Regulation D: Reserve Requirements of Depository Institutions, 7855-7857 [2020-02119]
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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.
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[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:
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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:
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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
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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
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U.S.C. 603, 604.
U.S.C. 3506; see 5 CFR part 1320 Appendix
A.1.
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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.
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SUMMARY:
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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
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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).
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]]>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]
=======================================================================
-----------------------------------------------------------------------
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.
-----------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\7\ 5 U.S.C. 551 et seq.
\8\ 5 U.S.C. 553(b)(3)(A).
\9\ 5 U.S.C. 553(d).
---------------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\10\ 5 U.S.C. 603, 604.
---------------------------------------------------------------------------
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.
---------------------------------------------------------------------------
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
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* * * * *
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
