Transmittal Archive

The Board has adopted final amendments to its Regulation A to reflect the Board’s approval of an increase in the rate for primary credit at each Federal Reserve Bank. More... The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board’s primary credit rate action. The final rule is effective April 18, 2022 (Regulation A, Docket R-1767), the same day it was published in the Federal Register. The rate changes for primary and secondary credit were applicable on March 17, 2022.

The Board is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances (IORB) maintained at Federal Reserve Banks by or on behalf of eligible institutions. More... The final amendments specify that IORB is 0.40 percent, a 0.25 percentage point increase from its prior level. The amendment is intended to enhance the role of IORB in maintaining the federal funds rate in the target range established by the Federal Open Market Committee. The final rule is effective April 18, 2022 (Regulation D, Docket R-1768), the same day it was published in the Federal Register. The IORB rate change was applicable on March 17, 2022.

On December 17, 2021, the Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued an Extension of the Revised Statement Regarding Status of Certain Investment Funds and Their Portfolio Investments for Purposes of Regulation O and Reporting Requirements under Part 363 of FDIC Regulations. More... This statement extends the expiration of the no-action position provided in the revised statement that was issued on December 22, 2020, and that expired on January 1, 2022. The federal banking agencies will continue to exercise discretion to not take enforcement action against banks or asset managers that become principal shareholders of banks with respect to certain extensions of credit by banks that otherwise would violate Regulation O. The agencies are extending this temporary relief while the Board, in consultation with the other federal banking agencies, considers whether to amend Regulation O. The interagency statement also sets forth the eligibility criteria for this relief (Regulation O).

The Board, together with the other members of the Federal Financial Institutions Examination Council (FFIEC), issued on August 11, 2021, Authentication and Access to Financial Institution Services and Systems, which supersedes the FFIEC’s 2005 Interagency Guidance on Authentication in an Internet Banking Environment. More... The guidance highlights risk-management practices that can support oversight of user and customer identification, authentication, and access solutions as part of a financial institution’s information security program (Guidance, Safety and Soundness at 3-1579.39).

The Board, the FDIC, the National Credit Union Administration, and the OCC are proposing changes to the Uniform Rules of Practice and Procedure (uniform rules) to recognize the use of electronic communications in all aspects of administrative hearings and to otherwise increase the efficiency and fairness of administrative adjudications. The Board, the FDIC, and the OCC are also proposing to modify their agency-specific rules of administrative practice and procedure (local rules). More... The OCC also proposes to integrate its uniform rules and local rules so that one set of rules applies to both national banks and federal savings associations and to amend its rules on organization and functions to address service of process. Comments on this notice of proposed rulemaking must be received by June 13, 2022 (Docket R-1766).