Reserve Requirements of Depository Institutions, 68349-68351 [2014-27161]

Download as PDF 68349 Rules and Regulations Federal Register Vol. 79, No. 221 Monday, November 17, 2014 This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. The Code of Federal Regulations is sold by the Superintendent of Documents. Prices of new books are listed in the first FEDERAL REGISTER issue of each week. FEDERAL RESERVE SYSTEM 12 CFR Part 204 [Regulation D; Docket No. R–1501] RIN 7100 AE–23 Reserve Requirements of Depository Institutions Board of Governors of the Federal Reserve System. ACTION: Final rule. AGENCY: The Board is amending Regulation D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2015. The Regulation D amendments set the amount of total reservable liabilities of each depository institution that is subject to a zero percent reserve requirement in 2015 at $14.5 million (from $13.3 million in 2014). This amount is known as the reserve requirement exemption amount. The Regulation D amendments also set the amount of net transaction accounts at each depository institution (over the reserve requirement exemption amount) that is subject to a three percent reserve requirement in 2015 at $103.6 million (from $89.0 million in 2014). This amount is known as the low reserve tranche. The adjustments to both of these amounts are derived using statutory formulas specified in the Federal Reserve Act. The Board is also announcing changes in two other amounts, the nonexempt deposit cutoff level and the reduced reporting limit, that are used to determine the frequency at which depository institutions must submit deposit reports. DATES: Effective date: December 17, 2014. Compliance dates: The new low reserve tranche and reserve requirement rmajette on DSK2TPTVN1PROD with RULES SUMMARY: VerDate Sep<11>2014 15:11 Nov 14, 2014 Jkt 235001 exemption amount will apply to the fourteen-day reserve maintenance period that begins January 22, 2015. For depository institutions that report deposit data weekly, this maintenance period corresponds to the fourteen-day computation period that begins December 23, 2014. For depository institutions that report deposit data quarterly, this maintenance period corresponds to the seven-day computation period that begins December 16, 2014. The new values of the nonexempt deposit cutoff level, the reserve requirement exemption amount, and the reduced reporting limit will be used to determine the frequency at which a depository institution submits deposit reports effective in either June or September 2015. FOR FURTHER INFORMATION CONTACT: Sophia H. Allison, Special Counsel (202/452–3565), Legal Division, or Ezra A. Kidane, Financial Analyst (202/973– 6161), 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: Section 19(b)(2) of the Federal Reserve Act (12 U.S.C. 461(b)(2)) requires each depository institution to maintain reserves against its transaction accounts and nonpersonal time deposits, as prescribed by Board regulations, for the purpose of implementing monetary policy. Section 11(a)(2) of the Federal Reserve Act (12 U.S.C. 248(a)(2)) authorizes the Board to require reports of liabilities and assets from depository institutions to enable the Board to conduct monetary policy. The Board’s actions with respect to each of these provisions are discussed in turn below. Reserve Requirements Pursuant to section 19(b) of the Federal Reserve Act (Act), transaction account balances maintained at each depository institution are subject to reserve requirement ratios of zero, three, or ten percent. Section 19(b)(11)(A) of the Act (12 U.S.C. 461(b)(11)(A)) provides that a zero percent reserve requirement shall apply at each depository institution to total reservable liabilities that do not exceed a certain amount, known as the reserve requirement exemption amount. Section 19(b)(11)(B) provides that, before PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 December 31 of each year, the Board shall issue a regulation adjusting the reserve requirement exemption amount for the next calendar year if total reservable liabilities held at all depository institutions increase from one year to the next. No adjustment is made to the reserve requirement exemption amount if total reservable liabilities held at all depository institutions should decrease during the applicable time period. The Act requires the percentage increase in the reserve requirement exemption amount to be 80 percent of the increase in total reservable liabilities of all depository institutions over the one-year period that ends on the June 30 prior to the adjustment. Total reservable liabilities of all depository institutions increased by 11.1 percent, from $6,317 billion to $7,020 billion between June 30, 2013, and June 30, 2014. Accordingly, the Board is amending Regulation D to set the