Regulation D: Reserve Requirements of Depository Institutions, 38905-38907 [2021-15671]
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38905
Rules and Regulations
Federal Register
Vol. 86, No. 139
Friday, July 23, 2021
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.
NUCLEAR REGULATORY
COMMISSION
10 CFR Part 50
[NRC–2020–0253]
Advanced Manufacturing Technologies
Subtask 2A
Nuclear Regulatory
Commission.
ACTION: Final report; issuance.
AGENCY:
The U.S. Nuclear Regulatory
Commission (NRC) is issuing the final
document entitled, ‘‘Implementation of
Quality Assurance Criteria and 10 CFR
50.59 for Nuclear Power Plant
Components Produced Using Advanced
Manufacturing Technologies.’’
DATES: This final report is available on
July 23, 2021.
ADDRESSES: Please refer to Docket ID
NRC–2020–0253 when contacting the
NRC about the availability of
information regarding this document.
You may obtain publicly available
information related to this document
using any of the following methods:
• Federal Rulemaking Website: Go to
https://www.regulations.gov and search
for Docket ID NRC–2020–0253. Address
questions about Docket IDs in
Regulations.gov to Stacy Schumann;
telephone: 301–415–0624; email:
Stacy.Schumann@nrc.gov. For technical
questions, contact the individual listed
in the FOR FURTHER INFORMATION
CONTACT section of this document.
• NRC’s Agencywide Documents
Access and Management System
(ADAMS): You may obtain publicly
available documents online in the
ADAMS Public Documents collection at
https://www.nrc.gov/reading-rm/
adams.html. To begin the search, select
‘‘Begin Web-based ADAMS Search.’’ For
problems with ADAMS, please contact
the NRC’s Public Document Room (PDR)
reference staff at 1–800–397–4209, 301–
415–4737, or by email to pdr.resource@
nrc.gov. The final document,
‘‘Implementation of Quality Assurance
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SUMMARY:
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15:54 Jul 22, 2021
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Criteria and 10 CFR 50.59 for Nuclear
Power Plant Components Produced
Using Advanced Manufacturing
Technologies,’’ is available in ADAMS
under Accession No. ML21155A043.
• Attention: The PDR, where you may
examine and order copies of public
documents, is currently closed. You
may submit your request to the PDR via
email at pdr.resource@nrc.gov or call
1–800–397–4209 or 301–415–4737,
between 8:00 a.m. and 4:00 p.m. (ET),
Monday through Friday, except Federal
holidays.
FOR FURTHER INFORMATION CONTACT:
Isaac Anchondo-Lopez, Office of
Nuclear Reactor Regulation, U.S.
Nuclear Regulatory Commission,
Washington, DC 20555–0001; telephone:
817–200–1152; email: Isaac.AnchondoLopez@nrc.gov.
SUPPLEMENTARY INFORMATION:
I. Background
The NRC considers Advanced
Manufacturing Technologies (AMTs) to
consist of material processing and
component fabrication methods that
have not been traditionally used in the
U.S. nuclear industry and have not yet
received NRC approval through NRCendorsed codes and standards or the
approval of an industry submittal. There
are several regulatory paths available to
a licensee for utilizing an AMT in a
nuclear application, including: (1)
Development of a code or standard that
can be incorporated by reference in
§ 50.55a of chapter I of title 10 of the
Code of Federal Regulations (10 CFR);
(2) selection of an unregulated in service
application; (3) submission of generic
technical reports or plant-specific
submittals for NRC approval; or (4)
implementation of the 10 CFR 50.59,
‘‘Changes, tests and experiments,’’ 10
CFR 70.72, ‘‘Facility changes and
change process,’’ or 10 CFR 72.48,
‘‘Changes, tests, and experiments’’
processes. The document addresses the
processes, consistent with the QA
requirements in appendix B to 10 CFR
part 50 and in accordance with 10 CFR
50.59, in order to support the staff’s
performance of potential inspections of
a licensee’s implementation of these
requirements for AMT-fabricated
components.
II. Congressional Review Act
This action is a rule as defined in the
Congressional Review Act (5
PO 00000
Frm 00001
Fmt 4700
Sfmt 4700
U.S.C. 801–808). However, the Office of
Management and Budget has not found
it to be a major rule as defined in the
Congressional Review Act.
