Regulation A: Extensions of Credit by Federal Reserve Banks, 16523-16525 [2020-05804]
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Federal Register / Vol. 85, No. 57 / Tuesday, March 24, 2020 / Rules and Regulations
(d) Closing. Each RBIC may conduct
more than one closing to raise the
specific amount of Regulatory Capital
that the Applicant had projected in its
application that it would raise (see
§ 4290.310(b)). One or more closings
may take place subsequent to licensing
as an RBIC to raise the difference
between the required Regulatory Capital
as provided under paragraphs (a) and (b)
of this section and the specific amount
of Regulatory Capital that the Applicant
had projected to raise in its application.
■
§ 4290.230
§ 4290.390
[Amended]
5. Amend § 4290.230(c)(5) by
removing the word ‘‘collectibility’’ and
adding in its place ‘‘collectability’’.
■
Subpart D—Application and Approval
Process for RBIC Licensing
6. Revise § 4290.330 to read as
follows:
■
§ 4290.330
Guarantee fee.
In cases of Leveraged Applications,
the Applicant must pay to the Agency
an issuance fee for each grant or
debenture guarantee. The Agency may
charge such fees as the Agency
considers appropriate, so long as those
fees are proportionally equal for each
rural business investment company,
with respect to any guarantee or grant
issued under this subchapter.
§ 4290.380
Selection.
From among the Applicants that have
submitted eligible and complete
applications, the Administrator of RBS
and the Administrator on behalf of SBA,
in their sole discretion, will select some,
all, or none of such Applicants to
participate in the RBIC program. * * *
10. Amend § 4290.390 by revising
paragraph (b) to read as follows:
■
Licensing as a RBIC.
*
*
*
*
*
(b) Licensing as a RBIC. If the selected
Applicant has satisfactorily met all the
conditions specified in paragraph (a) of
this section, as determined within the
sole discretion of the Agency, then the
Administrator of RBS and the
Administrator on behalf of SBA will
license the Applicant as a RBIC.
*
*
*
*
*
Subpart H—Recordkeeping, Reporting,
and Examination Requirements for
RBICs
§ 4290.610
[Amended]
11. Amend § 4290.610 by removing
paragraph (b) and redesignating
paragraphs (c) and (d) as paragraphs (b)
and (c), respectively.
■
Subpart E—Evaluation and Selection
of RBICs
Subpart I—Financing of Enterprises by
RBICs
§ 4290.340
■
[Amended]
7. Amend § 4290.340 introductory text
by removing ‘‘Agency on behalf of
USDA’’ and adding in its place
‘‘Administrator of RBS’’.
■ 8. Amend § 4290.370 by revising the
introductory text and paragraph (h) to
read as follows:
■
§ 4290.370
lotter on DSKBCFDHB2PROD with RULES
9. Amend § 4290.380 by revising the
first sentence to read as follows:
Evaluation criteria.
Of those Applicants whose
management team is considered
qualified for venture capital investing
and who have submitted an eligible and
complete application, the Administrator
of RBS and the Administrator on behalf
of SBA, in their sole discretion, will
evaluate and select an Applicant for
participation in the RBIC program by
considering the following criteria:
*
*
*
*
*
(h) The extent to which the Applicant
will concentrate its activities on serving
Smaller Enterprises located in the Rural
Area in which it intends to invest,
including the ratio of resources that it
proposes to invest in such Enterprises as
compared to other Enterprises;
*
*
*
*
*
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12. Revise § 4290.700 to read as
follows:
16523
(b) Non-compliance. If you are not in
compliance with any of the Financing
percentages specified in paragraph (a) of
this section at the end of the third fiscal
year after the issuance of your RBIC
license or any fiscal year thereafter, you
must come into compliance by the end
of the following fiscal year. For as long
as you remain out of compliance, you
are not eligible for additional Leverage
(see § 4290.1120).