reserve requirement exemption amount for 2015 at $14.5 million, an increase of $1.2 million from its level in 2014.1 Pursuant to Section 19(b)(2) of the Act (12 U.S.C. 461(b)(2)), transaction account balances maintained at each depository institution over the reserve requirement exemption amount and up to a certain amount, known as the low reserve tranche, are subject to a three percent reserve requirement. Transaction account balances over the low reserve tranche are subject to a ten percent reserve requirement. Section 19(b)(2) also provides that, before December 31 of each year, the Board shall issue a regulation adjusting the low reserve tranche for the next calendar year. The Act requires the adjustment in the low reserve tranche to be 80 percent of the percentage increase or decrease in total transaction accounts of all depository institutions over the one-year period that ends on the June 30 prior to the adjustment. Net transaction accounts of all depository institutions increased 20.5 percent, from $1,576 billion to $1,900 billion between June 30, 2013 and June 30, 2014. Accordingly, the Board is amending Regulation D to increase the low reserve tranche for net transaction 1 Consistent with Board practice, the low reserve tranche and reserve requirement exemption amounts have been rounded to the nearest $0.1 million. E:\FR\FM\17NOR1.SGM 17NOR1 68350 Federal Register / Vol. 79, No. 221 / Monday, November 17, 2014 / Rules and Regulations 2. Deposit Reports Section 11(b)(2) of the Federal Reserve Act authorizes the Board to require depository institutions to file reports of their liabilities and assets as the Board may determine to be necessary or desirable to enable it to discharge its responsibility to monitor and control the monetary and credit aggregates. The Board screens depository institutions each year and assigns them to one of four deposit reporting panels (weekly reporters, quarterly reporters, annual reporters, or nonreporters). The panel assignment for annual reporters is effective in June of the screening year; the panel assignment for weekly and quarterly reporters is effective in September of the screening year. In order to ease reporting burden, the Board permits smaller depository institutions to submit deposit reports less frequently than larger depository institutions. The Board permits depository institutions with net transaction accounts above the reserve requirement exemption amount but total transaction accounts, savings deposits, and small time deposits below a specified level (the ‘‘nonexempt deposit cutoff’’) to report deposit data quarterly. Depository institutions with net transaction accounts above the reserve requirement exemption amount and with total transaction accounts, savings deposits, and small time deposits greater than or equal to the nonexempt deposit cutoff are required to report deposit data weekly. The Board requires certain large depository institutions to report weekly regardless of the level of their net transaction accounts if the depository institution’s total transaction accounts, savings deposits, and small time deposits exceeds or is equal to a specified level (the ‘‘reduced reporting limit’’). The nonexempt deposit cutoff level and the reduced reporting limit are adjusted annually, by an amount equal to 80 percent of the increase, if any, in total transaction accounts, savings deposits, and small time deposits of all depository institutions over the one-year period that ends on the June 30 prior to the adjustment. From June 30, 2013 to June 30, 2014, total transaction accounts, savings deposits, and small time deposits at all depository institutions increased 7.6 percent, from $9,509 billion to $10,234 billion. Accordingly, the Board is increasing the nonexempt deposit cutoff level by $18.7 million to $325.4 million in 2015 (from $306.7 million for 2014). The Board is also increasing the reduced reporting limit by $105 million to $1.824 billion for 2015 (from $1.719 billion in 2014).2 Beginning in 2015, the boundaries of the four deposit reporting panels will be defined as follows. Those depository institutions with net transaction accounts over $14.5 million (the reserve requirement exemption amount) or with total transaction accounts, savings deposits, and small time deposits greater than or equal to $1.824 billion (the reduced reporting limit) are subject to detailed reporting, and must file a Report of Transaction Accounts, Other Deposits and Vault Cash (FR 2900 report) either weekly or quarterly. Of this group, those with total transaction accounts, savings deposits, and small time deposits greater than or equal to $325.4 million (the nonexempt deposit cutoff level) are required to file the FR 2900 report each week, while those with total transaction accounts, savings deposits, and small time