III. Implementation
The staff has added Appendix A,
‘‘Disposition of Public Comments,’’ to
the final document to inform the reader
how public comments were
dispositioned. The Division of New and
Renewed Licenses of the Office of
Nuclear Reactor Regulation will
transmit the final version of the
document (ADAMS Accession Number
ML21155A043) to each of the NRC
Regional Offices via a memo to be
issued concurrently with publication of
this Federal Register notification.
Dated: July 19, 2021.
For the Nuclear Regulatory Commission.
Anna H. Bradford,
Director, Division of New and Renewed
Licenses, Office of Nuclear Reactor
Regulation.
[FR Doc. 2021–15658 Filed 7–22–21; 8:45 am]
BILLING CODE 7590–01–P
FEDERAL RESERVE SYSTEM
12 CFR Part 204
[Docket No. R–1753]
RIN 7100–AG17
Regulation D: Reserve Requirements
of Depository Institutions
Board of Governors of the
Federal Reserve System.
ACTION: Final rule.
AGENCY:
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 0.15 percent and
IOER is 0.15 percent, a 0.05 percentage
point increase from their prior levels.
The amendments are intended to
enhance the role of IORR and IOER in
maintaining the Federal funds rate in
the target range established by the
Federal Open Market Committee
(‘‘FOMC’’ or ‘‘Committee’’).
SUMMARY:
E:\FR\FM\23JYR1.SGM
23JYR1
38906
Federal Register / Vol. 86, No. 139 / Friday, July 23, 2021 / Rules and Regulations
DATES:
June 16, 2021, with an effective date of
June 17, 2021, in the Federal Reserve
Implementation Note that accompanied
the FOMC’s statement on June 16, 2021.
The FOMC statement stated that the
Committee decided to maintain the
target range for the federal funds rate at
0 to 1⁄4 percent.
A Federal Reserve Implementation
note stated:
Effective date: The amendments to
part 204 (Regulation D) are effective July
23, 2021.
Applicability date: The IORR and
IOER rate changes were applicable on
June 17, 2021.
FOR FURTHER INFORMATION CONTACT:
Sophia H. Allison, Senior Special
Counsel (202–452–3565), Legal
Division, or Francis Martinez, Lead
Financial Institution & Policy Analyst
(202–245–4217), or Laura Lipscomb,
Deputy Associate Director (202–834–
2979), 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 (‘‘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 0.10 percent for both
IORR and IOER.6
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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
0.15 percent and IOER is 0.15 percent.
The amendments represent a 0.05
percentage point increase in IORR and
IOER. This decision was announced on
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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The Board of Governors of the Federal
Reserve System voted unanimously to set the
interest rate paid on required and excess
reserve balances at 0.15 percent, effective
June 17, 2021 Setting the interest rate paid
on required and excess reserve balances 15
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 Federal Open Market
Committee’s target range and to support the
smooth functioning of short-term funding
markets.
As a result, the Board is amending
§ 204.10(b)(5) of Regulation D to change
IORR to 0.15 percent and IOER to 0.15
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
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
PO 00000
U.S.C. 551 et seq.
U.S.C. 553(b)(3)(A).
9 5 U.S.C. 553(d).
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.
Authority and Issuance
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:
■
§ 204.10
*
*
75
10 5
85
11 44
Frm 00002
Fmt 4700
Payment of interest on balances.
*
E:\FR\FM\23JYR1.SGM
*
U.S.C. 603, 604.
U.S.C. 3506; see 5 CFR part 1320, appendix
A.1.
Sfmt 4700
*
23JYR1
Federal Register / Vol. 86, No. 139 / Friday, July 23, 2021 / Rules and Regulations
https://www.bellcustomer.com. You
may view the referenced service
information at the FAA, Office of the
TABLE 1 TO PARAGRAPH (b)(5)
Regional Counsel, Southwest Region,
10101 Hillwood Pkwy., Room 6N–321,
Rate
Fort Worth, TX 76177. Service
(percent)
information that is incorporated by
reference is also available at https://
IORR ...........................................
