Reserve Requirements of Depository Institutions, 91534-91536 [2024-26981]
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91534
Federal Register / Vol. 89, No. 224 / Wednesday, November 20, 2024 / Rules and Regulations
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
established IORB at 4.9 percent.6
II. Amendment to IORB
The Board is amending § 204.10(b)(1)
of Regulation D to establish IORB at 4.65
percent. The amendment represents a
0.25 percentage point decrease in IORB.
This decision was announced on
November 7, 2024, with an effective
date of November 8, 2024, in the Federal
Reserve Implementation Note that
accompanied the FOMC’s statement on
November 7, 2024. The FOMC statement
stated that the Committee decided to
lower the target range for the federal
funds rate to 41⁄2 to 43⁄4 percent.
The Federal Reserve Implementation
Note stated:
The Board of Governors of the Federal
Reserve System voted unanimously to lower
the interest rate paid on reserve balances to
4.65 percent, effective November 8, 2024.
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As a result, the Board is amending
§ 204.10(b)(1) of Regulation D to
establish IORB at 4.65 percent.
IV. Regulatory Flexibility Analysis
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
2 12
CFR 204.5(a)(1).
3 12 U.S.C. 461(b)(1)(A) and (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)(1).
7 5 U.S.C. 551 et seq.
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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 change for IORB that is
reflected in the final amendment to
Regulation D was 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
this final amendment to Regulation D.
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.
In accordance with the Paperwork
Reduction Act (‘‘PRA’’) of 1995,11 the
U.S.C. 553(b)(3)(A).
U.S.C. 553(d).
10 5 U.S.C. 603, 604.
11 44 U.S.C. 3506; see 5 CFR part 1320 Appendix
A.1.
95
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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)
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)(1) to read as
follows:
■
§ 204.10
Payment of interest on balances.
*
*
*
*
*
(b) * * *
(1) For balances maintained in an
eligible institution’s master account,
interest is the amount equal to the
interest on reserve balances rate (‘‘IORB
rate’’) on a day multiplied by the total
balances maintained on that day. The
IORB rate is 4.65 percent.
*
*
*
*
*
By order of the Board of Governors of the
Federal Reserve System.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2024–26991 Filed 11–19–24; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RESERVE SYSTEM
12 CFR Part 204
[Regulation D; Docket No. R–1848]
RIN 7100–AG 88
Reserve Requirements of Depository
Institutions
Board of Governors of the
Federal Reserve System.
ACTION: Final rule.
AGENCY:
The Board is amending
Regulation D, Reserve Requirements of
Depository Institutions, to reflect the
annual indexing of the reserve
requirement exemption amount and the
low reserve tranche for 2025. The
annual indexation of these amounts is
required notwithstanding the Board’s
action in March 2020 of setting all
SUMMARY:
V. Paperwork Reduction Act
85
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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Federal Register / Vol. 89, No. 224 / Wednesday, November 20, 2024 / Rules and Regulations
khammond on DSK9W7S144PROD with RULES
reserve requirement ratios to zero. The
Board is amending Regulation D to set
the reserve requirement exemption
amount at $37.8 million (increased from
$36.1 million in 2024) and the amount
of the low reserve tranche at $645.8
million (increased from $644.0 million
in 2024). The adjustments to both of
these amounts are derived using
statutory formulas specified in the
Federal Reserve Act (the ‘‘Act’’). The
annual indexation of the reserve
requirement exemption amount and low
reserve tranche is required by statute
but will not affect depository
institutions’ reserve requirements,
which will remain zero.
DATES:
Effective date: December 20, 2024.
Compliance date: The new exemption
amount and low reserve tranche will
apply beginning January 1, 2025.
FOR FURTHER INFORMATION CONTACT:
Benjamin Snodgrass, Senior Counsel
(202/263–4877), Legal Division; Kristen
Payne, Lead Financial Institution and
Policy Analyst (202/306–9573), Division
of Monetary Affairs; for users of TTY/
TRS, please call 711 from any
telephone, anywhere in the United
States, or (202/263–4869); Board of
Governors of the Federal Reserve
System, 20th and C Streets, NW,
Washington, DC 20551.
SUPPLEMENTARY INFORMATION: 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 and nonpersonal time
deposits, as prescribed by Board
regulations, for the purpose of
implementing monetary policy. The
Board’s actions with respect to this
provision are discussed below.
