Regulation D: Reserve Requirements of Depository Institutions, 7855-7857 [2020-02119]

Download as PDF Federal Register / Vol. 85, No. 29 / Wednesday, February 12, 2020 / Rules and Regulations 7855 INFANT BREAKFAST MEAL PATTERN Age birth through 5 months Age 6 through 11 months 4–6 fluid ounces breastmilk 1 or formula 2 .......... 6–8 fluid ounces breastmilk 1 or formula; 2 and 0–4 tablespoons infant cereal,2 3 meat, fish, poultry, whole egg, cooked dry beans, or cooked dry peas; or 0–2 ounces of cheese; or 0–4 ounces (volume) of cottage cheese; or 0–4 ounces or 1⁄2 cup of yogurt; 4 or a combination of the above; 5 and 0–2 tablespoons vegetable or fruit, or a combination of both 5 6 Endnotes: 1 Breastmilk or formula, or portions of both, must be served; however, it is recommended that breastmilk be served in place of formula from birth through 11 months. For some breastfed infants who regularly consume less than the minimum amount of breastmilk per feeding, a serving of less than the minimum amount of breastmilk may be offered, with additional breastmilk offered at a later time if the infant will consume more. 2 Infant formula and dry infant cereal must be iron-fortified. 3 Beginning October 1, 2021, ounce equivalents are used to determine the quantity of creditable grains. 4 Yogurt must contain no more than 23 grams of total sugars per 6 ounces. 5 A serving of this component is required when the infant is developmentally ready to accept it. 6 Fruit and vegetable juices must not be served. PART 226—CHILD AND ADULT CARE FOOD PROGRAM Act, as amended, 42 U.S.C. 1758, 1759a, 1762a, 1765 and 1766. 5. The authority citation for 7 CFR part 226 continues to read as follows: ■ ■ Authority: Secs. 9, 11, 14, 16, and 17, Richard B. Russell National School Lunch 6. In § 226.20, revise the meal pattern table in paragraph (b)(5) to read as follows: § 226.20 Requirements for meals. * * * * * (b) * * * (5) Infant meal pattern table. The minimum amounts of food components to serve to infants, as described in paragraph (b)(4) of this section, are: INFANT MEAL PATTERNS Infants Age birth through 5 months Age 6 through 11 months Breakfast, Lunch, or Supper ............ 4–6 fluid ounces breastmilk 1 or formula 2. Snack ................................................ 4–6 fluid ounces breastmilk 1 or formula 2. 6–8 fluid ounces breastmilk 1 or formula; 2 and 0–4 tablespoons infant cereal,2 3 meat, fish, poultry, whole egg, cooked dry beans, or cooked dry peas; or 0–2 ounces of cheese; or 0–4 ounces (volume) of cottage cheese; or 0–4 ounces or 1⁄2 cup of yogurt; 4 or a combination of the above; 5 and 0–2 tablespoons vegetable or fruit, or a combination of both.5 6 2–4 fluid ounces breastmilk 1 or formula; 2 and 0–1⁄2 slice bread; 3 7 or 0–2 crackers; 3 7 or 0–4 tablespoons infant cereal 2 3 or ready-to-eat breakfast cereal; 3 5 7 8 and 0–2 tablespoons vegetable or fruit, or a combination of both. 5 6 Endnotes: 1 Breastmilk or formula, or portions of both, must be served; however, it is recommended that breastmilk be served in place of formula from birth through 11 months. For some breastfed infants who regularly consume less than the minimum amount of breastmilk per feeding, a serving of less than the minimum amount of breastmilk may be offered, with additional breastmilk offered at a later time if the infant will consume more. 2 Infant formula and dry infant cereal must be iron-fortified. 3 Beginning October 1, 2021, ounce equivalents are used to determine the quantity of creditable grains. 4 Yogurt must contain no more than 23 grams of total sugars per 6 ounces. 5 A serving of this component is required when the infant is developmentally ready to accept it. 6 Fruit and vegetable juices must not be served. 7 A serving of grains must be whole grain-rich, enriched meal, or enriched flour. 8 Breakfast cereals must contain no more than 6 grams of sugar per dry ounce (no more than 21.2 grams sucrose and other sugars per 100 grams of dry cereal). * * * * * FEDERAL RESERVE SYSTEM Dated: January 14, 2020. Pamilyn Miller, Administrator, Food and Nutrition Service. lotter on DSKBCFDHB2PROD with RULES [FR Doc. 2020–02245 Filed 2–11–20; 8:45 am] BILLING CODE 3410–30–P 12 CFR Part 204 [Docket No. R–1695] RIN 7100–AF 71 Regulation D: Reserve Requirements of Depository Institutions Board of Governors of the Federal Reserve System. ACTION: Final rule. AGENCY: VerDate Sep<11>2014 16:27 Feb 11, 2020 Jkt 250001 PO 00000 Frm 00003 Fmt 4700 Sfmt 4700 The Board of Governors of the Federal Reserve System (‘‘Board’’) is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (‘‘IORR’’) and