0.15
IOER ...........................................
0.15 www.regulations.gov by searching for
and locating Docket No. FAA–2010–
0865.
*
*
*
*
*
Examining the AD Docket
By order of the Board of Governors of the
(b) * * *
(5) The rates for IORR and IOER are:
Federal Reserve System.
Ann Misback,
Secretary of the Board.
[FR Doc. 2021–15671 Filed 7–22–21; 8:45 am]
BILLING CODE 6210–01–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 39
[Docket No. FAA–2010–0865; Project
Identifier 2010–SW–061–AD; Amendment
39–21653; AD 2021–15–06]
RIN 2120–AA64
Airworthiness Directives; Bell Textron
Canada Limited (Type Certificate
Previously Held by Bell Helicopter
Textron Canada Limited)
Federal Aviation
Administration (FAA), DOT.
ACTION: Final rule.
AGENCY:
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Background
The FAA is adopting a new
airworthiness directive (AD) for certain
Bell Helicopter Textron Canada Limited
(now Bell Textron Canada Limited)
Model 206A, 206B, 206L, 206L–1,
206L–3, and 206L–4 helicopters. This
AD was prompted by a report that a
certain tail rotor disc assembly, sold as
an alternate part, does not conform to
the approved configuration. This AD
requires determining if an affected part
is installed (by doing a maintenance
records check or inspection), and if an
affected part is found, replacement with
a non-affected part. The FAA is issuing
this AD to address the unsafe condition
on these products.
DATES: This AD is effective August 27,
2021.
The Director of the Federal Register
approved the incorporation by reference
of certain documents listed in this AD
as of August 27, 2021.
ADDRESSES: For service information
identified in this final rule, contact Bell
Helicopter Textron Canada Limited,
12,800 Rue de l’Avenir, Mirabel, Quebec
J7J1R4; phone: 450–437–2862 or 800–
363–8023; fax: (450) 433–0272; internet:
SUMMARY:
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15:54 Jul 22, 2021
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You may examine the AD docket at
https://www.regulations.gov by
searching for and locating Docket No.
FAA–2010–0865; 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 Transport Canada AD, any
comments received, and other
information. The street 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:
Kathleen Arrigotti, Program Manager,
Large Aircraft Section, International
Validation Branch, Compliance &
Airworthiness Division, FAA, 2200
South 216th St., Des Moines, WA 98198;
phone and fax: (206) 231–3218; email:
kathleen.arrigotti@faa.gov.
SUPPLEMENTARY INFORMATION:
The FAA issued a supplemental
notice of proposed rulemaking (SNPRM)
to amend 14 CFR part 39 by adding an
AD that would apply to certain Bell
Textron Canada Limited Model 206A,
206B, 206L, 206L–1, 206L–3, and
206L–4 helicopters. The SNPRM
published in the Federal Register on
May 7, 2021 (86 FR 24560). The SNPRM
proposed to require determining if an
affected part is installed (by doing a
maintenance records check or
inspection), and if an affected part is
found, replacement with a non-affected
part. The SNPRM also revised the
format, rearranged certain paragraphs,
converted a certain table to paragraph
format, and removed certain language.
The SNPRM was prompted by a
significant amount of time elapsing
since the notice of proposed rulemaking
(NPRM) (75 FR 52914, August 30, 2010)
was issued, requiring the FAA to reopen
the comment period to allow the public
a chance to comment on the proposed
actions.
Transport Canada Civil Aviation
(TCCA), which is the aviation authority
for Canada, issued Canadian AD CF–
PO 00000
Frm 00003
Fmt 4700
Sfmt 4700
38907
2010–07, dated February 24, 2010
(Canadian AD CF–2010–07), to correct
an unsafe condition for certain Bell
Helicopter Textron Canada Limited
(now Bell Textron Canada Limited)
Model 206A, 206B, 206L, 206L–1,
206L–3, and 206L–4 helicopters. TCCA
advises that a certain tail rotor disc
assembly, sold through Bell Helicopter
Spares beginning March 2009, as an
alternate, does not conform to the
approved configuration. TCCA stated
operating a helicopter with the affected
tail rotor disc assembly could result in
loss of control of the helicopter.