deposits less than $325.4 million are required to file the FR 2900 report each quarter. Those depository institutions with net transaction accounts less than or equal to $14.5 million (the reserve requirement exemption amount) and with total transaction accounts, savings deposits, and small time deposits less than $1.824 billion (the reduced reporting limit) are eligible for reduced reporting, and must either file a deposit report annually or not at all. Of this group, those with total deposits greater than $14.5 million (but with total transaction accounts, savings deposits, and small time deposits less than $1.824 billion) are required to file the Annual 2 Consistent with Board practice, the nonexempt deposit cutoff level has been rounded to the nearest $0.1 million, and the reduced reporting limit has been rounded to the nearest $1 million. rmajette on DSK2TPTVN1PROD with RULES accounts by $14.6 million, from $89.0 million for 2014 to $103.6 million for 2015. The new low reserve tranche and reserve requirement exemption amount will be effective for all depository institutions for the fourteen-day reserve maintenance period beginning Thursday, January 22, 2015. For depository institutions that report deposit data weekly, this maintenance period corresponds to the fourteen-day computation period that begins December 23, 2014. For depository institutions that report deposit data quarterly, this maintenance period corresponds to the seven-day computation period that begins December 16, 2014. VerDate Sep<11>2014 15:11 Nov 14, 2014 Jkt 235001 PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 Report of Deposits and Reservable Liabilities (FR 2910a) report annually, while those with total deposits less than or equal to $14.5 million are not required to file a deposit report. A depository institution that adjusts reported values on its FR 2910a report in order to qualify for reduced reporting will be shifted to an FR 2900 reporting panel. Notice and Regulatory Flexibility Act. The provisions of 5 U.S.C. 553(b) relating to notice of proposed rulemaking have not been followed in connection with the adoption of these amendments. The amendments involve expected, ministerial adjustments prescribed by statute and by the Board’s policy concerning reporting practices. The adjustments in the reserve requirement exemption amount, the low reserve tranche, the nonexempt deposit cutoff level, and the reduced reporting limit serve to reduce regulatory burdens on depository institutions. Accordingly, the Board finds good cause for determining, and so determines, that notice in accordance with 5 U.S.C. 553(b) is unnecessary. Consequently, the provisions of the Regulatory Flexibility Act, 5 U.S.C. 601, do not apply to these amendments. List of Subjects in 12 CFR Part 204 Banks, Banking, Reporting and recordkeeping requirements. 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. Section 204.4(f) is revised to read as follows: ■ § 204.4 Computation of required reserves. * * * * * (f) For all depository institutions, Edge and Agreement corporations, and United States branches and agencies of foreign banks, required reserves are computed by applying the reserve requirement ratios below to net transaction accounts, nonpersonal time deposits, and Eurocurrency liabilities of the institution during the computation period. E:\FR\FM\17NOR1.SGM 17NOR1 Federal Register / Vol. 79, No. 221 / Monday, November 17, 2014 / Rules and Regulations Reservable liability Reserve requirement Net Transaction Accounts: $0 to reserve requirement exemption amount ($14.5 million) .......... Over reserve requirement exemption amount ($14.5 million) and up to low reserve tranche ($103.6 million). Over low reserve tranche ($103.6 million) ........................................ Nonpersonal time deposits ....................................................................... Eurocurrency liabilities .............................................................................. By order of the Board of Governors of the Federal Reserve System, acting through the Director of the Division of Monetary Affairs under delegated authority, November 12, 2014. Robert deV. Frierson, Secretary of the Board. [FR Doc. 2014–27161 Filed 11–14–14; 8:45 am] BILLING CODE 6210–01–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 14 CFR Part 97 [Docket No. 30981 Amdt. No. 3611] Standard Instrument Approach Procedures, and Takeoff Minimums and Obstacle Departure Procedures; Miscellaneous Amendments Federal Aviation Administration (FAA), DOT. ACTION: Final rule. AGENCY: This rule establishes, amends, suspends, or revokes Standard Instrument Approach Procedures (SIAPs) and associated Takeoff Minimums and Obstacle Departure Procedures for operations at certain airports. These regulatory actions are needed because of the