I. Reserve Requirements
Section 19(b) of the Act authorizes
different ranges of reserve requirement
ratios depending on the amount of
transaction account balances at a
depository institution. Section
19(b)(11)(A) of the Act (12 U.S.C.
461(b)(11)(A)) provides that a zero
percent reserve requirement ratio 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)(11)(B) provides that,
before December 31 of each year, the
Board shall issue a regulation adjusting
the reserve requirement exemption
amount for the next calendar year if
total reservable liabilities held at all
depository institutions increase from
one year to the next. The Act requires
the percentage increase in the reserve
requirement exemption amount to be 80
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Jkt 265001
percent of the percentage increase in
total reservable liabilities of all
depository institutions over the one-year
period that ends on the June 30 prior to
the adjustment. No adjustment is made
to the reserve requirement exemption
amount if total reservable liabilities held
at all depository institutions should
decrease during the applicable time
period.
Total reservable liabilities of all
depository institutions increased by 5.7
percent, from $19,079 billion to $20,172
billion, between June 30, 2023, and June
30, 2024.1 Accordingly, the Board is
amending Regulation D to set the
reserve requirement exemption amount
for 2025 at $37.8 million, an increase of
$1.7 million from its level in 2024.2
Pursuant to Section 19(b)(2) of the Act
(12 U.S.C. 461(b)(2)), 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, may be subject to a
reserve requirement ratio of not more
than 3 percent (and which may be zero).
Transaction account balances over the
low reserve tranche may be subject to a
reserve requirement ratio of not more
than 14 percent (and which may be
zero). Section 19(b)(2) also provides
that, before December 31 of each year,
the Board shall issue a regulation
adjusting the low reserve tranche for the
next calendar year. The Act requires the
adjustment in the low reserve tranche to
be 80 percent of the percentage increase
or decrease in total transaction accounts
of all depository institutions over the
one-year period that ends on the June 30
prior to the adjustment.
Net transaction accounts of all
depository institutions increased 0.3
percent, from $16,048 billion to $16,102
billion, between June 30, 2023, and June
30, 2024.3 Accordingly, the Board is
amending Regulation D to set the low
reserve tranche for net transaction
accounts for 2025 at $645.8 million, an
increase of $1.8 million from 2024.
The new reserve requirement
exemption amount and low reserve
tranche will be effective for all
depository institutions beginning
January 1, 2025.
1 The June 30th value for 2023 may differ from
the value used in the previous year’s calculation
because depository institutions may revise their
deposit data to correct for inaccuracies.
2 Consistent with Board practice, the low reserve
tranche and reserve requirement exemption
amounts have been rounded to the nearest $0.1
million.
3 The June 30th value for 2023 may differ from
the value used in the previous year’s calculation
because depository institutions may revise their
deposit data to correct for inaccuracies.
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91535
Effective March 26, 2020, the Board
reduced reserve requirement ratios on
all net transaction accounts to zero
percent, eliminating reserve
requirements for all depository
institutions. The annual indexation of
the reserve requirement exemption
amount and the low reserve tranche for
2025 is required by statute but will not
affect depository institutions’ reserve
requirements, which will remain zero.
II. Regulatory Analysis
Administrative Procedure Act
The provisions of 5 U.S.C. 553(b)
relating to notice of proposed
rulemaking have not been followed in
connection with the adoption of these
amendments. The amendments involve
expected, ministerial adjustments
prescribed by statute and by the Board’s
policy concerning reporting practices.
The adjustments in the reserve
requirement exemption amount and the
low reserve tranche serve to reduce
regulatory burdens on depository
institutions. Accordingly, the Board
finds good cause for determining, and so
determines, that notice in accordance
with 5 U.S.C. 553(b) is unnecessary.
Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA)
does not apply to a rulemaking where a
general notice of proposed rulemaking
is not required.4 As noted previously,
the Board has determined that it is
unnecessary 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 of 1995,5 the Board
reviewed this final rule. No collections
of information pursuant to the
Paperwork Reduction Act are contained
in the final rule.
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 is amending 12
CFR part 204 as follows:
45
U.S.C. 603 and 604.
U.S.C. 3506; 5 CFR 1320.
