Regulation D: Reserve Requirements of Depository Institutions, 45057-45058 [2023-14637]
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Federal Register / Vol. 88, No. 134 / Friday, July 14, 2023 / Rules and Regulations
45057
Grades U. S. Nos.
Grading factors
1
Total ...................................................................................................
Foreign material ...............................................................................................
Splits ................................................................................................................
2
3
4
2.0
1.0
10.0
3.0
2.0
20.0
5.0
3.0
30.0
8.0
5.0
40.0
9
1
2
0
3
3
10
9
1
2
0
3
3
10
9
1
2
0
3
3
10
9
1
2
0
3
3
10
Maximum count limits of:
Other materials:
Animal filth ................................................................................................
Castor beans ............................................................................................
Crotalaria seeds .......................................................................................
Glass .........................................................................................................
Stones 1 .....................................................................................................
Unknown foreign substance .....................................................................
Total 2 .................................................................................................
U.S. Sample grade are soybeans that:
(a) Do not meet the requirements for U.S. Nos. 1, 2, 3, or 4; or
(b) Have a musty, sour, or commercially objectionable foreign odor (except garlic odor); or
(c) Are heating or otherwise of distinctly low quality.
1 In addition to the maximum count limit, stones must exceed 0.1 percent of the sample weight.
2 Includes any combination of animal filth, castor beans, crotalaria seeds, glass, stones, and unknown foreign substances. The weight of
stones is not applicable for total other material.
Melissa Bailey,
Associate Administrator, Agricultural
Marketing Service.
I. Statutory and Regulatory Background
For monetary policy purposes, section
19 of the Federal Reserve Act (‘‘Act’’)
requires the Board to impose reserve
requirements on certain types of
deposits and other liabilities of
depository institutions within ratios
specified by the Act.1 The Board’s
Regulation D implements section 19 of
the Act.2
[FR Doc. 2023–14856 Filed 7–13–23; 8:45 am]
BILLING CODE P
FEDERAL RESERVE SYSTEM
12 CFR Part 204
II. Amendments to Regulation D
[Docket No. R–1810]
RIN 7100–AG61
Regulation D: Reserve Requirements
of Depository Institutions
Board of Governors of the
Federal Reserve System.
ACTION: Final rule; technical
amendments.
AGENCY:
The Board of Governors of the
Federal Reserve System (‘‘Board’’) is
amending two sections of Regulation D
to conform the provisions to prior
regulatory amendments.
DATES: Effective date: This rule
(amendments to part 204 (Regulation D))
is effective July 14, 2023.
FOR FURTHER INFORMATION CONTACT:
Sophia H. Allison, Senior Special
Counsel (202–452–3565), Legal
Division; for users of telephone systems
via text telephone (TTY) or any TTYbased Telecommunications Relay
Services, please call 711 from any
telephone, anywhere in the United
States; Board of Governors of the
Federal Reserve System, 20th and C
Streets NW, Washington, DC 20551.
SUPPLEMENTARY INFORMATION:
lotter on DSK11XQN23PROD with RULES1
SUMMARY:
VerDate Sep<11>2014
15:54 Jul 13, 2023
Jkt 259001
Three of the definitions in Regulation
D—footnote 3 to the definition of ‘‘time
deposit,’’ footnote 6 to the definition of
‘‘nonpersonal time deposit,’’ and
footnote 11 to the definition of
‘‘international banking facility time
deposit or IBF time deposit’’—refer to
liabilities maintained by depository
institutions for ‘‘[a]ny other foreign,
international, or supranational entity
specifically designated by the Board.’’ 3
The foreign, international, or
supranational entities specifically
designated by the Board for these
purposes are set forth at 12 CFR 204.125
of Regulation D as an interpretation of
the regulation.4 This interpretation was
originally promulgated as § 217.126 of
former Regulation Q (Prohibition
U.S.C. 461(b).
D (12 CFR part 204). In March 2020,
the Board set all reserve requirement ratios to zero
percent. See Interim final rule (Regulation D), 85 FR
16525 (Mar. 24, 2020); Final rule (Regulation D), 86
FR 8853 (Feb. 10, 2021).