■ 13. Amend § 4290.720 by:
■ a. Revising paragraph (g)(2);
■ b. In paragraph (i), removing ‘‘25
percent’’ and adding in its place ‘‘50
percent’’; and
■ c. In paragraph (k), removing ‘‘of
ownership’’ from the heading and
adding ‘‘in control’’ in its place and
removing ‘‘ownership of’’ and adding
‘‘more than 50 percent control of’’ in its
place.
The revision reads as follows:
§ 4290.720 Enterprises that may be
ineligible for Financing.
*
*
*
*
*
(g) * * *
(2) Exception. This paragraph (g) does
not prohibit either:
(i) A Financing used to acquire
foreign materials and equipment or
foreign property rights for use or sale in
the United States; or
(ii) A Financing in a subsidiary based
in the United States of foreign-owned
entities with at least 51 percent U.S.
ownership.
*
*
*
*
*
§ 4290.760
[Amended]
14. Amend § 4290.760(a) by removing
the words ‘‘or Small Business Concern’’.
§ 4290.700 Requirements concerning
types of Enterprises to receive Financing.
■
(a) Financing requirements. Beginning
after the third fiscal year after the
issuance of your RBIC license and at the
close of each of your fiscal years
thereafter, you must be in compliance
with the Financing percentages
specified in this paragraph (a).
(1) Rural Business Concerns. At least
75 percent of your Financings (in total
dollars) to your Portfolio Concerns must
have been to Rural Business Concerns.
(2) Smaller Enterprises. More than 50
percent of your Financings (in total
dollars) to your Portfolio Concerns must
have been to Smaller Enterprises that, at
the time of the initial Financing to such
Enterprise, meet either the net worth/
net income test or the size standard set
forth in the ‘‘Smaller Enterprise’’
definition in § 4290.50.
(3) Urban Areas. No more than 10
percent of your Financings (in total
dollars) to your Portfolio Concerns must
have been made to Portfolio Concerns
located in an Urban Area.
Dated: March 13, 2020.
Mark Brodziski,
Acting Administrator, Rural BusinessCooperative Service.
Dated: March 13, 2020.
Chad Rupe,
Administrator, Rural Utilities Service.
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[FR Doc. 2020–05746 Filed 3–23–20; 8:45 am]
BILLING CODE 3410–XY–P
FEDERAL RESERVE SYSTEM
12 CFR Part 201
[Docket No. R–1700; RIN 7100–AF 74]
Regulation A: Extensions of Credit by
Federal Reserve Banks
Board of Governors of the
Federal Reserve System.
ACTION: Final rule.
AGENCY:
The Board of Governors of the
Federal Reserve System (‘‘Board’’) has
SUMMARY:
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lotter on DSKBCFDHB2PROD with RULES
16524
Federal Register / Vol. 85, No. 57 / Tuesday, March 24, 2020 / Rules and Regulations
adopted final amendments to its
Regulation A to reflect the Board’s
approval of a decrease in the rate for
primary credit at each Federal Reserve
Bank. The secondary credit rate at each
Reserve Bank automatically decreased
by formula as a result of the Board’s
primary credit rate action.
DATES:
Effective date: The amendments to
part 201 (Regulation A) are effective
March 24, 2020.
Applicability date: The rate changes
for primary and secondary credit were
applicable on March 16, 2020.
FOR FURTHER INFORMATION CONTACT:
Sophia H. Allison, Senior Special
Counsel (202–452–3565), Legal
Division, or Lyle Kumasaka, Lead
Financial Institution & Policy Analyst
(202–452–2382), 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: The
Federal Reserve Banks make primary
and secondary credit available to
depository institutions as a backup
source of funding on a short-term basis,
usually overnight. The primary and
secondary credit rates are the interest
rates that the twelve Federal Reserve
Banks charge for extensions of credit
under these programs. In accordance
with the Federal Reserve Act, the
primary and secondary credit rates are
established by the boards of directors of
the Federal Reserve Banks, subject to
review and determination of the Board.