5 44
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91536
Federal Register / Vol. 89, No. 224 / Wednesday, November 20, 2024 / Rules and Regulations
2. Section 204.4 is amended by
revising paragraph (f) to read as follows:
PART 204—RESERVE
REQUIREMENTS OF DEPOSITORY
INSTITUTIONS (REGULATION D)
■
1. The authority citation for part 204
continues to read as follows:
*
§ 204.4
Computation of required reserves.
*
*
*
*
(f) For all depository institutions,
Edge and Agreement corporations, and
United States branches and agencies of
■
Authority: 12 U.S.C. 248(a), 248(c), 461,
601, 611, and 3105.
foreign banks, required reserves are
computed by applying the reserve
requirement ratios in table 1 to this
paragraph (f) to net transaction
accounts, nonpersonal time deposits,
and Eurocurrency liabilities of the
institution during the computation
period.
TABLE 1 TO PARAGRAPH (f)
Reservable liability
Reserve requirement
Net Transaction Accounts:
$0 to reserve requirement exemption amount ($37.8 million) .........................................
Over reserve requirement exemption amount ($37.8 million) and up to low reserve
tranche ($645.8 million).
Over low reserve tranche ($645.8 million) .......................................................................
Nonpersonal time deposits ...............................................................................................
Eurocurrency liabilities ......................................................................................................
By order of the Board of Governors of
the Federal Reserve System, acting
through the Director of the Division of
Monetary Affairs under delegated
authority, November 12, 2024.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2024–26981 Filed 11–19–24; 8:45 am]
BILLING CODE 6210–01–P
SMALL BUSINESS ADMINISTRATION
13 CFR Part 123
RIN 3245–AI20
Disaster Assistance Loan Program
Updates
U.S. Small Business
Administration.
ACTION: Direct final rule.
AGENCY:
This direct final rule amends
the U.S. Small Business
Administration’s (SBA or Agency)
regulations governing the SBA Disaster
Loan Program by revising the definition
of contiguous counties, clarifying the
timeline for a governor’s request to be
delivered to an SBA Disaster Assistance
Field Operations Center, and
modernizing language for clarity and
consistency.
DATES:
Effective date: This final rule is
effective January 21, 2025 without
further action. If significant adverse
comment is received, SBA will publish
a timely withdrawal of the rule in the
Federal Register.
Applicability date: This rule is
applicable for disasters declared on or
after January 21, 2025.
Comment date: Comments must be
received on or before December 20,
2024.
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SUMMARY:
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Jkt 265001
0 percent of amount.
0 percent of amount.
$0 plus 0 percent of amount over $645.8 million.
0 percent.
0 percent.
You may submit comments,
identified by docket number SBA–
2024–0015 through the Federal
eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
SBA will post all comments on
www.regulations.gov. If you wish to
submit confidential business
information (CBI) as defined in the User
Notice at www.regulations.gov, please
send an email to Eric Wall at eric.wall@
sba.gov and highlight the information
that you consider to be CBI and explain
why you believe SBA should hold this
information as confidential. All other
comments must be submitted through
the Federal eRulemaking Portal
described above. Highlight the
information that you consider to be CBI
and explain why you believe SBA
should hold this information as
confidential. SBA will review the
information and make the final
determination whether it will publish
the information.
FOR FURTHER INFORMATION CONTACT: Eric
Wall, Office of Disaster Recovery and
Resilience, 409 3rd St. SW, Washington,
DC 20416, (202) 205–6739.
SUPPLEMENTARY INFORMATION:
ADDRESSES:
I. Background
The SBA’s Disaster Loan Program
provides critical assistance to
communities after a disaster. Pursuant
to Section 7(b) of the Small Business
Act, 15 U.S.C. 636(b) (the Act), the SBA
is authorized to make direct loans to
homeowners, renters, businesses, and
non-profit organizations that have been
adversely affected by a disaster. Also
pursuant to the Act, the SBA may
declare an Agency disaster in areas
demonstrating substantial physical or
economic damage because of natural or
other disasters.
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With natural disasters increasing in
size, severity, and frequency across the
United States and its territories, SBA is
expanding the definition of contiguous
counties, clarifying certain aspects of
disaster declaration requests, and
simplifying language to ensure
consistency.
SBA believes these changes are
necessary to:
• Increase efficiencies in the
administration and delivery of the
disaster loan program to better achieve
mission and improve outcomes for
economic recovery,
• Recognize the unique economic
circumstances of island chains,
• Clarify the timeline for Governor
submissions of disaster requests, and
• Ensure consistency and clarity of
language within SBA guidance
documents.