adoption of new or revised criteria, or because of changes occurring in the National Airspace System, such as the commissioning of new navigational facilities, adding new obstacles, or changing air traffic requirements. These changes are designed to provide safe and efficient use of the navigable airspace and to promote safe flight operations under instrument flight rules at the affected airports. SUMMARY: This rule is effective November 17, 2014. The compliance date for each SIAP, associated Takeoff Minimums, and ODP is specified in the amendatory provisions. The incorporation by reference of certain publications listed in the regulations is approved by the Director of the Federal Register as of November 17, 2014. rmajette on DSK2TPTVN1PROD with RULES DATES: VerDate Sep<11>2014 15:11 Nov 14, 2014 Jkt 235001 68351 0 percent of amount. 3 percent of amount. $2,673,000 plus 10 percent of amount over $103.6 million. 0 percent. 0 percent. Availability of matters incorporated by reference in the amendment is as follows: For Examination— 1. FAA Rules Docket, FAA Headquarters Building, 800 Independence Avenue SW., Washington, DC 20591; 2. The FAA Regional Office of the region in which the affected airport is located; 3. The National Flight Procedures Office, 6500 South MacArthur Blvd., Oklahoma City, OK 73169 or, 4. The National Archives and Records Administration (NARA). For information on the availability of this material at NARA, call 202–741–6030, or go to: http://www.archives.gov/ federal_register/code_of_federal_ regulations/ibr_locations.html. Availability—All SIAPs and Takeoff Minimums and ODPs are available online free of charge. Visit http:// www.nfdc.faa.gov to register. Additionally, individual SIAP and Takeoff Minimums and ODP copies may be obtained from: 1. FAA Public Inquiry Center (APA– 200), FAA Headquarters Building, 800 Independence Avenue SW., Washington, DC 20591; or 2. The FAA Regional Office of the region in which the affected airport is located. ADDRESSES: FOR FURTHER INFORMATION CONTACT: Richard A. Dunham III, Flight Procedure Standards Branch (AFS–420), Flight Technologies and Programs Divisions, Flight Standards Service, Federal Aviation Administration, Mike Monroney Aeronautical Center, 6500 South MacArthur Blvd., Oklahoma City, OK 73169 (Mail Address: P.O. Box 25082, Oklahoma City, OK 73125), Telephone: (405) 954–4164. SUPPLEMENTARY INFORMATION: This rule amends Title 14 of the Code of Federal Regulations, Part 97 (14 CFR part 97), by establishing, amending, suspending, or revoking SIAPS, Takeoff Minimums and/or ODPS. The complete regulators description of each SIAP and its associated Takeoff Minimums or ODP for an identified airport is listed on FAA form documents which are incorporated by reference in this amendment under 5 PO 00000 Frm 00003 Fmt 4700 Sfmt 4700 U.S.C. 552(a), 1 CFR part 51, and 14 CFR part 97.20. The applicable FAA Forms are FAA Forms 8260–3, 8260–4, 8260–5, 8260–15A, and 8260–15B when required by an entry on 8260–15A. The large number of SIAPs, Takeoff Minimums and ODPs, in addition to their complex nature and the need for a special format make publication in the Federal Register expensive and impractical. Furthermore, airmen do not use the regulatory text of the SIAPs, Takeoff Minimums or ODPs, but instead refer to their depiction on charts printed by publishers of aeronautical materials. The advantages of incorporation by reference are realized and publication of the complete description of each SIAP, Takeoff Minimums and ODP listed on FAA forms is unnecessary. This amendment provides the affected CFR sections and specifies the types of SIAPs and the effective dates of the, associated Takeoff Minimums and ODPs. This amendment also identifies the airport and its location, the procedure, and the amendment number. The Rule This amendment to 14 CFR part 97 is effective upon publication of each separate SIAP, Takeoff Minimums and ODP as contained in the transmittal. Some SIAP and Takeoff Minimums and textual ODP amendments may have been issued previously by the FAA in a Flight Data Center (FDC) Notice to Airmen (NOTAM) as an emergency action of immediate flight safety relating directly to published aeronautical charts. The circumstances which created the need for some SIAP and Takeoff Minimums and ODP amendments may require making them effective in less than 30 days. For the remaining SIAPS and Takeoff Minimums and ODPS, an effective date at least 30 days after publication is provided. Further, the SIAPs and Takeoff Minimums and ODPS contained in this amendment are based on the criteria contained in the U.S. Standard for Terminal Instrument Procedures (TERPS). In developing these SIAPS and Takeoff Minimums and ODPs, the TERPS criteria were applied to the conditions existing or anticipated at the E:\FR\FM\17NOR1.SGM 17NOR1

