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About the FRRS

The Federal Reserve Regulatory Service (FRRS) is designed to promote public understanding of the regulatory functions of the Federal Reserve System by bringing together, for convenient reference, the statutes administered by the Board of Governors as well as the regulations, interpretations, rulings, and opinions issued by the Board and its staff. To increase the accessibility of this material, the FRRS is updated monthly and has been extensively cross-referenced by means of a subject index, citation indexes, and finding tables.


The Federal Reserve Regulatory Service is divided into nine major sections. With the exception of section 1, which is a compilation of statutory material, each section is arranged by regulation. Following the text of each of the Board’s regulations are the statutory provisions under which the regulation was promulgated, a background and summary of the regulation, and the interpretive material relating to it.

Interpretations, Rulings, and Opinions

Board interpretations are issued in response to questions that have significant policy implications and are of general enough interest either to have been published in the Code of Federal Regulations or the Federal Reserve Bulletin or to have been circulated to Reserve Banks. Also included under the heading “Board Interpretations” are policy statements and letters circulated to Reserve Banks containing instructions related to policy and administrative matters. Board rulings and staff opinions are generally issued in response to individual questions that are of more limited applicability. This service contains digests of rulings and opinions and the full text of Board interpretations, policy statements, and letters of instruction that have present-day significance.

Interpretive material is arranged alphabetically by topic. Within each main topic, the material is arranged chronologically. Because a single Board interpretation may deal with a number of related topics, some interpretations have been broken up and placed under different topical headings. A line of asterisks notes the omission of a portion of text, which in most instances appears elsewhere.

Certain interpretive material in the FRRS may contain references to executive agencies of the federal government that have been abolished or the functions of which have been terminated or transferred to other agencies. References to defunct agencies have not been amended in the text, and readers should refer to successor agencies for current practice. A list of such transfers and terminations appears in the United States Government Manual, issued annually by the U.S. Government Publishing Office.

Locator Numbers

For reference purposes, blocks of text have been assigned “locator numbers.” A locator number appears on the right-hand side of the screen, in blue above the block of text that it identifies. Indexes, finding tables, and cross-references refer to locator numbers. Each interpretation, ruling, and opinion has been assigned a single locator number.

Each locator number is prefixed by the number of the section in which it appears. Locator numbers run sequentially within each section, with blocks of locator numbers reserved for future additions. If new material is added between locator numbers, point numbers are assigned. Text added between numbers 2-103 and 2-104, for example, might be assigned the number 2-103.5. Point locator numbers should be read as decimal figures, with 2-103.55, for example, coming between 2-103.5 and 2-103.6.

Searching for Citations

In the print version of the FRRS, readers can search for citations through four citation indexes located at the end of the last volume. In this digital version, these indexes can be searched by selecting Finding Tables and Citation Indexes from the banner. You can search for citations to—

  • the U.S. Code,
  • statutes by popular name,
  • the Code of Federal Regulations, and
  • the Federal Reserve Bulletin.

Occasionally, text contains references to sections of statutes and regulations the numbering of which has since been changed. This should be kept in mind when searching for citations.

Subject Index

Because of the numerous different terms that can be used to discuss a single topic, the subject index, although replaced in part by the search engine, can still be helpful in locating material related to a given topic that might not be located through a keyword search, especially if you are not familiar with the Board’s regulations. This index allows you to go directly to the text referred to and then back again to the index.


This service is updated monthly. The “What’s New” section of the homepage features a brief description of the nature of the changes that were made, with links that take you directly to the revised sections.

Form of Citation

When citing material in this service, cite to the locator number:
FRRS 2-456
Federal Reserve Regulatory Service 2-456
If you are using the print version of the FRRS in conjunction with the digital version, please note that neither the page nor volume number is used when citing to the FRRS because the text that appears on a particular page or in a particular volume will not necessarily remain constant over time. The locator number, however, remains with the text to which it has been assigned, except in isolated cases (in which case the redesignation is noted) or in those rare instances when the total revision of a regulation results in massive redesignation of related material.

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