the rate of interest paid on excess balances (‘‘IOER’’) maintained at Federal Reserve Banks by or on behalf of eligible institutions. The final amendments specify that IORR is 1.60 percent and IOER is 1.60 percent, a 0.05 percentage SUMMARY: E:\FR\FM\12FER1.SGM 12FER1 7856 Federal Register / Vol. 85, No. 29 / Wednesday, February 12, 2020 / Rules and Regulations point increase from their prior levels. The amendments are intended to enhance the role of such rates of interest in maintaining the Federal funds rate in the target range established by the Federal Open Market Committee (‘‘FOMC’’ or ‘‘Committee’’). DATES: Effective date: This rule is effective February 12, 2020. Applicability date: The IORR and IOER rate changes were applicable on January 30, 2020. FOR FURTHER INFORMATION CONTACT: Sophia H. Allison, Senior Special Counsel (202–452–3565), or Justyna Bolter, Senior Attorney (202–452–2686), Legal Division, or Francis Martinez, Senior Financial Institution & Policy Analyst (202–245–4217), or Laura Lipscomb, Assistant Director (202–912– 7964), 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. Statutory and Regulatory Background lotter on DSKBCFDHB2PROD with RULES For monetary policy purposes, section 19 of the Federal Reserve Act (‘‘the Act’’) imposes reserve requirements on certain types of deposits and other liabilities of depository institutions.1 Regulation D, which implements section 19 of the Act, requires that a depository institution meet reserve requirements by holding cash in its vault, or if vault cash is insufficient, by maintaining a balance in an account at a Federal Reserve Bank (‘‘Reserve Bank’’).2 Section 19 also provides that balances maintained by or on behalf of certain institutions in an account at a Reserve Bank may receive earnings to be paid by the Reserve Bank at least once each quarter, at a rate or rates not to exceed the general level of short-term interest rates.3 Institutions that are eligible to receive earnings on their balances held at Reserve Banks (‘‘eligible institutions’’) include depository institutions and certain other institutions.4 Section 19 also provides that the Board may prescribe regulations concerning the payment of earnings on balances at a Reserve Bank.5 Prior to these amendments, Regulation D specified a rate of 1.55 percent for both IORR and IOER.6 1 12 U.S.C. 461(b). CFR 204.5(a)(1). 3 12 U.S.C. 461(b)(1)(A) & (b)(12)(A). 4 See 12 U.S.C. 461(b)(1)(A) & (b)(12)(C); see also 12 CFR 204.2(y). 5 See 12 U.S.C. 461(b)(12)(B). 6 See 12 CFR 204.10(b)(5). 2 12 VerDate Sep<11>2014 15:54 Feb 11, 2020 Jkt 250001 II. Amendments to IORR and IOER The Board is amending § 204.10(b)(5) of Regulation D to specify that IORR is 1.60 percent and IOER is 1.60 percent, a 0.05 percentage point increase in each rate. This decision was announced on January 29, 2020, with an effective date of January 30, 2020, in the Federal Reserve Implementation Note that accompanied the FOMC’s statement on January 29, 2020. The FOMC statement stated that the Committee decided to maintain the target range for the federal funds rate at 11⁄2 to 13⁄4 percent. The Federal Reserve Implementation Note stated: The Board of Governors of the Federal Reserve System voted unanimously to set the interest rate paid on required and excess reserve balances at 1.60 percent, effective January 30, 2020. Setting the interest rate paid on required and excess reserve balances 10 basis points above the bottom of the target range for the federal funds rate is intended to foster trading in the federal funds market at rates well within the FOMC’s target range. As a result, the Board is amending § 204.10(b)(5) of Regulation D to change IORR to 1.60 percent and IOER to 1.60 percent. III. Administrative Procedure Act In general, the Administrative Procedure Act (‘‘APA’’) 7 imposes three principal requirements when an agency promulgates legislative rules (rules made pursuant to Congressionallydelegated authority): (1) Publication with adequate notice of a proposed rule; (2) followed by a meaningful opportunity for the public to comment on the rule’s content; and (3) publication of the final rule not less than 30 days before its effective date. The APA provides that notice and comment procedures do not apply if the agency for good cause finds them to be ‘‘unnecessary, impracticable, or contrary to the public interest.’’ 