Federal Reserve System September 8, 2021 – Federal Register Recent Federal Regulation Documents

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 at Federal Reserve Banks by or on behalf of eligible institutions (``IORB'' rate). The final amendments specify that the IORB rate is 0.15 percent, an 0.05 percentage point increase from its prior level. The amendment is intended to establish the IORB rate at a level consistent with maintaining the Federal funds rate in the target range established by the Federal Open Market Committee (``FOMC'' or ``Committee''). This amendment does not reflect a change in the stance of monetary policy. The Board is also making certain conforming deletions for clarity to the provisions of Regulation D governing interest payable on balances at Reserve Banks.