Accordingly, the Canadian AD
requires determining if an affected part
is installed, and if an affected part is
found, replacement with a non-affected
part.
Discussion of Final Airworthiness
Directive Comments
The FAA received a comment from
one commenter, Bell Textron Canada
Limited. The following presents the
comment received on the SNPRM and
the FAA’s response to the comment.
Request To Add a Statement for
Operators That Already Complied With
the Actions
Bell Textron Canada Limited
requested that the FAA add a statement
to the effect that if the actions in Bell
Helicopter Alert Service Bulletin 206–
09–123, Revision A, dated June 10,
2009; or Bell Helicopter Alert Service
Bulletin 206L–09–157, Revision A,
dated June 10, 2009; have already been
accomplished then the intent of the AD
is met and no further action is required.
The commenter stated that many
operators will have already complied
with the intent of the proposed AD
since the service information was
released in 2009.
The FAA acknowledges the
commenter’s request and agrees to
clarify. Paragraph (g) of this AD requires
accomplishing actions using Bell
Helicopter Alert Service Bulletin 206–
09–123, Revision A, dated June 10,
2009; or Bell Helicopter Alert Service
Bulletin 206L–09–157, Revision A,
dated June 10, 2009. Paragraph (f) of this
AD states to accomplish the required
actions within the compliance times
specified, ‘‘unless already done.’’
Therefore, if operators have
accomplished the actions required for
compliance with this AD before the
effective date of this AD, no further
action is necessary. The FAA has not
revised this AD in this regard.
Conclusion
These helicopters have been approved
by the aviation authority of Canada and
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23JYR1
]]>Agencies
[Federal Register Volume 86, Number 139 (Friday, July 23, 2021)]
[Rules and Regulations]
[Pages 38905-38907]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-15671]
=======================================================================
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FEDERAL RESERVE SYSTEM
12 CFR Part 204
[Docket No. R-1753]
RIN 7100-AG17
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 0.15 percent and IOER is 0.15
percent, a 0.05 percentage point increase from their prior levels. The
amendments are intended to enhance the role of IORR and IOER in
maintaining the Federal funds rate in the target range established by
the Federal Open Market Committee (``FOMC'' or ``Committee'').
[[Page 38906]]
DATES:
Effective date: The amendments to part 204 (Regulation D) are
effective July 23, 2021.
Applicability date: The IORR and IOER rate changes were applicable
on June 17, 2021.
FOR FURTHER INFORMATION CONTACT: Sophia H. Allison, Senior Special
Counsel (202-452-3565), Legal Division, or Francis Martinez, Lead
Financial Institution & Policy Analyst (202-245-4217), or Laura
Lipscomb, Deputy Associate Director (202-834-2979), 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
(``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 0.10 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 0.15 percent and IOER is 0.15 percent. The amendments
represent a 0.05 percentage point increase in IORR and IOER. This
decision was announced on June 16, 2021, with an effective date of June
17, 2021, in the Federal Reserve Implementation Note that accompanied
the FOMC's statement on June 16, 2021. The FOMC statement stated that
the Committee decided to maintain the target range for the federal
funds rate at 0 to \1/4\ percent.
A 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 0.15 percent, effective June 17, 2021 Setting
the interest rate paid on required and excess reserve balances 15
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 Federal Open Market Committee's target
range and to support the smooth functioning of short-term funding
markets.
As a result, the Board is amending Sec. 204.10(b)(5) of Regulation
D to change IORR to 0.15 percent and IOER to 0.15 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.
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\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.
Authority and Issuance
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:
Sec. 204.10 Payment of interest on balances.
* * * * *
[[Page 38907]]
(b) * * *
(5) The rates for IORR and IOER are:
Table 1 to Paragraph (b)(5)
------------------------------------------------------------------------
Rate
(percent)
------------------------------------------------------------------------
IORR........................................................ 0.15
IOER........................................................ 0.15
------------------------------------------------------------------------
* * * * *
By order of the Board of Governors of the Federal Reserve
System.
Ann Misback,
Secretary of the Board.
[FR Doc. 2021-15671 Filed 7-22-21; 8:45 am]
BILLING CODE 6210-01-P
