82_FR_18289 82 FR 18216 - Regulation D: Reserve Requirements of Depository Institutions

82 FR 18216 - Regulation D: Reserve Requirements of Depository Institutions

FEDERAL RESERVE SYSTEM

Federal Register Volume 82, Issue 73 (April 18, 2017)

Page Range18216-18217
FR Document2017-07743

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 1.00 percent and IOER is 1.00 percent, a 0.25 percentage point increase from their prior levels. The amendments are intended to enhance the role of such rates of interest in moving the Federal funds rate into the target range established by the Federal Open Market Committee (``FOMC'' or ``Committee'').

Federal Register, Volume 82 Issue 73 (Tuesday, April 18, 2017) 
[Federal Register Volume 82, Number 73 (Tuesday, April 18, 2017)]
[Rules and Regulations]
[Pages 18216-18217]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-07743]


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FEDERAL RESERVE SYSTEM

12 CFR Part 204

[Regulation D--R-1563]
RIN 7100-AE77


Regulation D: Reserve Requirements of Depository Institutions

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Final rule.

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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 1.00 percent and IOER is 1.00 
percent, a 0.25 percentage point increase from their prior levels. The 
amendments are intended to enhance the role of such rates of interest 
in moving the Federal funds rate into the target range established by 
the Federal Open Market Committee (``FOMC'' or ``Committee'').

DATES: The amendments to part 204 (Regulation D) are effective April 
18, 2017. The IORR and IOER rate changes were applicable on March 16, 
2017.

FOR FURTHER INFORMATION CONTACT: Clinton Chen, Attorney (202-452-3952), 
or Sophia Allison, Special Counsel (202-452-3198), Legal Division, or 
Thomas Keating, Financial Analyst (202-973-7401), or Laura Lipscomb, 
Section Chief (202-973-7964), 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 
(``the Act'') imposes reserve requirements on certain types of deposits 
and other liabilities of depository institutions. 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'').\1\ 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. 
Institutions that are eligible to receive earnings on their balances 
held at Reserve Banks (``eligible institutions'') include depository 
institutions and certain other institutions.\2\ Section 19 also 
provides that the Board may prescribe regulations concerning the 
payment of earnings on balances at a Reserve Bank.\3\ Prior to these 
amendments, Regulation D specified a rate of 0.75 percent for both IORR 
and IOER.\4\
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    \1\ 12 CFR 204.5(a)(1).
    \2\ Section 19(b)(1)(A) defines ``depository institution'' as 
any insured bank as defined in section 3 of the Federal Deposit 
Insurance Act or any bank which is eligible to make application to 
become an insured bank under section 5 of such Act; any mutual 
savings bank as defined in section 3 of the Federal Deposit 
Insurance Act or any bank which is eligible to make application to 
become an insured bank under section 5 of such Act; any savings bank 
as defined in section 3 of the Federal Deposit Insurance Act or any 
bank which is eligible to make application to become an insured bank 
under section 5 of such Act; any insured credit union as defined in 
section 101 of the Federal Credit Union Act or any credit union 
which is eligible to make application to become an insured credit 
union pursuant to section 201 of such Act; any member as defined in 
section 2 of the Federal Home Loan Bank Act; [and] any savings 
association (as defined in section 3 of the Federal Deposit 
Insurance Act) which is an insured depository institution (as 
defined in such Act) or is eligible to apply to become an insured 
depository institution under the Federal Deposit Insurance Act. See 
12 U.S.C. 461(b)(1)(A). Eligible institution also includes any trust 
company, corporation organized under section 25A or having an 
agreement with the Board under section 25, or any branch or agency 
of a foreign bank (as defined in section 1(b) of the International 
Banking Act of 1978). 12 U.S.C. 461(b)(12)(C); see 12 CFR 204.2(y) 
(definition of ``eligible institution'').
    \3\ See 12 U.S.C. 461(b)(12).
    \4\ See 12 CFR 204.10(b)(5).
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II. Amendments to IORR and IOER

    The Board is amending Sec.  204.10(b)(5) of Regulation D to specify 
that IORR is 1.00 percent and IOER is 1.00 percent. This 0.25 
percentage point increase in the IORR and IOER was associated with an 
increase in the target range for the federal funds rate, from a target 
range of \1/2\ to \3/4\ percent to a target range of \3/4\ to 1 
percent, announced by the FOMC on March 15, 2017 with an effective date 
of March 16, 2017. The FOMC's press release on the same day as the 
announcement noted that:

    Information received since the Federal Open Market Committee met 
in February indicates that the labor market has continued to 
strengthen and that economic activity has continued to expand at a 
moderate pace. Job gains remained solid and the unemployment rate 
was little changed in recent months. Household spending has 
continued to rise moderately while business fixed investment

[[Page 18217]]

appears to have firmed somewhat. Inflation has increased in recent 
quarters, moving close to the Committee's 2 percent longer-run 
objective; excluding energy and food prices, inflation was little 
changed and continued to run somewhat below 2 percent. Market-based 
measures of inflation compensation remain low; survey-based measures 
of longer-term inflation expectations are little changed, on 
balance.
    Consistent with its statutory mandate, the Committee seeks to 
foster maximum employment and price stability. The Committee expects 
that, with gradual adjustments in the stance of monetary policy, 
economic activity will expand at a moderate pace, labor market 
conditions will strengthen somewhat further, and inflation will 
stabilize around 2 percent over the medium term. Near-term risks to 
the economic outlook appear roughly balanced. The Committee 
continues to closely monitor inflation indicators and global 
economic and financial developments.
    In view of realized and expected labor market conditions and 
inflation, the Committee decided to raise the target range for the 
federal funds rate to \3/4\ to 1 percent. The stance of monetary 
policy remains accommodative, thereby supporting some further 
strengthening in labor market conditions and a sustained return to 2 
percent inflation.

A Federal Reserve Implementation note released simultaneously with the 
announcement stated that:

    The Board of Governors of the Federal Reserve System voted 
unanimously to raise the interest rate paid on required and excess 
reserve balances to 1.00 percent, effective March 16, 2017.

As a result, the Board is amending Sec.  204.10(b)(5) of Regulation D 
to change IORR to 1.00 percent and IOER to 1.00 percent.

III. Administrative Procedure Act

    In general, the Administrative Procedure Act (12 U.S.C. 551 et 
seq.) (``APA'') 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.'' 12 U.S.C. 553(b)(3)(A). Section 553(d) of the APA 
also provides that publication not less than 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) an agency finding good cause for 
shortened notice and publishing its reasoning with the rule. 12 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 the final amendments to Regulation D. The rate 
increases 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 the 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.\5\ 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.
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    \5\ 5 U.S.C. 603 and 604.
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V. Paperwork Reduction Act

    In accordance with the Paperwork Reduction Act (``PRA'') of 1995 
(44 U.S.C. 3506; 5 CFR part 1320, appendix A.1), 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.

    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.

* * * * *
    (b) * * *
    (5) The rates for IORR and IOER are:

------------------------------------------------------------------------
                                                                  Rate
                                                               (percent)
------------------------------------------------------------------------
IORR.........................................................       1.00
IOER.........................................................       1.00
------------------------------------------------------------------------

* * * * *

    By order of the Board of Governors of the Federal Reserve 
System, April 12, 2017.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2017-07743 Filed 4-17-17; 8:45 am]
 BILLING CODE 6210-01-P