8 Section 553(d) of the APA also provides that publication at least 30 days prior to a rule’s effective date is not required for (1) a substantive rule which grants or recognizes an exemption or relieves a restriction; (2) interpretive rules and statements of policy; or (3) a rule for which the agency finds good cause for shortened notice and publishes its reasoning with the rule.9 The Board has determined that good cause exists for finding that the notice, public comment, and delayed effective date provisions of the APA are unnecessary, impracticable, or contrary to the public interest with respect to U.S.C. 551 et seq. U.S.C. 553(b)(3)(A). 9 5 U.S.C. 553(d). these final amendments to Regulation D. The rate changes for IORR and IOER that are reflected in the final amendments to Regulation D were made with a view towards accommodating commerce and business and with regard to their bearing upon the general credit situation of the country. Notice and public comment would prevent the Board’s action from being effective as promptly as necessary in the public interest and would not otherwise serve any useful purpose. Notice, public comment, and a delayed effective date would create uncertainty about the finality and effectiveness of the Board’s action and undermine the effectiveness of that action. Accordingly, the Board has determined that good cause exists to dispense with the notice, public comment, and delayed effective date procedures of the APA with respect to these final amendments to Regulation D. IV. Regulatory Flexibility Analysis The Regulatory Flexibility Act (‘‘RFA’’) does not apply to a rulemaking where a general notice of proposed rulemaking is not required.10 As noted previously, the Board has determined that it is unnecessary and contrary to the public interest to publish a general notice of proposed rulemaking for this final rule. Accordingly, the RFA’s requirements relating to an initial and final regulatory flexibility analysis do not apply. V. Paperwork Reduction Act In accordance with the Paperwork Reduction Act (‘‘PRA’’) of 1995,11 the Board reviewed the final rule under the authority delegated to the Board by the Office of Management and Budget. The final rule contains no requirements subject to the PRA. List of Subjects in 12 CFR Part 204 Banks, Banking, Reporting and recordkeeping requirements. For the reasons set forth in the preamble, the Board amends 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), 461, 601, 611, and 3105. 2. Section 204.10 is amended by revising paragraph (b)(5) to read as follows: ■ 75 10 5 85 11 44 PO 00000 Frm 00004 Fmt 4700 U.S.C. 603, 604. U.S.C. 3506; see 5 CFR part 1320 Appendix A.1. Sfmt 4700 E:\FR\FM\12FER1.SGM 12FER1 Federal Register / Vol. 85, No. 29 / Wednesday, February 12, 2020 / Rules and Regulations § 204.10 Payment of interest on balances. For service information identified in this final rule, contact Bombardier, Inc., 400 Coˆte-Vertu Road West, Dorval, Que´bec H4S 1Y9, Canada; Widebody Customer Response Center North America toll-free telephone 1– TABLE 1 TO PARAGRAPH (b)(5) 866–538–1247 or direct-dial telephone Rate 1–514–855–2999; fax 514–855–7401; (percent) email ac.yul@aero.bombardier.com; internet https://www.bombardier.com. IORR ..................................... 1.60 You may view this referenced service IOER ..................................... 1.60 information at the FAA, Transport Standards Branch, 2200 South 216th St., * * * * * Des Moines, WA. For information on the By order of the Board of Governors of the availability of this material at the FAA, Federal Reserve System, January 30, 2020. call 206–231–3195. It is also available Ann Misback, on the internet at https:// Secretary of the Board. www.regulations.gov by searching for [FR Doc. 2020–02119 Filed 2–11–20; 8:45 am] and locating Docket No. FAA–2019– BILLING CODE 6210–01–P 0720. * ADDRESSES: * * * * (b) * * * (5) The rates for IORR and IOER are: Examining the AD Docket DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 14 CFR Part 39 [Docket No. FAA–2019–0720; Product Identifier 2019–NM–117–AD; Amendment 39–19831; AD 2020–02–19] RIN 2120–AA64 Airworthiness Directives; Bombardier, Inc., Airplanes Federal Aviation Administration (FAA), Department of Transportation (DOT). ACTION: Final rule. AGENCY: The FAA is superseding Airworthiness Directive (AD) 2003–09– 04 R1, which applied to certain Bombardier, Inc., Model CL–600–2B19 (Regional Jet series 100 & 440) airplanes. AD 2003–09–04 R1 required revising the airworthiness limitations for certain structural inspections; repair if necessary; and submission of inspection findings to the airplane manufacturer. This AD revises the applicability to include additional airplanes; revises certain compliance times; and requires revising