3 12 CFR 204.2(c)(1)(iii)(E) n. 3 (definition of
‘‘time deposit’’); 12 CFR 204.2(f)(1)(iv)(E) n.6
(definition of ‘‘nonpersonal time deposit’’); 12 CFR
204.8(a)(2)(i)(B)(5) n.11 (definition of ‘‘international
banking facility time deposit or IBF time deposit’’).
4 ‘‘Foreign, international, and supranational
entities referred to in §§ 204.2(c)(1)(iv)(E) and
204.8(a)(2)(i)(B)(5),’’ 12 CFR 204.125.
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1 12
2 Regulation
Frm 00003
Fmt 4700
Sfmt 4700
Against Payment of Interest on Demand
Deposits).5 The interpretation was
deleted from Regulation Q and
redesignated as § 204.125 of Regulation
D in 1987.6 However, while the
references to the interpretation in
footnotes 3 and 11 of Regulation D were
updated to refer to § 204.125 instead of
§ 217.126, the reference in footnote 6
(formerly footnote 8) of Regulation D
was not and continues to refer to
§ 217.126 instead of referring to
§ 204.125.7 Accordingly, footnote 6 of
Regulation D is amended to refer to
§ 204.125 instead of § 217.126 in order
to conform the provision to Regulation
D amendments finalized in 1987.
In addition, the heading and the
introductory text of the interpretation
set forth at 12 CFR 204.125 require two
amendments to conform the
interpretation to prior regulatory
amendments. In 12 CFR 204.125, the
5 Entities Exempt From Interest Rate Limitations
(Regulation Q), 35 FR 1156 (Jan. 29, 1970). In 2010,
Regulation Q was repealed as a result of the repeal
of former section 19(i) of the Act. Final rule
(Regulations D, Q, and DD), 76 FR 42015 (July 18,
2011).
6 Recission and revision of interpretations;
technical amendments of regulation (Regulations D
and Q), 52 FR 47689, 47695 (Dec. 16, 1987)
(redesignating 12 CFR 217.126 of former Regulation
Q as 12 CFR 204.125 of Regulation D).
7 Current footnote 3 (formerly footnote 4) of
Regulation D was amended to refer to § 204.125 in
1987. Recission and revision of interpretations;
technical amendments of regulation (Regulations D
and Q), 52 FR 47689, 47695 (Dec. 16, 1987). Current
footnote 11 (formerly footnote 14) was amended to
refer to § 204.125 in 1991. Final rule (Regulation D),
56 FR 15493, 15495 (Apr. 17, 1991). Footnote 4 was
redesignated to its current position as footnote 3,
footnote 8 was redesignated to its current position
as footnote 6, and footnote 14 was redesignated to
its current position as footnote 11 in 1996. Final
rule (Regulation D), 61 FR 69020, 69025 (Dec. 31,
1996).
E:\FR\FM\14JYR1.SGM
14JYR1
45058
Federal Register / Vol. 88, No. 134 / Friday, July 14, 2023 / Rules and Regulations
heading currently reads ‘‘§ 204.125
Foreign, international, and
supranational entities referred to in
§§ 204.2(c)(1)(iv)(E) and
204.8(a)(2)(i)(B)(5)’’ and the
introductory text reads ‘‘The entities
referred to in §§ 204.2(c)(1)(iv)(E) and
204.8(a)(2)(i)(B)(5) are:’’.
First, the references to
§ 204.2(c)(1)(iv)(E) in the heading and
the introductory text are amended to
refer to § 204.2(c)(1)(iii)(E) in order to
conform the heading and the
introductory text to Regulation D
amendments finalized in 2020.8 Second,
the heading and the introductory text
are amended to add a reference to the
definition of ‘‘nonpersonal time
deposit,’’ 12 CFR 204.2(f)(1)(iv)(E), to
conform the heading and the
introductory text to Regulation D
amendments finalized in 1991.9
lotter on DSK11XQN23PROD with RULES1
III. Administrative Procedure Act
In general, the Administrative
Procedure Act (‘‘APA’’) 10 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.’’ 11 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.12
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 amendments are technical in nature
8 Interim final rule (Regulation D), 85 FR 23445,
23447 (Apr. 28, 2020) (deleting § 204.2(c)(1)(ii) and
redesignating § 204.2(c)(1)(iv) as § 204.2(c)(1)(iii)).