II. Description of Regulatory Changes
SBA is amending the language in 13
CFR 123.2 (What are disaster loans and
disaster declarations?), 123.3 (How are
disaster declarations made?), and 123.4
(What is a disaster area and why is it
important?) to update the language from
‘‘disaster victims’’ to ‘‘disaster
survivors.’’ This update will modernize
the language in the CFR to reflect the
strength of those who have survived a
disaster. The change will also align the
regulations with the terminology
currently used by the SBA Disaster Loan
Program.
SBA is amending 13 CFR 123.2 to
subdivide the paragraph into two
separate paragraphs. This technical
change separates the definition of
disaster loans and disaster declarations
into a format easier to comprehend.
SBA is amending the first sentence in
13 CFR 123.3(a)(3)(i), How are disaster
declarations made?, to replace the word
U.S. possession with ‘‘territory’’ to
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]]>Agencies
[Federal Register Volume 89, Number 224 (Wednesday, November 20, 2024)]
[Rules and Regulations]
[Pages 91534-91536]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-26981]
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
12 CFR Part 204
[Regulation D; Docket No. R-1848]
RIN 7100-AG 88
Reserve Requirements of Depository Institutions
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Board is amending Regulation D, Reserve Requirements of
Depository Institutions, to reflect the annual indexing of the reserve
requirement exemption amount and the low reserve tranche for 2025. The
annual indexation of these amounts is required notwithstanding the
Board's action in March 2020 of setting all
[[Page 91535]]
reserve requirement ratios to zero. The Board is amending Regulation D
to set the reserve requirement exemption amount at $37.8 million
(increased from $36.1 million in 2024) and the amount of the low
reserve tranche at $645.8 million (increased from $644.0 million in
2024). The adjustments to both of these amounts are derived using
statutory formulas specified in the Federal Reserve Act (the ``Act'').
The annual indexation of the reserve requirement exemption amount and
low reserve tranche is required by statute but will not affect
depository institutions' reserve requirements, which will remain zero.
DATES:
Effective date: December 20, 2024.
Compliance date: The new exemption amount and low reserve tranche
will apply beginning January 1, 2025.
FOR FURTHER INFORMATION CONTACT: Benjamin Snodgrass, Senior Counsel
(202/263-4877), Legal Division; Kristen Payne, Lead Financial
Institution and Policy Analyst (202/306-9573), Division of Monetary
Affairs; for users of TTY/TRS, please call 711 from any telephone,
anywhere in the United States, or (202/263-4869); Board of Governors of
the Federal Reserve System, 20th and C Streets, NW, Washington, DC
20551.
SUPPLEMENTARY INFORMATION: 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 and nonpersonal time deposits, as
prescribed by Board regulations, for the purpose of implementing
monetary policy. The Board's actions with respect to this provision are
discussed below.
I. Reserve Requirements
Section 19(b) of the Act authorizes different ranges of reserve
requirement ratios depending on the amount of transaction account
balances at a depository institution. Section 19(b)(11)(A) of the Act
(12 U.S.C. 461(b)(11)(A)) provides that a zero percent reserve
requirement ratio 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)(11)(B) provides
that, before December 31 of each year, the Board shall issue a
regulation adjusting the reserve requirement exemption amount for the
next calendar year if total reservable liabilities held at all
depository institutions increase from one year to the next. The Act
requires the percentage increase in the reserve requirement exemption
amount to be 80 percent of the percentage increase in total reservable
liabilities of all depository institutions over the one-year period
that ends on the June 30 prior to the adjustment. No adjustment is made
to the reserve requirement exemption amount if total reservable
liabilities held at all depository institutions should decrease during
the applicable time period.
Total reservable liabilities of all depository institutions
increased by 5.7 percent, from $19,079 billion to $20,172 billion,
between June 30, 2023, and June 30, 2024.\1\ Accordingly, the Board is
amending Regulation D to set the reserve requirement exemption amount
for 2025 at $37.8 million, an increase of $1.7 million from its level
in 2024.\2\
---------------------------------------------------------------------------
\1\ The June 30th value for 2023 may differ from the value used
in the previous year's calculation because depository institutions
may revise their deposit data to correct for inaccuracies.