the existing maintenance or inspection program, as applicable, to incorporate new or more restrictive airworthiness limitations. This AD was prompted by a report of fatigue cracks occurring on the pressure floor skin at fuselage stations (FS) 460 and 513. The FAA is issuing this AD to address the unsafe condition on these products. DATES: This AD is effective March 18, 2020. The Director of the Federal Register approved the incorporation by reference of certain publications listed in this AD as of March 18, 2020. lotter on DSKBCFDHB2PROD with RULES SUMMARY: VerDate Sep<11>2014 15:54 Feb 11, 2020 Jkt 250001 You may examine the AD docket on the internet at https:// www.regulations.gov by searching for and locating Docket No. FAA–2019– 0720; or in person at Docket Operations between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. The AD docket contains this final rule, the regulatory evaluation, any comments received, and other information. The address for Docket Operations is U.S. Department of Transportation, Docket Operations, M–30, West Building Ground Floor, Room W12–140, 1200 New Jersey Avenue SE, Washington, DC 20590. FOR FURTHER INFORMATION CONTACT: Andrea Jimenez, Aerospace Engineer, Airframe and Mechanical Systems Section, FAA, New York ACO Branch, 1600 Stewart Avenue, Suite 410, Westbury, NY 11590; telephone 516– 228–7330; fax 516–794–5531; email 9-avs-nyaco-cos@faa.gov. SUPPLEMENTARY INFORMATION: Discussion Transport Canada Civil Aviation (TCCA), which is the aviation authority for Canada, has issued Canadian AD CF–2002–39R2, dated August 15, 2019 (also referred to as the Mandatory Continuing Airworthiness Information, or ‘‘the MCAI’’), to correct an unsafe condition for certain Bombardier, Inc., Model CL–600–2B19 (Regional Jet series 100 & 440) airplanes. You may examine the MCAI in the AD docket on the internet at https://www.regulations.gov by searching for and locating Docket No. FAA–2019–0720. The FAA issued a notice of proposed rulemaking (NPRM) to amend 14 CFR part 39 to supersede AD 2003–09–04 R1, Amendment 39–13305 (68 FR 54985, September 22, 2003) (‘‘AD 2003–09–04 PO 00000 Frm 00005 Fmt 4700 Sfmt 4700 7857 R1’’). AD 2003–09–04 R1 applied to certain Bombardier, Inc., Model CL– 600–2B19 (Regional Jet series 100 & 440) airplanes. The NPRM published in the Federal Register on October 30, 2019 (84 FR 58062). The NPRM was prompted by a report of fatigue cracks occurring on the pressure floor skin at FS 460 and 513. The NPRM proposed to revise the applicability to include additional airplanes; revise certain compliance times; and require revising the existing maintenance or inspection program, as applicable, to incorporate new or more restrictive airworthiness limitations. The FAA is issuing this AD to address fatigue cracks, which could result in failure of the pressure floor skin and consequent rapid decompression of the airplane during flight. See the MCAI for additional background information. Comments The FAA gave the public the opportunity to participate in developing this final rule. The following presents the comment received on the NPRM and the FAA’s response to each comment. Request To Revise Certain Language SkyWest Airlines requested that the FAA revise certain language in the proposed AD. SkyWest Airlines suggested that the wording in paragraph (i)(2) of the proposed AD be revised to more closely match the wording in paragraph (c)(2) of AD 2003–09–04 R1. SkyWest Airlines noted that paragraph (i)(2) of the proposed AD states that new airworthiness limitations and inspection requirements are to be inserted into a Bombardier Temporary Revision, but Temporary Revisions are issued and controlled by Bombardier. SkyWest Airlines stated that it appears that the intent of paragraph (i)(2) of the proposed AD is to track the additional airworthiness limitations and inspection requirements introduced by the repair described in paragraph (i)(1) of the proposed AD. The FAA agrees to clarify. The FAA has revised paragraph (i) of this AD to clarify that operators must comply with any repair instructions, including any new airworthiness limitations and inspection requirements, approved by the FAA, TCCA, or Bombardier, Inc.’s TCCA Design Approval Organization (DAO). As part of this clarification, the FAA revised the content that was in paragraph (i)(2) of the proposed AD, combined the content of paragraph (i)(1) with the revised content of paragraph (i)(2), and moved that combined content into paragraph (i) of this AD (eliminating paragraphs (i)(1) and (2) of the proposed AD). E:\FR\FM\12FER1.SGM 12FER1