18216 Federal Register / Vol. 82, No. 73 / Tuesday, April 18, 2017 / Rules and Regulations requirements relating to an initial and FEDERAL RESERVE SYSTEM on behalf of certain institutions in an final regulatory flexibility analysis do account at a Reserve Bank may receive not apply. 12 CFR Part 204 earnings to be paid by the Reserve Bank [Regulation D—R–1563] at least once each quarter, at a rate or Paperwork Reduction Act rates not to exceed the general level of RIN 7100–AE77 short-term interest rates. Institutions In accordance with the Paperwork that are eligible to receive earnings on Reduction Act (‘‘PRA’’) of 1995 (44 Regulation D: Reserve Requirements their balances held at Reserve Banks U.S.C. 3506; 5 CFR part 1320, appendix of Depository Institutions (‘‘eligible institutions’’) include A.1), the Board reviewed the final rule depository institutions and certain other under the authority delegated to the AGENCY: Board of Governors of the Federal Reserve System. institutions.2 Section 19 also provides Board by the Office of Management and that the Board may prescribe regulations Budget. The final rule contains no ACTION: Final rule. concerning the payment of earnings on requirements subject to the PRA. SUMMARY: The Board of Governors of the balances at a Reserve Bank.3 Prior to 12 CFR Chapter II Federal Reserve System (‘‘Board’’) is these amendments, Regulation D amending Regulation D (Reserve specified a rate of 0.75 percent for both List of Subjects in 12 CFR Part 201 Requirements of Depository Institutions) IORR and IOER.4 to revise the rate of interest paid on II. Amendments to IORR and IOER Banks, Banking, Federal Reserve balances maintained to satisfy reserve System, Reporting and recordkeeping balance requirements (‘‘IORR’’) and the The Board is amending § 204.10(b)(5) requirements. rate of interest paid on excess balances of Regulation D to specify that IORR is (‘‘IOER’’) maintained at Federal Reserve 1.00 percent and IOER is 1.00 percent. Authority and Issuance This 0.25 percentage point increase in Banks by or on behalf of eligible For the reasons set forth in the institutions. The final amendments the IORR and IOER was associated with preamble, the Board is amending 12 specify that IORR is 1.00 percent and an increase in the target range for the CFR chapter II to read as follows: IOER is 1.00 percent, a 0.25 percentage federal funds rate, from a target range of 1⁄2 to 3⁄4 percent to a target range of 3⁄4 point increase from their prior levels. PART 201—EXTENSIONS OF CREDIT The amendments are intended to to 1 percent, announced by the FOMC BY FEDERAL RESERVE BANKS enhance the role of such rates of interest on March 15, 2017 with an effective (REGULATION A) in moving the Federal funds rate into date of March 16, 2017. The FOMC’s the target range established by the press release on the same day as the Federal Open Market Committee announcement noted that: ■ 1. The authority citation for part 201 continues to read as follows: (‘‘FOMC’’ or ‘‘Committee’’). Information received since the Federal Open Market Committee met in February DATES: The amendments to part 204 Authority: 12 U.S.C. 248(i)–(j), 343 et seq., indicates that the labor market has continued 347a, 347b, 347c, 348 et seq., 357, 374, 374a, (Regulation D) are effective April 18, to strengthen and that economic activity has and 461. 