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 August 9, 2022 (Regulation A, Docket R-1776), the same day it was published in the Federal Register. The rate changes for primary and secondary credit were applicable on July 28, 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 2.40 percent, a 0.75 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 August 9, 2022 (Regulation D, Docket R-1777), the same day it was published in the Federal Register. The IORB rate change was applicable on July 28, 2022.

On July 6, 2022, the Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued Joint Statement on the Risk-Based Approach to Assessing Customer Relationships and Conducting Customer Due Diligence. More... The agencies recognize that it is important for customers engaged in lawful activities to have access to financial services. Therefore, the agencies are reinforcing a longstanding position that no customer type presents a single level of uniform risk or a particular risk profile related to money laundering, terrorist financing, or other illicit financial activity (Department of the Treasury, Financial Crimes Enforcement Network).

Pursuant to the provisions of the Privacy Act of 1974, notice was given that the Board proposes to modify existing system of records BGFRS-12 “FRB—Bank Officers Personnel System,” which the Board proposes to rename as BGFRS-12 “FRB—Bank Employees Personnel System.” BGFRS-12 is a system of records that contains personal and organizational information about Federal Reserve Bank officers, which the Board is modifying to include all Reserve Bank employees. More... It is used by the Human Resources Section within the Board’s Division of Reserve Bank Operations and Payment Systems to assist the Board in its oversight of the Federal Reserve Banks including reviewing Reserve Bank compliance with the Federal Reserve Administrative Manual through reviews and monitoring. The modified system of records will become effective August 15, 2022, without further notice, unless comments dictate otherwise (Rules Regarding Access to Personal Information under the Privacy Act of 1974, Systems of Records of the Federal Reserve System). The modified system of records was published in the Federal Register on July 15, 2022.