Agencies

[Federal Register Volume 85, Number 29 (Wednesday, February 12, 2020)]
[Rules and Regulations]
[Pages 7855-7857]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-02119]


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FEDERAL RESERVE SYSTEM

12 CFR Part 204

[Docket No. R-1695]
RIN 7100-AF 71


Regulation D: Reserve Requirements of Depository Institutions

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Final rule.

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SUMMARY: The Board of Governors of the Federal Reserve System 
(``Board'') is amending Regulation D (Reserve Requirements of 
Depository Institutions) to revise the rate of interest paid on 
balances maintained to satisfy reserve balance requirements (``IORR'') 
and the rate of interest paid on excess balances (``IOER'') maintained 
at Federal Reserve Banks by or on behalf of eligible institutions. The 
final amendments specify that IORR is 1.60 percent and IOER is 1.60 
percent, a 0.05 percentage

[[Page 7856]]

point increase from their prior levels. The amendments are intended to 
enhance the role of such rates of interest in maintaining the Federal 
funds rate in the target range established by the Federal Open Market 
Committee (``FOMC'' or ``Committee'').

DATES: 
    Effective date: This rule is effective February 12, 2020.
    Applicability date: The IORR and IOER rate changes were applicable 
on January 30, 2020.

FOR FURTHER INFORMATION CONTACT: Sophia H. Allison, Senior Special 
Counsel (202-452-3565), or Justyna Bolter, Senior Attorney (202-452-
2686), Legal Division, or Francis Martinez, Senior Financial 
Institution & Policy Analyst (202-245-4217), or Laura Lipscomb, 
Assistant Director (202-912-7964), 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. Statutory and Regulatory Background

    For monetary policy purposes, section 19 of the Federal Reserve Act 
(``the Act'') imposes reserve requirements on certain types of deposits 
and other liabilities of depository institutions.\1\ Regulation D, 
which implements section 19 of the Act, requires that a depository 
institution meet reserve requirements by holding cash in its vault, or 
if vault cash is insufficient, by maintaining a balance in an account 
at a Federal Reserve Bank (``Reserve Bank'').\2\ Section 19 also 
provides that balances maintained by or on behalf of certain 
institutions in an account at a Reserve Bank may receive earnings to be 
paid by the Reserve Bank at least once each quarter, at a rate or rates 
not to exceed the general level of short-term interest rates.\3\ 
Institutions that are eligible to receive earnings on their balances 
held at Reserve Banks (``eligible institutions'') include depository 
institutions and certain other institutions.\4\ Section 19 also 
provides that the Board may prescribe regulations concerning the 
payment of earnings on balances at a Reserve Bank.\5\ Prior to these 
amendments, Regulation D specified a rate of 1.55 percent for both IORR 
and IOER.\6\
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    \1\ 12 U.S.C. 461(b).
    \2\ 12 CFR 204.5(a)(1).
    \3\ 12 U.S.C. 461(b)(1)(A) & (b)(12)(A).
    \4\ See 12 U.S.C. 461(b)(1)(A) & (b)(12)(C); see also 12 CFR 
204.2(y).
    \5\ See 12 U.S.C. 461(b)(12)(B).
    \6\ See 12 CFR 204.10(b)(5).
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II. Amendments to IORR and IOER

    The Board is amending Sec.  204.10(b)(5) of Regulation D to specify 
that IORR is 1.60 percent and IOER is 1.60 percent, a 0.05 percentage 
point increase in each rate. This decision was announced on January 29, 
2020, with an effective date of January 30, 2020, in the Federal 
Reserve Implementation Note that accompanied the FOMC's statement on 
January 29, 2020. The FOMC statement stated that the Committee decided 
to maintain the target range for the federal funds rate at 1\1/2\ to 
1\3/4\ percent.
    The Federal Reserve Implementation Note stated:

    The Board of Governors of the Federal Reserve System voted 
unanimously to set the interest rate paid on required and excess 
reserve balances at 1.60 percent, effective January 30, 2020. 
Setting the interest rate paid on required and excess reserve 
balances 10 basis points above the bottom of the target range for 
the federal funds rate is intended to foster trading in the federal 
funds market at rates well within the FOMC's target range.