9 Final rule (Regulation D), 56 FR 15493, 15495
(Apr. 17, 1991) (amending heading and
introductory text of § 204.125 to refer to
§§ 204.2(c)(1)(iv)(E) and 204.8(a)(2)(i)(B)(5)).
10 5 U.S.C. 551 et seq.
11 5 U.S.C. 553(b)(3)(B).
12 5 U.S.C. 553(d).
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15:54 Jul 13, 2023
Jkt 259001
and do not change any of the
substantive provisions of the rule.
Notice, public comment, and a delayed
effective date under these circumstances
would not serve any useful purpose.
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.13 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.
6 The designated entities are specified in
12 CFR 204.125.
*
*
*
*
*
3. Section 204.125 is amended by
revising the section heading and
introductory text to read as follows:
■
§ 204.125 Foreign, international, and
supranational entities referred to in
§§ 204.2(c)(1)(iii)(E) and (f)(1)(iv)(E) and
204.8(a)(2)(i)(B)(5).
The entities referred to in
§§ 204.2(c)(1)(iii)(E) and (f)(1)(iv)(E) and
204.8(a)(2)(i)(B)(5) are:
*
*
*
*
*
By order of the Board of Governors of the
Federal Reserve System, acting through the
Secretary of the Board under delegated
authority.
Ann Misback,
Secretary of the Board.
[FR Doc. 2023–14637 Filed 7–13–23; 8:45 am]
BILLING CODE 6210–01–P
V. Paperwork Reduction Act
DEPARTMENT OF TRANSPORTATION
In accordance with the Paperwork
Reduction Act (‘‘PRA’’) of 1995,14 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.
Federal Aviation Administration
List of Subjects in 12 CFR Part 204
Revocation of Jet Route J–184 and
Establishment of United States Area
Navigation Route Q–180; Southwest
United States
Banking, Banks, 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 204.2 is amended by
revising paragraph (f)(1)(iv)(E) to read as
follows:
■
§ 204.2
Definitions.
*
*
*
*
*
(f) * * *
(iv) * * *
(E) Any other foreign, international, or
supranational entity specifically
designated by the Board.6
*
*
*
*
*
13 5
U.S.C. 603, 604.
U.S.C. 3506; see 5 CFR part 1320, appendix
14 44
A.1.
PO 00000
Frm 00004
Fmt 4700
Sfmt 4700
14 CFR Part 71
[Docket No. FAA–2023–0721; Airspace
Docket No. 22–ASW–16]
RIN 2120–AA66
Federal Aviation
Administration (FAA), DOT.
ACTION: Final rule.
AGENCY:
This action revokes Jet Route
J–184 and establishes United States
Area Navigation (RNAV) route Q–180 in
the southwest United States. The
existing Jet Route has service limitations
associated with signal coverage related
issues. The new RNAV route replaces
the Jet Route, as well as provides
additional RNAV routing within the
National Airspace System (NAS) in
support of transitioning it from a
ground-based to satellite-based
navigation system.
DATES: Effective date 0901 UTC, October
5, 2023. The Director of the Federal
Register approves this incorporation by
reference action under 1 CFR part 51,
subject to the annual revision of FAA
Order JO 7400.11 and publication of
conforming amendments.
ADDRESSES: A copy of the Notice of
Proposed Rulemaking (NPRM), all
comments received, this final rule, and
all background material may be viewed
online at www.regulations.gov using the
SUMMARY:
E:\FR\FM\14JYR1.SGM
14JYR1
]]>Agencies
[Federal Register Volume 88, Number 134 (Friday, July 14, 2023)]
[Rules and Regulations]
[Pages 45057-45058]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-14637]
=======================================================================
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
12 CFR Part 204
[Docket No. R-1810]
RIN 7100-AG61
Regulation D: Reserve Requirements of Depository Institutions
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Final rule; technical amendments.
