority citation for part 204 continues to read as follows:
Authority: 12 U.S.C. 248(a), 248(c), 371a, 461, 601, 611, and
3105.
0
2. In Sec. 204.10, paragraph (b) is revised to read as follows:
Sec. 204.10 Payment of interest on balances.
* * * * *
(b) Except as provided in paragraph (c) of this section, Federal
Reserve Banks shall pay interest at the following rates--
(1) For required reserve balances, at \1/4\ percent;
(2) For excess balances, at \1/4\ percent; or
(3) For required reserve balances or excess balances, at any other
rate or rates as determined by the Board from time to time.
* * * * *
[[Page 78618]]
By order of the Board of Governors of the Federal Reserve
System, December 18, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8-30471 Filed 12-22-08; 8:45 am]
BILLING CODE 6210-01-P