On March 15, 2020, the Board voted
to approve a 1.50 percentage point
decrease in the primary credit rate in
effect at each of the twelve Federal
Reserve Banks, thereby decreasing from
1.75 percent to 0.25 percent the rate that
each Reserve Bank charges for
extensions of primary credit. In
addition, the Board had previously
approved the renewal of the secondary
credit rate formula, the primary credit
rate plus 50 basis points. Under the
formula, the secondary credit rate in
effect at each of the twelve Federal
Reserve Banks decreased by 1.50
percentage point as a result of the
Board’s primary credit rate action,
thereby decreasing from 2.25 percent to
0.75 percent the rate that each Reserve
Bank charges for extensions of
secondary credit. The amendments to
Regulation A reflect these rate changes.
The 1.50 percentage point decrease in
the primary credit rate was associated
with a 1.00 percentage point decrease in
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15:59 Mar 23, 2020
Jkt 250001
the target range for the federal funds rate
(from a target range of 1 percent to 11⁄4
percent to a target range of zero percent
to 1⁄4 percent) announced by the Federal
Open Market Committee on March 15,
2020, as described in the Board’s
amendment of its Regulation D
published elsewhere in today’s Federal
Register.
Administrative Procedure Act
In general, the Administrative
Procedure Act (‘‘APA’’) 1 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.’’ 2 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.3 The APA
further provides that the notice, public
comment, and delayed effective date
requirements of 5 U.S.C. 553 do not
apply ‘‘to the extent that there is
involved . . . a matter relating to agency
management or personnel or to public
property, loans, grants, benefits, or
contracts.’’ 4
Regulation A establishes the interest
rates that the twelve Reserve Banks
charge for extensions of primary credit
and secondary credit. The Board has
determined that the notice, public
comment, and delayed effective date
requirements of the APA do not apply
to these final amendments to Regulation
A. The amendments involve a matter
relating to loans and are therefore
exempt under the terms of the APA.
Furthermore, because delay would
undermine the Board’s action in
responding to economic data and
conditions, the Board has determined
that ‘‘good cause’’ exists within the
meaning of the APA to dispense with
the notice, public comment, and
15
U.S.C. 551 et seq.
2 5 U.S.C. 553(b)(3)(A).
3 5 U.S.C. 553(d).
4 5 U.S.C. 553(a)(2) (emphasis added).
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delayed effective date procedures of the
APA with respect to the final
amendments to Regulation A.
Regulatory Flexibility Analysis
The Regulatory Flexibility Act
(‘‘RFA’’) does not apply to a rulemaking
where a general notice of proposed
rulemaking is not required.5 As noted
previously, a general notice of proposed
rulemaking is not required if the final
rule involves a matter relating to loans.
Furthermore, 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.
Paperwork Reduction Act
In accordance with the Paperwork
Reduction Act (‘‘PRA’’) of 1995,6 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.
12 CFR Chapter II
List of Subjects in 12 CFR Part 201
Banks, Banking, Federal Reserve
System, Reporting and recordkeeping.
Authority and Issuance
For the reasons set forth in the
preamble, the Board is amending 12
CFR Chapter II to read as follows:
PART 201—EXTENSIONS OF CREDIT
BY FEDERAL RESERVE BANKS
(REGULATION A)
1. The authority citation for part 201
continues to read as follows:
■
Authority: 12 U.S.C. 248(i)–(j), 343 et seq.,
347a, 347b, 347c, 348 et seq., 357, 374, 374a,
and 461.
2. In § 201.51, paragraphs (a) and (b)
are revised to read as follows:
■
§ 201.51 Interest rates applicable to credit
extended by a Federal Reserve Bank.3
(a) Primary credit. The interest rate at
each Federal Reserve Bank for primary
credit provided to depository
institutions under § 201.4(a) is 0.25
percent.
(b) Secondary credit. The interest rate
at each Federal Reserve Bank for
55
U.S.C. 603, 604.
U.S.C. 3506; see 5 CFR part 1320 Appendix
6 44
A.1.
3 The primary, secondary, and seasonal credit
rates described in this section apply to both
advances and discounts made under the primary,
secondary, and seasonal credit programs,
respectively.