-----------------------------------------------------------------------
SUMMARY: The Board of Governors of the Federal Reserve System
(``Board'') is amending two sections of Regulation D to conform the
provisions to prior regulatory amendments.
DATES: Effective date: This rule (amendments to part 204 (Regulation
D)) is effective July 14, 2023.
FOR FURTHER INFORMATION CONTACT: Sophia H. Allison, Senior Special
Counsel (202-452-3565), Legal Division; for users of telephone systems
via text telephone (TTY) or any TTY-based Telecommunications Relay
Services, please call 711 from any telephone, anywhere in the United
States; 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'') requires the Board to impose reserve requirements on certain
types of deposits and other liabilities of depository institutions
within ratios specified by the Act.\1\ The Board's Regulation D
implements section 19 of the Act.\2\
---------------------------------------------------------------------------
\1\ 12 U.S.C. 461(b).
\2\ Regulation D (12 CFR part 204). In March 2020, the Board set
all reserve requirement ratios to zero percent. See Interim final
rule (Regulation D), 85 FR 16525 (Mar. 24, 2020); Final rule
(Regulation D), 86 FR 8853 (Feb. 10, 2021).
---------------------------------------------------------------------------
II. Amendments to Regulation D
Three of the definitions in Regulation D--footnote 3 to the
definition of ``time deposit,'' footnote 6 to the definition of
``nonpersonal time deposit,'' and footnote 11 to the definition of
``international banking facility time deposit or IBF time deposit''--
refer to liabilities maintained by depository institutions for ``[a]ny
other foreign, international, or supranational entity specifically
designated by the Board.'' \3\ The foreign, international, or
supranational entities specifically designated by the Board for these
purposes are set forth at 12 CFR 204.125 of Regulation D as an
interpretation of the regulation.\4\ This interpretation was originally
promulgated as Sec. 217.126 of former Regulation Q (Prohibition
Against Payment of Interest on Demand Deposits).\5\ The interpretation
was deleted from Regulation Q and redesignated as Sec. 204.125 of
Regulation D in 1987.\6\ However, while the references to the
interpretation in footnotes 3 and 11 of Regulation D were updated to
refer to Sec. 204.125 instead of Sec. 217.126, the reference in
footnote 6 (formerly footnote 8) of Regulation D was not and continues
to refer to Sec. 217.126 instead of referring to Sec. 204.125.\7\
Accordingly, footnote 6 of Regulation D is amended to refer to Sec.
204.125 instead of Sec. 217.126 in order to conform the provision to
Regulation D amendments finalized in 1987.
---------------------------------------------------------------------------
\3\ 12 CFR 204.2(c)(1)(iii)(E) n. 3 (definition of ``time
deposit''); 12 CFR 204.2(f)(1)(iv)(E) n.6 (definition of
``nonpersonal time deposit''); 12 CFR 204.8(a)(2)(i)(B)(5) n.11
(definition of ``international banking facility time deposit or IBF
time deposit'').
\4\ ``Foreign, international, and supranational entities
referred to in Sec. Sec. 204.2(c)(1)(iv)(E) and
204.8(a)(2)(i)(B)(5),'' 12 CFR 204.125.
\5\ Entities Exempt From Interest Rate Limitations (Regulation
Q), 35 FR 1156 (Jan. 29, 1970). In 2010, Regulation Q was repealed
as a result of the repeal of former section 19(i) of the Act. Final
rule (Regulations D, Q, and DD), 76 FR 42015 (July 18, 2011).
\6\ Recission and revision of interpretations; technical
amendments of regulation (Regulations D and Q), 52 FR 47689, 47695
(Dec. 16, 1987) (redesignating 12 CFR 217.126 of former Regulation Q
as 12 CFR 204.125 of Regulation D).
\7\ Current footnote 3 (formerly footnote 4) of Regulation D was
amended to refer to Sec. 204.125 in 1987. Recission and revision of
interpretations; technical amendments of regulation (Regulations D
and Q), 52 FR 47689, 47695 (Dec. 16, 1987). Current footnote 11
(formerly footnote 14) was amended to refer to Sec. 204.125 in
1991. Final rule (Regulation D), 56 FR 15493, 15495 (Apr. 17, 1991).
Footnote 4 was redesignated to its current position as footnote 3,
footnote 8 was redesignated to its current position as footnote 6,
and footnote 14 was redesignated to its current position as footnote
11 in 1996. Final rule (Regulation D), 61 FR 69020, 69025 (Dec. 31,
1996).