Agencies

[Federal Register Volume 79, Number 221 (Monday, November 17, 2014)]
[Rules and Regulations]
[Pages 68349-68351]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-27161]



========================================================================
Rules and Regulations
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains regulatory documents 
having general applicability and legal effect, most of which are keyed 
to and codified in the Code of Federal Regulations, which is published 
under 50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by the Superintendent of Documents. 
Prices of new books are listed in the first FEDERAL REGISTER issue of each 
week.

========================================================================


Federal Register / Vol. 79, No. 221 / Monday, November 17, 2014 / 
Rules and Regulations

[[Page 68349]]



FEDERAL RESERVE SYSTEM

12 CFR Part 204

[Regulation D; Docket No. R-1501]
RIN 7100 AE-23


Reserve Requirements of Depository Institutions

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: The Board is amending Regulation D, Reserve Requirements of 
Depository Institutions, to reflect the annual indexing of the reserve 
requirement exemption amount and the low reserve tranche for 2015. The 
Regulation D amendments set the amount of total reservable liabilities 
of each depository institution that is subject to a zero percent 
reserve requirement in 2015 at $14.5 million (from $13.3 million in 
2014). This amount is known as the reserve requirement exemption 
amount. The Regulation D amendments also set the amount of net 
transaction accounts at each depository institution (over the reserve 
requirement exemption amount) that is subject to a three percent 
reserve requirement in 2015 at $103.6 million (from $89.0 million in 
2014). This amount is known as the low reserve tranche. The adjustments 
to both of these amounts are derived using statutory formulas specified 
in the Federal Reserve Act.
    The Board is also announcing changes in two other amounts, the 
nonexempt deposit cutoff level and the reduced reporting limit, that 
are used to determine the frequency at which depository institutions 
must submit deposit reports.

DATES: Effective date: December 17, 2014.
    Compliance dates: The new low reserve tranche and reserve 
requirement exemption amount will apply to the fourteen-day reserve 
maintenance period that begins January 22, 2015. For depository 
institutions that report deposit data weekly, this maintenance period 
corresponds to the fourteen-day computation period that begins December 
23, 2014. For depository institutions that report deposit data 
quarterly, this maintenance period corresponds to the seven-day 
computation period that begins December 16, 2014. The new values of the 
nonexempt deposit cutoff level, the reserve requirement exemption 
amount, and the reduced reporting limit will be used to determine the 
frequency at which a depository institution submits deposit reports 
effective in either June or September 2015.

FOR FURTHER INFORMATION CONTACT: Sophia H. Allison, Special Counsel 
(202/452-3565), Legal Division, or Ezra A. Kidane, Financial Analyst 
(202/973-6161), 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: Section 19(b)(2) of the Federal Reserve Act 
(12 U.S.C. 461(b)(2)) requires each depository institution to maintain 
reserves against its transaction accounts and nonpersonal time 
deposits, as prescribed by Board regulations, for the purpose of 
implementing monetary policy. Section 11(a)(2) of the Federal Reserve 
Act (12 U.S.C. 248(a)(2)) authorizes the Board to require reports of 
liabilities and assets from depository institutions to enable the Board 
to conduct monetary policy. The Board's actions with respect to each of 
these provisions are discussed in turn below.

Reserve Requirements

    Pursuant to section 19(b) of the Federal Reserve Act (Act), 
transaction account balances maintained at each depository institution 
are subject to reserve requirement ratios of zero, three, or ten 
percent. Section 19(b)(11)(A) of the Act (12 U.S.C. 461(b)(11)(A)) 
provides that a zero percent reserve requirement shall apply at each 
depository institution to total reservable liabilities that do not 
exceed a certain amount, known as the reserve requirement exemption 
amount. Section 19(b)(11)(B) provides that, before December 31 of each 
year, the Board shall issue a regulation adjusting the reserve 
requirement exemption amount for the next calendar year if total 
reservable liabilities held at all depository institutions increase 
from one year to the next. No adjustment is made to the reserve 
requirement exemption amount if total reservable liabilities held at 
all depository institutions should decrease during the applicable time 
period. The Act requires the percentage increase in the reserve 
requirement exemption amount to be 80 percent of the increase in total 
reservable liabilities of all depository institutions over the one-year 
period that ends on the June 30 prior to the adjustment.
    Total reservable liabilities of all depository institutions 
increased by 11.1 percent, from $6,317 billion to $7,020 billion 
between June 30, 2013, and June 30, 2014. Accordingly, the Board is 
amending Regulation D to set the reserve requirement exemption amount 
for 2015 at $14.5 million, an increase of $1.2 million from its level 
in 2014.\1\
---------------------------------------------------------------------------