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Federal Register / Vol. 85, No. 57 / Tuesday, March 24, 2020 / Rules and Regulations
secondary credit provided to depository
institutions under § 201.4(b) is 0.75
percent.
*
*
*
*
*
3 The primary, secondary, and seasonal credit
rates described in this section apply to both
advances and discounts made under the
primary, secondary, and seasonal credit
programs, respectively.
By order of the Board of Governors of the
Federal Reserve System, March 16, 2020.
Ann Misback,
Secretary of the Board.
[FR Doc. 2020–05804 Filed 3–23–20; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RESERVE SYSTEM
12 CFR Part 204
[Docket No. R–1702; RIN 7100–AF 76]
Regulation D: Reserve Requirements
of Depository Institutions
Board of Governors of the
Federal Reserve System.
ACTION: Interim final rule, request for
public comment.
AGENCY:
lotter on DSKBCFDHB2PROD with RULES
I. Statutory and Regulatory Background
The Board of Governors of the
Federal Reserve System (‘‘Board’’) is
amending its Regulation D (Reserve
Requirements of Depository Institutions,
12 CFR part 204) to lower reserve ratios
on transaction accounts maintained at
depository institutions to zero percent.
DATES:
Effective date: The amendments to
part 204 (Regulation D) are effective on
March 24, 2020.
Applicability date: The changes to
reserve requirement ratios are
applicable on March 26, 2020.
Comments: Comments must be
received on or before May 26, 2020.
ADDRESSES: You may submit comments,
identified by Docket Number R–1702;
RIN 7100–AF 76, by any of the
following methods:
• Agency Website: https://
www.federalreserve.gov. Follow the
instructions for submitting comments at
https://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
• Email: regs.comments@
federalreserve.gov. Include the docket
number and RIN in the subject line of
the message.
• Fax: (202) 452–3819 or (202) 452–
3102.
• Mail: Ann E. Misback, Secretary,
Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue NW, Washington,
DC 20551.
All public comments are available
from the Board’s website at https://
SUMMARY:
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15:59 Mar 23, 2020
Jkt 250001
www.federalreserve.gov/generalinfo/
foia/ProposedRegs.cfm as submitted,
unless modified for technical reasons or
to remove personally identifiable
information at the commenter’s request.
Accordingly, comments will not be
edited to remove any identifying or
contact information. Public comments
may also be viewed electronically or in
paper in Room 146, 1709 New York
Avenue NW, Washington, DC 20006,
between 9 a.m. and 5 p.m. on weekdays.
FOR FURTHER INFORMATION CONTACT:
Sophia H. Allison, Senior Special
Counsel, (202–452–3565), Legal
Division, or Matthew Malloy (202–452–
2416), Division of Monetary Affairs, or
Heather Wiggins (202–452–3674),
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 of the Federal Reserve Act
(the ‘‘Act’’) imposes reserve
requirements on certain types of
deposits and other liabilities of
depository institutions. Specifically,
section 19(b)(2) of the Act (12 U.S.C.
461(b)(2)) requires each depository
institution to maintain reserves against
its transaction accounts, nonpersonal
time deposits, and Eurocurrency
liabilities, as prescribed by Board
regulations, for the purpose of
implementing monetary policy. Reserve
requirements for nonpersonal time
deposits and Eurocurrency liabilities
have been set at zero percent since 1990.
Depository institutions satisfy reserve
requirements by maintaining cash in
their vault or, if vault cash is
insufficient, by maintaining a balance in
an account at a Federal Reserve Bank.
The amount that a depository institution
must maintain is known as the
depository institution’s reserve
requirement. See 12 CFR 204.4
(computation of reserve requirements).
The amount that a depository institution
must maintain in an account at a
Reserve Bank over and above the
amount of its vault cash is known as the
depository institution’s reserve balance
requirement. 12 CFR 204.2(ee)
(definition of ‘‘reserve balance
requirement’’). Currently, over 2,500
depository institutions maintain, in
aggregate, $150 billion in account
balances to satisfy reserve balance
requirements.