2017. The IORR and IOER rate changes continued to expand at a moderate pace. Job were applicable on March 16, 2017. gains remained solid and the unemployment ■ 2. In § 201.51, paragraphs (a) and (b) FOR FURTHER INFORMATION CONTACT: rate was little changed in recent months. are revised to read as follows: Clinton Chen, Attorney (202–452–3952), Household spending has continued to rise moderately while business fixed investment or Sophia Allison, Special Counsel § 201.51 Interest rates applicable to credit extended by a Federal Reserve Bank.3 (202–452–3198), Legal Division, or 2 Section 19(b)(1)(A) defines ‘‘depository Thomas Keating, Financial Analyst institution’’ as any insured bank as defined in (a) Primary credit. The interest rate at (202–973–7401), or Laura Lipscomb, section 3 of the Federal Deposit Insurance Act or each Federal Reserve Bank for primary Section Chief (202–973–7964), Division any bank which is eligible to make application to credit provided to depository of Monetary Affairs; for users of become an insured bank under section 5 of such Act; any mutual savings bank as defined in section institutions under § 201.4(a) is 1.50 Telecommunications Device for the Deaf 3 of the Federal Deposit Insurance Act or any bank percent. (TDD) only, contact 202–263–4869; which is eligible to make application to become an (b) Secondary credit. The interest rate Board of Governors of the Federal insured bank under section 5 of such Act; any savings bank as defined in section 3 of the Federal at each Federal Reserve Bank for Reserve System, 20th and C Streets Deposit Insurance Act or any bank which is eligible NW., Washington, DC 20551. to make application to become an insured bank secondary credit provided to depository SUPPLEMENTARY INFORMATION: under section 5 of such Act; any insured credit institutions under § 201.4(b) is 2.00 union as defined in section 101 of the Federal percent. I. Statutory and Regulatory Background Credit Union Act or any credit union which is eligible to make application to become an insured * * * * * For monetary policy purposes, section credit union pursuant to section 201 of such Act; By order of the Board of Governors of the 19 of the Federal Reserve Act (‘‘the any member as defined in section 2 of the Federal Act’’) imposes reserve requirements on Home Loan Bank Act; [and] any savings association Federal Reserve System, April 12, 2017. (as defined in section 3 of the Federal Deposit Ann E. Misback, certain types of deposits and other Insurance Act) which is an insured depository liabilities of depository institutions. institution (as defined in such Act) or is eligible to Secretary of the Board. Regulation D, which implements section apply to become an insured depository institution [FR Doc. 2017–07742 Filed 4–17–17; 8:45 am] 19 of the Act, requires that a depository under the Federal Deposit Insurance Act. See 12 U.S.C. 461(b)(1)(A). Eligible institution also BILLING CODE 6210–02–P institution meet reserve requirements by includes any trust company, corporation organized holding cash in its vault, or if vault cash nlaroche on DSK30NT082PROD with RULES under section 25A or having an agreement with the is insufficient, by maintaining a balance Board under section 25, or any branch or agency of in an account at a Federal Reserve Bank a foreign bank (as defined in section 1(b) of the 3 The primary, secondary, and seasonal credit International Banking Act of 1978). 12 U.S.C. rates described in this section apply to both (‘‘Reserve Bank’’).1 Section 19 also 461(b)(12)(C); see 12 CFR 204.2(y) (definition of advances and discounts made under the primary, provides that balances maintained by or ‘‘eligible institution’’). secondary, and seasonal credit programs, 3 See 12 U.S.C. 461(b)(12). respectively. 1 12 CFR 204.5(a)(1). 4 See 12 CFR 204.10(b)(5). VerDate Sep<11>2014 13:31 Apr 17, 2017 Jkt 241001 PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 E:\FR\FM\18APR1.SGM 18APR1