    \1\ Consistent with Board practice, the low reserve tranche and 
reserve requirement exemption amounts have been rounded to the 
nearest $0.1 million.
---------------------------------------------------------------------------

    Pursuant to Section 19(b)(2) of the Act (12 U.S.C. 461(b)(2)), 
transaction account balances maintained at each depository institution 
over the reserve requirement exemption amount and up to a certain 
amount, known as the low reserve tranche, are subject to a three 
percent reserve requirement. Transaction account balances over the low 
reserve tranche are subject to a ten percent reserve requirement. 
Section 19(b)(2) also provides that, before December 31 of each year, 
the Board shall issue a regulation adjusting the low reserve tranche 
for the next calendar year. The Act requires the adjustment in the low 
reserve tranche to be 80 percent of the percentage increase or decrease 
in total transaction accounts of all depository institutions over the 
one-year period that ends on the June 30 prior to the adjustment.
    Net transaction accounts of all depository institutions increased 
20.5 percent, from $1,576 billion to $1,900 billion between June 30, 
2013 and June 30, 2014. Accordingly, the Board is amending Regulation D 
to increase the low reserve tranche for net transaction

[[Page 68350]]

accounts by $14.6 million, from $89.0 million for 2014 to $103.6 
million for 2015.
    The new low reserve tranche and reserve requirement exemption 
amount will be effective for all depository institutions for the 
fourteen-day reserve maintenance period beginning Thursday, January 22, 
2015. For depository institutions that report deposit data weekly, this 
maintenance period corresponds to the fourteen-day computation period 
that begins December 23, 2014. For depository institutions that report 
deposit data quarterly, this maintenance period corresponds to the 
seven-day computation period that begins December 16, 2014.

2. Deposit Reports

    Section 11(b)(2) of the Federal Reserve Act authorizes the Board to 
require depository institutions to file reports of their liabilities 
and assets as the Board may determine to be necessary or desirable to 
enable it to discharge its responsibility to monitor and control the 
monetary and credit aggregates. The Board screens depository 
institutions each year and assigns them to one of four deposit 
reporting panels (weekly reporters, quarterly reporters, annual 
reporters, or nonreporters). The panel assignment for annual reporters 
is effective in June of the screening year; the panel assignment for 
weekly and quarterly reporters is effective in September of the 
screening year.
    In order to ease reporting burden, the Board permits smaller 
depository institutions to submit deposit reports less frequently than 
larger depository institutions. The Board permits depository 
institutions with net transaction accounts above the reserve 
requirement exemption amount but total transaction accounts, savings 
deposits, and small time deposits below a specified level (the 
``nonexempt deposit cutoff'') to report deposit data quarterly. 
Depository institutions with net transaction accounts above the reserve 
requirement exemption amount and with total transaction accounts, 
savings deposits, and small time deposits greater than or equal to the 
nonexempt deposit cutoff are required to report deposit data weekly. 
The Board requires certain large depository institutions to report 
weekly regardless of the level of their net transaction accounts if the 
depository institution's total transaction accounts, savings deposits, 
and small time deposits exceeds or is equal to a specified level (the 
``reduced reporting limit''). The nonexempt deposit cutoff level and 
the reduced reporting limit are adjusted annually, by an amount equal 
to 80 percent of the increase, if any, in total transaction accounts, 
savings deposits, and small time deposits of all depository 
institutions over the one-year period that ends on the June 30 prior to 
the adjustment.
    From June 30, 2013 to June 30, 2014, total transaction accounts, 
savings deposits, and small time deposits at all depository 
institutions increased 7.6 percent, from $9,509 billion to $10,234 
billion. Accordingly, the Board is increasing the nonexempt deposit 
cutoff level by $18.7 million to $325.4 million in 2015 (from $306.7 
million for 2014). The Board is also increasing the reduced reporting 
limit by $105 million to $1.824 billion for 2015 (from $1.719 billion 
in 2014).\2\
---------------------------------------------------------------------------