Transaction account balances
maintained at each depository
institution are subject to reserve
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16525
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)(2) of the Act (12 U.S.C.
461(b)(2)) provides that 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. The
reserve requirement exemption amount
and the low reserve tranche are adjusted
annually pursuant to formulas set forth
in the Act.
The reserve requirement ratios
implemented by the Board pursuant to
Section 19 of the Act are set forth in
Section 204.4(f) of Regulation D.
Currently, the reserve requirement
exemption amount is $16.9 million, and
the low reserve tranche amount is
$127.5 million.
II. Discussion
A. Recent Developments
For many years, reserve requirements
played a central role in the
implementation of monetary policy by
creating a stable demand for reserves. In
January 2019, the FOMC announced its
intention to implement monetary policy
in an ample reserves regime. Reserve
requirements do not play a significant
role in this operating framework. In
light of the shift to an ample reserves
regime, the Board has determined to
reduce the reserve requirement ratios to
zero percent effective March 26, 2020.
This action eliminates reserve
requirements for thousands of
depository institutions and will help to
support lending to households and
businesses.
III. Request for Comment
The Board seeks comment on all
aspects of this interim final rule.
IV. Administrative Procedure Act
In accordance with the
Administrative Procedure Act (‘‘APA’’)
section 553(b) (5 U.S.C. 553(b)), the
Board finds, for good cause, that
providing notice and an opportunity for
public comment before the effective
date of this rule would be contrary to
the public interest. In addition,
pursuant to APA section 553(d) (5
U.S.C. 553(d)), the Board finds good
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]]>Agencies
[Federal Register Volume 85, Number 57 (Tuesday, March 24, 2020)]
[Rules and Regulations]
[Pages 16523-16525]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-05804]
=======================================================================
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
12 CFR Part 201
[Docket No. R-1700; RIN 7100-AF 74]
Regulation A: Extensions of Credit by Federal Reserve Banks
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Board of Governors of the Federal Reserve System
(``Board'') has
[[Page 16524]]
adopted final amendments to its Regulation A to reflect the Board's
approval of a decrease in the rate for primary credit at each Federal
Reserve Bank. The secondary credit rate at each Reserve Bank
automatically decreased by formula as a result of the Board's primary
credit rate action.
DATES:
Effective date: The amendments to part 201 (Regulation A) are
effective March 24, 2020.
Applicability date: The rate changes for primary and secondary
credit were applicable on March 16, 2020.
FOR FURTHER INFORMATION CONTACT: Sophia H. Allison, Senior Special
Counsel (202-452-3565), Legal Division, or Lyle Kumasaka, Lead
Financial Institution & Policy Analyst (202-452-2382), 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: The Federal Reserve Banks make primary and
secondary credit available to depository institutions as a backup
source of funding on a short-term basis, usually overnight. The primary
and secondary credit rates are the interest rates that the twelve
Federal Reserve Banks charge for extensions of credit under these
programs. In accordance with the Federal Reserve Act, the primary and
secondary credit rates are established by the boards of directors of
the Federal Reserve Banks, subject to review and determination of the
Board.
On March 15, 2020, the Board voted to approve a 1.50 percentage
point decrease in the primary credit rate in effect at each of the
twelve Federal Reserve Banks, thereby decreasing from 1.75 percent to
0.25 percent the rate that each Reserve Bank charges for extensions of
primary credit. In addition, the Board had previously approved the
renewal of the secondary credit rate formula, the primary credit rate
plus 50 basis points. Under the formula, the secondary credit rate in
effect at each of the twelve Federal Reserve Banks decreased by 1.50
percentage point as a result of the Board's primary credit rate action,
thereby decreasing from 2.25 percent to 0.75 percent the rate that each
Reserve Bank charges for extensions of secondary credit. The amendments
to Regulation A reflect these rate changes.