Federal Register / Vol. 82, No. 73 / Tuesday, April 18, 2017 / Rules and Regulations 18217 appears to have firmed somewhat. Inflation interpretive rules and statements of PART 204—RESERVE has increased in recent quarters, moving policy; or (3) an agency finding good REQUIREMENTS OF DEPOSITORY close to the Committee’s 2 percent longer-run cause for shortened notice and INSTITUTIONS (REGULATION D) objective; excluding energy and food prices, publishing its reasoning with the rule. inflation was little changed and continued to 1. The authority citation for part 204 run somewhat below 2 percent. Market-based 12 U.S.C. 553(d). ■ measures of inflation compensation remain The Board has determined that good continues to read as follows: low; survey-based measures of longer-term cause exists for finding that the notice, Authority: 12 U.S.C. 248(a), 248(c), 461, inflation expectations are little changed, on public comment, and delayed effective 601, 611, and 3105. balance. date provisions of the APA are Consistent with its statutory mandate, the ■ 2. Section 204.10 is amended by unnecessary, impracticable, or contrary revising paragraph (b)(5) to read as Committee seeks to foster maximum to the public interest with respect to the follows: employment and price stability. The Committee expects that, with gradual final amendments to Regulation D. The rate increases for IORR and IOER that § 204.10 Payment of interest on balances. adjustments in the stance of monetary policy, economic activity will expand at a moderate are reflected in the final amendments to * * * * * pace, labor market conditions will strengthen Regulation D were made with a view (b) * * * somewhat further, and inflation will stabilize towards accommodating commerce and (5) The rates for IORR and IOER are: around 2 percent over the medium term. business and with regard to their Near-term risks to the economic outlook bearing upon the general credit situation Rate appear roughly balanced. The Committee of the country. Notice and public (percent) continues to closely monitor inflation comment would prevent the Board’s indicators and global economic and financial IORR ............................................. 1.00 developments. action from being effective as promptly IOER ............................................. 1.00 In view of realized and expected labor as necessary in the public interest, and market conditions and inflation, the would not otherwise serve any useful * * * * * Committee decided to raise the target range purpose. Notice, public comment, and a for the federal funds rate to 3⁄4 to 1 percent. delayed effective date would create By order of the Board of Governors of the The stance of monetary policy remains Federal Reserve System, April 12, 2017. uncertainty about the finality and accommodative, thereby supporting some effectiveness of the Board’s action and Ann E. Misback, further strengthening in labor market undermine the effectiveness of that Secretary of the Board. conditions and a sustained return to 2 [FR Doc. 2017–07743 Filed 4–17–17; 8:45 am] action. Accordingly, the Board has percent inflation. determined that good cause exists to BILLING CODE 6210–01–P A Federal Reserve Implementation note dispense with the notice, public released simultaneously with the comment, and delayed effective date announcement stated that: procedures of the APA with respect to the final amendments to Regulation D. DEPARTMENT OF COMMERCE The Board of Governors of the Federal Reserve System voted unanimously to raise IV. Regulatory Flexibility Analysis Bureau of Industry and Security the interest rate paid on required and excess reserve balances to 1.00 percent, effective The Regulatory Flexibility Act March 16, 2017. 15 CFR Part 744 (‘‘RFA’’) does not apply to a rulemaking As a result, the Board is amending where a general notice of proposed [Docket No. 170207154–7253–01] § 204.10(b)(5) of Regulation D to change rulemaking is not required.5 As noted IORR to 1.00 percent and IOER to 1.00 previously, the Board has determined RIN 0694–AH32 percent. that it is unnecessary and contrary to the public interest to publish a general Revision to an Entry on the Entity List III. Administrative Procedure Act notice of proposed rulemaking for this In general, the Administrative final rule. Accordingly, the RFA’s AGENCY: Bureau of Industry and Procedure Act (12 U.S.C. 551 et seq.) requirements relating to an initial and Security, Commerce (‘‘APA’’) imposes three principal final regulatory flexibility analysis do ACTION: Final rule. requirements when an agency not apply. promulgates legislative rules (rules SUMMARY: This rule amends the Export made pursuant to congressionally V. Paperwork Reduction Act Administration Regulations (EAR) by delegated authority): (1) Publication In accordance with the Paperwork revising one existing entry in the Entity with adequate notice of a proposed rule; Reduction Act (‘‘PRA’’) of 1995 (44 List, under the destination of Russia. (2) followed by a meaningful U.S.C. 3506; 5 CFR part 1320, appendix The license requirement for the entry is opportunity for the public to comment A.1), the Board reviewed the final rule being revised to conform with a general on the rule’s content; and (3) under the authority delegated to the license issued by the Department of the publication of the final rule not less Board by the Office of Management and Treasury’s Office of Foreign Assets than 30 days before its effective date. Budget. The final rule contains no Control on February 2, 2017. The APA provides that notice and requirements subject to the PRA. DATES: This rule is effective April 18, comment procedures do not apply if the 2017. agency for good cause finds them to be List of Subjects in 12 CFR Part 204 FOR FURTHER INFORMATION CONTACT: ‘‘unnecessary, impracticable, or contrary Banks, Banking, Reporting and Chair, End-User Review Committee, to the public interest.’’ 12 U.S.C. nlaroche on DSK30NT082PROD with RULES recordkeeping requirements. Office of the Assistant Secretary, Export 553(b)(3)(A). Section 553(d) of the APA also provides that publication not less For the reasons set forth in the Administration, Bureau of Industry and than 30 days prior to a rule’s effective preamble, the Board amends 12 CFR Security, Department of Commerce, date is not required for (1) a substantive part 204 as follows: Phone: (202) 482–5991, Email: ERC@ rule which grants or recognizes an bis.doc.gov. exemption or relieves a restriction; (2) 55 U.S.C. 603 and 604. SUPPLEMENTARY INFORMATION: VerDate Sep<11>2014 13:31 Apr 17, 2017 Jkt 241001 PO 00000 Frm 00003 Fmt 4700 Sfmt 4700 E:\FR\FM\18APR1.SGM 18APR1


Document Created: 2017-04-18 00:00:17
Document Modified: 2017-04-18 00:00:17
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionRules and Regulations
ActionFinal rule.
DatesThe amendments to part 204 (Regulation D) are effective April 18, 2017. The IORR and IOER rate changes were applicable on March 16, 2017.
ContactClinton Chen, Attorney (202-452-3952), or Sophia Allison, Special Counsel (202-452-3198), Legal Division, or Thomas Keating, Financial Analyst (202-973-7401), or Laura Lipscomb, Section Chief (202-973-7964), 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.
FR Citation82 FR 18216 
RIN Number7100-AE77
CFR AssociatedBanks; Banking and Reporting and Recordkeeping Requirements
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