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Federal Register / Vol. 86, No. 5 / Friday, January 8, 2021 / Proposed Rules multiplied by the total balances maintained on that day.

information pursuant to the Paperwork Reduction Act.

III. Request for Comment The Board seeks comment on all aspects of the proposed rule.

VI. Plain Language Section 772 of the Gramm-LeachBliley Act 17 requires the Board to use plain language in all proposed and final rules. In light of this requirement, the Board has sought to present the interim final rule in a simple and straightforward manner. The Board invites comment on whether the Board could take additional steps to make the rule easier to understand.

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IV. Regulatory Flexibility Act The Regulatory Flexibility Act RFA 15 generally requires an agency, in connection with a proposed rule, to prepare and make available for public comment an initial regulatory flexibility analysis that describes the impact of a proposed rule on small entities.
However, a regulatory flexibility analysis is not required if the agency certifies that the rule will not have a significant economic impact on a substantial number of small entities.
The Small Business Administration has defined small entities to include banking organizations with total assets of less than or equal to $600 million.
The Board has considered the potential impact of the proposal on small entities in accordance with the RFA. The Board believes that the proposal will not have a significant economic impact on a substantial number of small entities. As discussed in the Supplementary Information above, the proposed rule would apply to all eligible institutions regardless of size. The Boards proposed rule would also not impose any new recordkeeping, reporting, or compliance requirements.
The Board does not believe that the proposed rule duplicates, overlaps, or conflicts with any other Federal rules.
The Board also does not believe that there are any significant alternatives to the proposal which accomplish its stated objectives. In light of the foregoing, the Board does not believe that the proposal, if adopted in final form, would have a significant economic impact on a substantial number of small entities. Nonetheless, the Board seeks comment on whether the proposal would impose undue burdens on, or have unintended consequences for, small banking organizations and whether there are ways such potential burdens or consequences could be minimized in a manner consistent with the purpose of the proposal.
V. Paperwork Reduction Act In accordance with the Paperwork Reduction Act,16 the Board has reviewed the proposed rule under authority delegated to the Board by the Office of Management and Budget. The proposed rule contains no collections of 15 5

U.S.C. 601 et seq.
U.S.C. 3506.

20:05 Jan 07, 2021

Authority and Issuance For the reasons set forth in the SUPPLEMENTARY INFORMATION, the Board proposes to amend 12 CFR part 204 as follows:
PART 204RESERVE
REQUIREMENTS OF DEPOSITORY
INSTITUTIONS REGULATION D
1. The authority citation for part 204
continues to read as follows:

Authority: 12 U.S.C. 248a, 248c, 461, 601, 611, and 3105.

2. Amend 204.2 by revising paragraph aa to read as follows:

204.2

Definitions.

aa Excess balance account means an account at a Reserve Bank pursuant to 204.10d that is established by one or more eligible institutions through an agent and in which only balances of the participating eligible institutions may at any time be maintained. An excess balance account is not a pass-through account for purposes of this part.
3. Amend 204.10 by revising paragraphs b introductory text through b3 and paragraphs d introductory text through d4 to read as follows:
204.10

Payment of interest on balances.

b Payment of interest. Interest on balances maintained at Federal Reserve Banks by or on behalf of an eligible institution is established as set forth in paragraphs b1 and b2 of this section.
1 For balances maintained in an eligible institutions master account, interest is the amount equal to the interest on reserve balances rate IORB
rate on a day multiplied by the total balances maintained on that day. The IORB rate is 0.10 percent.

17 Public Law 106102, section 722, 113 Stat.
1338, 1471 1999.

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VerDate Sep<11>2014

List of Subjects in 12 CFR Part 204
Banks, banking, Reporting and recordkeeping requirements.

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2 For term deposits, interest is:
i The amount equal to the principal amount of the term deposit multiplied by a rate specified in advance by the Board, in light of existing short-term market rates, to maintain the federal funds rate at a level consistent with monetary policy objectives; or ii The amount equal to the principal amount of the term deposit multiplied by a rate determined by the auction through which such term deposits are offered.
3 For purposes of 204.10b, a master account is the record maintained by a Federal Reserve Bank of the debtor-creditor relationship between the Federal Reserve Bank and a single eligible institution with respect to deposit balances of the eligible institution that are maintained with the Federal Reserve Bank. A master account is not a term deposit, an excess balance account, a joint account, or any deposit account maintained with a Federal Reserve Bank governed by an agreement that states the account is not a master account.

d Excess balance accounts. 1 A
Reserve Bank may establish an excess balance account for eligible institutions under the provisions of this paragraph d. Notwithstanding any other provisions of this part, the balances maintained by eligible institutions in an excess balance account represent a liability of the Reserve Bank solely to those participating eligible institutions.
2 The participating eligible institutions in an excess balance account shall authorize another institution to act as agent of the participating institutions for purposes of general account management, including but not limited to transferring the balances of participating institutions in and out of the excess balance account.
An excess balance account must be established at the Reserve Bank where the agent maintains its master account, unless otherwise determined by the Board. The agent may not commingle its own funds in the excess balance account.
3 Balances maintained in an excess balance account may not be used for general payments or other activities.
4 Interest on balances of eligible institutions maintained in an excess balance account is the amount equal to the IORB rate in effect on a day multiplied by the total balances maintained on that day.

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