The 1.50 percentage point decrease in the primary credit rate was
associated with a 1.00 percentage point decrease in the target range
for the federal funds rate (from a target range of 1 percent to 1\1/4\
percent to a target range of zero percent to \1/4\ percent) announced
by the Federal Open Market Committee on March 15, 2020, as described in
the Board's amendment of its Regulation D published elsewhere in
today's Federal Register.
Administrative Procedure Act
In general, the Administrative Procedure Act (``APA'') \1\ 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.'' \2\ 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.\3\ The APA further provides that the notice,
public comment, and delayed effective date requirements of 5 U.S.C. 553
do not apply ``to the extent that there is involved . . . a matter
relating to agency management or personnel or to public property,
loans, grants, benefits, or contracts.'' \4\
---------------------------------------------------------------------------
\1\ 5 U.S.C. 551 et seq.
\2\ 5 U.S.C. 553(b)(3)(A).
\3\ 5 U.S.C. 553(d).
\4\ 5 U.S.C. 553(a)(2) (emphasis added).
---------------------------------------------------------------------------
Regulation A establishes the interest rates that the twelve Reserve
Banks charge for extensions of primary credit and secondary credit. The
Board has determined that the notice, public comment, and delayed
effective date requirements of the APA do not apply to these final
amendments to Regulation A. The amendments involve a matter relating to
loans and are therefore exempt under the terms of the APA. Furthermore,
because delay would undermine the Board's action in responding to
economic data and conditions, the Board has determined that ``good
cause'' exists within the meaning of the APA to dispense with the
notice, public comment, and delayed effective date procedures of the
APA with respect to the final amendments to Regulation A.
Regulatory Flexibility Analysis
The Regulatory Flexibility Act (``RFA'') does not apply to a
rulemaking where a general notice of proposed rulemaking is not
required.\5\ As noted previously, a general notice of proposed
rulemaking is not required if the final rule involves a matter relating
to loans. Furthermore, 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.
---------------------------------------------------------------------------
\5\ 5 U.S.C. 603, 604.
---------------------------------------------------------------------------
Paperwork Reduction Act
In accordance with the Paperwork Reduction Act (``PRA'') of
1995,\6\ 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.
---------------------------------------------------------------------------
\6\ 44 U.S.C. 3506; see 5 CFR part 1320 Appendix A.1.
---------------------------------------------------------------------------
12 CFR Chapter II
List of Subjects in 12 CFR Part 201
Banks, Banking, Federal Reserve System, Reporting and
recordkeeping.
Authority and Issuance
For the reasons set forth in the preamble, the Board is amending 12
CFR Chapter II to read as follows:
PART 201--EXTENSIONS OF CREDIT BY FEDERAL RESERVE BANKS (REGULATION
A)
0
1. The authority citation for part 201 continues to read as follows:
Authority: 12 U.S.C. 248(i)-(j), 343 et seq., 347a, 347b,
347c, 348 et seq., 357, 374, 374a, and 461.
0
2. In Sec. 201.51, paragraphs (a) and (b) are revised to read as
follows:
Sec. 201.51 Interest rates applicable to credit extended by a Federal
Reserve Bank.\3\
---------------------------------------------------------------------------
\3\ The primary, secondary, and seasonal credit rates described
in this section apply to both advances and discounts made under the
primary, secondary, and seasonal credit programs, respectively.
---------------------------------------------------------------------------
(a) Primary credit. The interest rate at each Federal Reserve Bank
for primary credit provided to depository institutions under Sec.
201.4(a) is 0.25 percent.
(b) Secondary credit. The interest rate at each Federal Reserve
Bank for
[[Page 16525]]
secondary credit provided to depository institutions under Sec.
201.4(b) is 0.75 percent.
* * * * *
\3\ The primary, secondary, and seasonal credit rates described in
this section apply to both advances and discounts made under the
primary, secondary, and seasonal credit programs, respectively.
By order of the Board of Governors of the Federal Reserve
System, March 16, 2020.
Ann Misback,
Secretary of the Board.
[FR Doc. 2020-05804 Filed 3-23-20; 8:45 am]
BILLING CODE 6210-01-P