\2\ Consistent with Board practice, the low reserve tranche and
reserve requirement exemption amounts have been rounded to the
nearest $0.1 million.
---------------------------------------------------------------------------
Pursuant to Section 19(b)(2) of the Act (12 U.S.C. 461(b)(2)),
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, may be subject to a reserve
requirement ratio of not more than 3 percent (and which may be zero).
Transaction account balances over the low reserve tranche may be
subject to a reserve requirement ratio of not more than 14 percent (and
which may be zero). Section 19(b)(2) also provides that, before
December 31 of each year, the Board shall issue a regulation adjusting
the low reserve tranche for the next calendar year. The Act requires
the adjustment in the low reserve tranche to be 80 percent of the
percentage increase or decrease in total transaction accounts of all
depository institutions over the one-year period that ends on the June
30 prior to the adjustment.
Net transaction accounts of all depository institutions increased
0.3 percent, from $16,048 billion to $16,102 billion, between June 30,
2023, and June 30, 2024.\3\ Accordingly, the Board is amending
Regulation D to set the low reserve tranche for net transaction
accounts for 2025 at $645.8 million, an increase of $1.8 million from
2024.
---------------------------------------------------------------------------
\3\ The June 30th value for 2023 may differ from the value used
in the previous year's calculation because depository institutions
may revise their deposit data to correct for inaccuracies.
---------------------------------------------------------------------------
The new reserve requirement exemption amount and low reserve
tranche will be effective for all depository institutions beginning
January 1, 2025.
Effective March 26, 2020, the Board reduced reserve requirement
ratios on all net transaction accounts to zero percent, eliminating
reserve requirements for all depository institutions. The annual
indexation of the reserve requirement exemption amount and the low
reserve tranche for 2025 is required by statute but will not affect
depository institutions' reserve requirements, which will remain zero.
II. Regulatory Analysis
Administrative Procedure Act
The provisions of 5 U.S.C. 553(b) relating to notice of proposed
rulemaking have not been followed in connection with the adoption of
these amendments. The amendments involve expected, ministerial
adjustments prescribed by statute and by the Board's policy concerning
reporting practices. The adjustments in the reserve requirement
exemption amount and the low reserve tranche serve to reduce regulatory
burdens on depository institutions. Accordingly, the Board finds good
cause for determining, and so determines, that notice in accordance
with 5 U.S.C. 553(b) is unnecessary.
Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA) does not apply to a rulemaking
where a general notice of proposed rulemaking is not required.\4\ As
noted previously, the Board has determined that it is unnecessary 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.
---------------------------------------------------------------------------
\4\ 5 U.S.C. 603 and 604.
---------------------------------------------------------------------------
Paperwork Reduction Act
In accordance with the Paperwork Reduction Act of 1995,\5\ the
Board reviewed this final rule. No collections of information pursuant
to the Paperwork Reduction Act are contained in the final rule.
---------------------------------------------------------------------------
\5\ 44 U.S.C. 3506; 5 CFR 1320.
---------------------------------------------------------------------------
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 is amending 12
CFR part 204 as follows:
[[Page 91536]]
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 204.4 is amended by revising paragraph (f) to read as
follows:
Sec. 204.4 Computation of required reserves.
* * * * *
(f) For all depository institutions, Edge and Agreement
corporations, and United States branches and agencies of foreign banks,
required reserves are computed by applying the reserve requirement
ratios in table 1 to this paragraph (f) to net transaction accounts,
nonpersonal time deposits, and Eurocurrency liabilities of the
institution during the computation period.
Table 1 to Paragraph (f)
------------------------------------------------------------------------
Reservable liability Reserve requirement
------------------------------------------------------------------------
Net Transaction Accounts:
$0 to reserve requirement exemption 0 percent of amount.
amount ($37.8 million).
Over reserve requirement exemption 0 percent of amount.
amount ($37.8 million) and up to low
reserve tranche ($645.8 million).
Over low reserve tranche ($645.8 $0 plus 0 percent of
million). amount over $645.8
million.
Nonpersonal time deposits............... 0 percent.
Eurocurrency liabilities................ 0 percent.
------------------------------------------------------------------------
By order of the Board of Governors of the Federal Reserve System,
acting through the Director of the Division of Monetary Affairs under
delegated authority, November 12, 2024.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2024-26981 Filed 11-19-24; 8:45 am]
BILLING CODE 6210-01-P
