Regulation D: Reserve Requirements of Depository Institutions, 38905-38907 [2021-15671]

Download as PDF 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 khammond on DSKJM1Z7X2PROD with RULES SUMMARY: VerDate Sep<11>2014 15:54 Jul 22, 2021 Jkt 253001 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 khammond on DSKJM1Z7X2PROD with RULES 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 VerDate Sep<11>2014 15:54 Jul 22, 2021 Jkt 253001 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: khammond on DSKJM1Z7X2PROD with RULES 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: VerDate Sep<11>2014 15:54 Jul 22, 2021 Jkt 253001 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 E:\FR\FM\23JYR1.SGM 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]


=======================================================================
-----------------------------------------------------------------------

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.
---------------------------------------------------------------------------

    \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.

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