---------------------------------------------------------------------------
In addition, the heading and the introductory text of the
interpretation set forth at 12 CFR 204.125 require two amendments to
conform the interpretation to prior regulatory amendments. In 12 CFR
204.125, the
[[Page 45058]]
heading currently reads ``Sec. 204.125 Foreign, international, and
supranational entities referred to in Sec. Sec. 204.2(c)(1)(iv)(E) and
204.8(a)(2)(i)(B)(5)'' and the introductory text reads ``The entities
referred to in Sec. Sec. 204.2(c)(1)(iv)(E) and 204.8(a)(2)(i)(B)(5)
are:''.
First, the references to Sec. 204.2(c)(1)(iv)(E) in the heading
and the introductory text are amended to refer to Sec.
204.2(c)(1)(iii)(E) in order to conform the heading and the
introductory text to Regulation D amendments finalized in 2020.\8\
Second, the heading and the introductory text are amended to add a
reference to the definition of ``nonpersonal time deposit,'' 12 CFR
204.2(f)(1)(iv)(E), to conform the heading and the introductory text to
Regulation D amendments finalized in 1991.\9\
---------------------------------------------------------------------------
\8\ Interim final rule (Regulation D), 85 FR 23445, 23447 (Apr.
28, 2020) (deleting Sec. 204.2(c)(1)(ii) and redesignating Sec.
204.2(c)(1)(iv) as Sec. 204.2(c)(1)(iii)).
\9\ Final rule (Regulation D), 56 FR 15493, 15495 (Apr. 17,
1991) (amending heading and introductory text of Sec. 204.125 to
refer to Sec. Sec. 204.2(c)(1)(iv)(E) and 204.8(a)(2)(i)(B)(5)).
---------------------------------------------------------------------------
III. Administrative Procedure Act
In general, the Administrative Procedure Act (``APA'') \10\ 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.'' \11\ 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.\12\
---------------------------------------------------------------------------
\10\ 5 U.S.C. 551 et seq.
\11\ 5 U.S.C. 553(b)(3)(B).
\12\ 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
amendments are technical in nature and do not change any of the
substantive provisions of the rule. Notice, public comment, and a
delayed effective date under these circumstances would not serve any
useful purpose. 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.\13\ 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.
---------------------------------------------------------------------------
\13\ 5 U.S.C. 603, 604.
---------------------------------------------------------------------------
V. Paperwork Reduction Act
In accordance with the Paperwork Reduction Act (``PRA'') of
1995,\14\ 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.
---------------------------------------------------------------------------
\14\ 44 U.S.C. 3506; see 5 CFR part 1320, appendix A.1.
---------------------------------------------------------------------------
List of Subjects in 12 CFR Part 204
Banking, Banks, 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 204.2 is amended by revising paragraph (f)(1)(iv)(E) to read
as follows:
Sec. 204.2 Definitions.
* * * * *
(f) * * *
(iv) * * *
(E) Any other foreign, international, or supranational entity
specifically designated by the Board.\6\
* * * * *
\6\ The designated entities are specified in 12 CFR 204.125.
* * * * *
0
3. Section 204.125 is amended by revising the section heading and
introductory text to read as follows:
Sec. 204.125 Foreign, international, and supranational entities
referred to in Sec. Sec. 204.2(c)(1)(iii)(E) and (f)(1)(iv)(E) and
204.8(a)(2)(i)(B)(5).
The entities referred to in Sec. Sec. 204.2(c)(1)(iii)(E) and
(f)(1)(iv)(E) and 204.8(a)(2)(i)(B)(5) are:
* * * * *
By order of the Board of Governors of the Federal Reserve
System, acting through the Secretary of the Board under delegated
authority.
Ann Misback,
Secretary of the Board.
[FR Doc. 2023-14637 Filed 7-13-23; 8:45 am]
BILLING CODE 6210-01-P