    As a result, the Board is amending Sec.  204.10(b)(5) of Regulation 
D to change IORR to 1.60 percent and IOER to 1.60 percent.

III. Administrative Procedure Act

    In general, the Administrative Procedure Act (``APA'') \7\ imposes 
three principal requirements when an agency promulgates legislative 
rules (rules made pursuant to Congressionally-delegated authority): (1) 
Publication with adequate notice of a proposed rule; (2) followed by a 
meaningful opportunity for the public to comment on the rule's content; 
and (3) publication of the final rule not less than 30 days before its 
effective date. The APA provides that notice and comment procedures do 
not apply if the agency for good cause finds them to be ``unnecessary, 
impracticable, or contrary to the public interest.'' \8\ Section 553(d) 
of the APA also provides that publication at least 30 days prior to a 
rule's effective date is not required for (1) a substantive rule which 
grants or recognizes an exemption or relieves a restriction; (2) 
interpretive rules and statements of policy; or (3) a rule for which 
the agency finds good cause for shortened notice and publishes its 
reasoning with the rule.\9\
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    \7\ 5 U.S.C. 551 et seq.
    \8\ 5 U.S.C. 553(b)(3)(A).
    \9\ 5 U.S.C. 553(d).
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    The Board has determined that good cause exists for finding that 
the notice, public comment, and delayed effective date provisions of 
the APA are unnecessary, impracticable, or contrary to the public 
interest with respect to these final amendments to Regulation D. The 
rate changes for IORR and IOER that are reflected in the final 
amendments to Regulation D were made with a view towards accommodating 
commerce and business and with regard to their bearing upon the general 
credit situation of the country. Notice and public comment would 
prevent the Board's action from being effective as promptly as 
necessary in the public interest and would not otherwise serve any 
useful purpose. Notice, public comment, and a delayed effective date 
would create uncertainty about the finality and effectiveness of the 
Board's action and undermine the effectiveness of that action. 
Accordingly, the Board has determined that good cause exists to 
dispense with the notice, public comment, and delayed effective date 
procedures of the APA with respect to these final amendments to 
Regulation D.

IV. Regulatory Flexibility Analysis

    The Regulatory Flexibility Act (``RFA'') does not apply to a 
rulemaking where a general notice of proposed rulemaking is not 
required.\10\ As noted previously, the Board has determined that it is 
unnecessary and contrary to the public interest to publish a general 
notice of proposed rulemaking for this final rule. Accordingly, the 
RFA's requirements relating to an initial and final regulatory 
flexibility analysis do not apply.
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    \10\ 5 U.S.C. 603, 604.
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V. Paperwork Reduction Act

    In accordance with the Paperwork Reduction Act (``PRA'') of 
1995,\11\ the Board reviewed the final rule under the authority 
delegated to the Board by the Office of Management and Budget. The 
final rule contains no requirements subject to the PRA.
---------------------------------------------------------------------------

    \11\ 44 U.S.C. 3506; see 5 CFR part 1320 Appendix A.1.
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List of Subjects in 12 CFR Part 204

    Banks, Banking, Reporting and recordkeeping requirements.

    For the reasons set forth in the preamble, the Board amends 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), 461, 601, 611, and 3105.


0
2. Section 204.10 is amended by revising paragraph (b)(5) to read as 
follows:

[[Page 7857]]

Sec.  204.10  Payment of interest on balances.

* * * * *
    (b) * * *
    (5) The rates for IORR and IOER are:

                       Table 1 to Paragraph (b)(5)
------------------------------------------------------------------------
                                                          Rate (percent)
------------------------------------------------------------------------
IORR....................................................            1.60
IOER....................................................            1.60
------------------------------------------------------------------------

* * * * *

    By order of the Board of Governors of the Federal Reserve 
System, January 30, 2020.
Ann Misback,
Secretary of the Board.
[FR Doc. 2020-02119 Filed 2-11-20; 8:45 am]
 BILLING CODE 6210-01-P