    \2\ Consistent with Board practice, the nonexempt deposit cutoff 
level has been rounded to the nearest $0.1 million, and the reduced 
reporting limit has been rounded to the nearest $1 million.
---------------------------------------------------------------------------

    Beginning in 2015, the boundaries of the four deposit reporting 
panels will be defined as follows. Those depository institutions with 
net transaction accounts over $14.5 million (the reserve requirement 
exemption amount) or with total transaction accounts, savings deposits, 
and small time deposits greater than or equal to $1.824 billion (the 
reduced reporting limit) are subject to detailed reporting, and must 
file a Report of Transaction Accounts, Other Deposits and Vault Cash 
(FR 2900 report) either weekly or quarterly. Of this group, those with 
total transaction accounts, savings deposits, and small time deposits 
greater than or equal to $325.4 million (the nonexempt deposit cutoff 
level) are required to file the FR 2900 report each week, while those 
with total transaction accounts, savings deposits, and small time 
deposits less than $325.4 million are required to file the FR 2900 
report each quarter. Those depository institutions with net transaction 
accounts less than or equal to $14.5 million (the reserve requirement 
exemption amount) and with total transaction accounts, savings 
deposits, and small time deposits less than $1.824 billion (the reduced 
reporting limit) are eligible for reduced reporting, and must either 
file a deposit report annually or not at all. Of this group, those with 
total deposits greater than $14.5 million (but with total transaction 
accounts, savings deposits, and small time deposits less than $1.824 
billion) are required to file the Annual Report of Deposits and 
Reservable Liabilities (FR 2910a) report annually, while those with 
total deposits less than or equal to $14.5 million are not required to 
file a deposit report. A depository institution that adjusts reported 
values on its FR 2910a report in order to qualify for reduced reporting 
will be shifted to an FR 2900 reporting panel.
    Notice and Regulatory Flexibility Act. The provisions of 5 U.S.C. 
553(b) relating to notice of proposed rulemaking have not been followed 
in connection with the adoption of these amendments. The amendments 
involve expected, ministerial adjustments prescribed by statute and by 
the Board's policy concerning reporting practices. The adjustments in 
the reserve requirement exemption amount, the low reserve tranche, the 
nonexempt deposit cutoff level, and the reduced reporting limit serve 
to reduce regulatory burdens on depository institutions. Accordingly, 
the Board finds good cause for determining, and so determines, that 
notice in accordance with 5 U.S.C. 553(b) is unnecessary. Consequently, 
the provisions of the Regulatory Flexibility Act, 5 U.S.C. 601, do not 
apply to these amendments.

List of Subjects in 12 CFR Part 204

    Banks, Banking, Reporting and recordkeeping requirements.

    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. Section 204.4(f) is revised to read as follows:


Sec.  204.4  Computation of required reserves.

* * * * *
    (f) For all depository institutions, Edge and Agreement 
corporations, and United States branches and agencies of foreign banks, 
required reserves are computed by applying the reserve requirement 
ratios below to net transaction accounts, nonpersonal time deposits, 
and Eurocurrency liabilities of the institution during the computation 
period.

[[Page 68351]]



------------------------------------------------------------------------
          Reservable liability                 Reserve requirement
------------------------------------------------------------------------
Net Transaction Accounts:
    $0 to reserve requirement exemption  0 percent of amount.
     amount ($14.5 million).
    Over reserve requirement exemption   3 percent of amount.
     amount ($14.5 million) and up to
     low reserve tranche ($103.6
     million).
    Over low reserve tranche ($103.6     $2,673,000 plus 10 percent of
     million).                            amount over $103.6 million.
Nonpersonal time deposits..............  0 percent.
Eurocurrency liabilities...............  0 percent.
------------------------------------------------------------------------


    By order of the Board of Governors of the Federal Reserve 
System, acting through the Director of the Division of Monetary 
Affairs under delegated authority, November 12, 2014.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2014-27161 Filed 11-14-14; 8:45 am]
BILLING CODE 6210-01-P