Federal Reserve System July 18, 2011 – Federal Register Recent Federal Regulation Documents

Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company
Document Number: 2011-17963
Type: Notice
Date: 2011-07-18
Agency: Federal Reserve System, Agencies and Commissions
Prohibition Against Payment of Interest on Demand Deposits
Document Number: 2011-17886
Type: Rule
Date: 2011-07-18
Agency: Federal Reserve System, Agencies and Commissions
The Board is publishing a final rule repealing Regulation Q, Prohibition Against Payment of Interest on Demand Deposits, effective July 21, 2011. Regulation Q was promulgated to implement the statutory prohibition against payment of interest on demand deposits by institutions that are member banks of the Federal Reserve System set forth in Section 19(i) of the Federal Reserve Act (``Act''). Section 627 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') repeals Section 19(i) of the Federal Reserve Act effective July 21, 2011. The final rule implements the Dodd-Frank Act's repeal of Section 19(i). The final rule also repeals the Board's published interpretation of Regulation Q and removes references to Regulation Q found in the Board's other regulations, interpretations, and commentary.