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Federal Register / Vol. 86, No. 106 / Friday, June 4, 2021 / Rules and Regulations
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.4 Eligible institutions include depository institutions and certain other institutions as specified in the Act.5
Section 19b12 also provides that the Board may prescribe regulations concerning the payment of earnings on balances at a Reserve Bank.6
By notice published in the Federal Register on January 8, 2021, the Board requested comment on proposed amendments to Regulation D that would 1 eliminate references to an IORR
interest on required reserves rate and to an IOER interest on excess reserves rate and replace them with references to a single interest on reserve balances IORB rate; and 2
simplify the formula used to calculate the amount of interest paid on balances maintained by or on behalf of eligible institutions in master accounts at Federal Reserve Banks and make other conforming changes.7 The public comment period closed on March 9, 2021.
II. Comments and Final Rule The Board received one comment that addressed issues not raised by the proposed amendments. Accordingly, the Board is adopting the proposed amendments as a final rule without change.
III. Administrative Law Matters A. Effective Date The Administrative Procedure Act APA generally requires that a final rule be published in the Federal Register no less than 30 days before its effective date.8 The Board has determined that the final rule will become effective on July 29, 2021. The selected effective date aligns the final rule with the first day following conclusion of the preceding maintenance period in order to facilitate operational implementation of the final rules rate and rate calculation provisions.
B. Regulatory Flexibility Act The Regulatory Flexibility Act 9
generally requires an agency, in connection with a proposed rule, to prepare and make available for public comment an initial regulatory flexibility 4 12

U.S.C. 461 b12A.
12 U.S.C. 461b1A & b12C; see also 12 CFR 204.2y.
6 See 12 U.S.C. 461b12B.
7 Regulation D Reserve Requirements of Depository Institutions, Notice of Proposed Rulemaking, 86 FR. 1303 Jan. 8, 2021.
8 5 U.S.C. 553d.
9 5 U.S.C. 601 et seq.
5 See
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analysis that describes the impact of a proposed rule on 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 did not receive any comments on its initial regulatory flexibility analysis. As discussed in the SUPPLEMENTARY INFORMATION above, the final rule applies to all eligible institutions regardless of size, does not impose any new recordkeeping, reporting, or compliance requirements, and does not duplicate, overlap, or conflict with any other Federal rules. In light of the foregoing, the Board certifies that the final rule will not have a significant economic impact on a substantial number of small entities.
C. Paperwork Reduction Act The Paperwork Reduction Act of 1995 10 PRA prohibits an agency from conducting or sponsoring an information collection unless it displays a currently valid Office of Management and Budget OMB control number. The final rule contains no collections of information subject to the PRA.
D. Plain Language Section 772 of the Gramm-LeachBliley Act 11 requires the Board to use plain language in all proposed and final rules published after January 1, 2000. The Board did not receive any comments with respect to making the proposed rule easier to understand and is adopting the final rule without change.
List of Subjects in 12 CFR Part 204
Banks, Banking, Reporting and recordkeeping requirements.
Authority and Issuance For the reasons set forth in the the Board is amending 12 CFR part 204 as follows:
SUPPLEMENTARY INFORMATION,
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, 371a, 461, 601, 611, and 3105.

2. In 204.2, paragraph aa is revised to read as follows:

204.2

10 44

Definitions.

U.S.C. 3506; see 5 CFR part 1320, appendix
A.1.
11 Public Law 106102, section 722, 113 Stat.
1338, 1471 1999.

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aa Excess balance account means an account at a Reserve Bank pursuant to 204.10d of this chapter 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. In 204.10, paragraphs b introductory text, b1 through 3, and d1 through 4 are revised 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 2 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.
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
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
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