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Federal Register / Vol. 86, No. 139 / Friday, July 23, 2021 / Rules and Regulations
DATES:

June 16, 2021, with an effective date of June 17, 2021, in the Federal Reserve Implementation Note that accompanied the FOMCs statement on June 16, 2021.
The FOMC statement stated that the Committee decided to maintain the target range for the federal funds rate at 0 to 14 percent.
A Federal Reserve Implementation note stated:

Effective date: The amendments to part 204 Regulation D are effective July 23, 2021.
Applicability date: The IORR and IOER rate changes were applicable on June 17, 2021.
FOR FURTHER INFORMATION CONTACT:
Sophia H. Allison, Senior Special Counsel 2024523565, Legal Division, or Francis Martinez, Lead Financial Institution & Policy Analyst 2022454217, or Laura Lipscomb, Deputy Associate Director 202834
2979, Division of Monetary Affairs; for users of Telecommunications Device for the Deaf TDD only, contact 202263
4869; Board of Governors of the Federal Reserve System, 20th and C Streets NW, Washington, DC 20551.
SUPPLEMENTARY INFORMATION:
I. Statutory and Regulatory Background For monetary policy purposes, section 19 of the Federal Reserve Act Act imposes reserve requirements on certain types of deposits and other liabilities of depository institutions.1 Regulation D, which implements section 19 of the Act, requires that a depository institution meet reserve requirements by holding cash in its vault, or if vault cash is insufficient, by maintaining a balance in an account at a Federal Reserve Bank Reserve Bank.2 Section 19 also provides that balances maintained by or on behalf of certain institutions in an account at a Reserve Bank may receive 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.3 Institutions that are eligible to receive earnings on their balances held at Reserve Banks eligible institutions include depository institutions and certain other institutions.4 Section 19 also provides that the Board may prescribe regulations concerning the payment of earnings on balances at a Reserve Bank.5 Prior to these amendments, Regulation D
specified a rate of 0.10 percent for both IORR and IOER.6

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II. Amendments to IORR and IOER
The Board is amending 204.10b5
of Regulation D to specify that IORR is 0.15 percent and IOER is 0.15 percent.
The amendments represent a 0.05
percentage point increase in IORR and IOER. This decision was announced on 1 12

U.S.C. 461b.
CFR 204.5a1.
3 12 U.S.C. 461b1A & b12A.
4 See 12 U.S.C. 461b1A & b12C; see also 12 CFR 204.2y.
5 See 12 U.S.C. 461b12B.
6 See 12 CFR 204.10b5.
2 12

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The Board of Governors of the Federal Reserve System voted unanimously to set the interest rate paid on required and excess reserve balances at 0.15 percent, effective June 17, 2021 Setting the interest rate paid on required and excess reserve balances 15
basis points above the bottom of the target range for the federal funds rate is intended to foster trading in the federal funds market at rates well within the Federal Open Market Committees target range and to support the smooth functioning of short-term funding markets.

As a result, the Board is amending 204.10b5 of Regulation D to change IORR to 0.15 percent and IOER to 0.15
percent.
III. Administrative Procedure Act In general, the Administrative Procedure Act APA 7 imposes three principal requirements when an agency promulgates legislative rules rules made pursuant to Congressionallydelegated authority: 1 Publication with adequate notice of a proposed rule;
2 followed by a meaningful opportunity for the public to comment on the rules content; and 3
publication of the final rule not less than 30 days before its effective date.
The APA provides that notice and comment procedures do not apply if the agency for good cause finds them to be unnecessary, impracticable, or contrary to the public interest. 8 Section 553d of the APA also provides that publication at least 30 days prior to a rules effective date is not required for 1 a substantive rule which grants or recognizes an exemption or relieves a restriction; 2 interpretive rules and statements of policy; or 3 a rule for which the agency finds good cause for shortened notice and publishes its reasoning with the rule.9
The Board has determined that good cause exists for finding that the notice, public comment, and delayed effective date provisions of the APA are unnecessary, impracticable, or contrary to the public interest with respect to these final amendments to Regulation D.
The rate changes for IORR and IOER
that are reflected in the final amendments to Regulation D were made
PO 00000

U.S.C. 551 et seq.
U.S.C. 553b3A.
9 5 U.S.C. 553d.

with a view towards accommodating commerce and business and with regard to their bearing upon the general credit situation of the country. Notice and public comment would prevent the Boards action from being effective as promptly as necessary in the public interest and would not otherwise serve any useful purpose. Notice, public comment, and a delayed effective date would create uncertainty about the finality and effectiveness of the Boards action and undermine the effectiveness of that action. Accordingly, the Board has determined that good cause exists to dispense with the notice, public comment, and delayed effective date procedures of the APA with respect to these final amendments to Regulation D.
IV. Regulatory Flexibility Analysis The Regulatory Flexibility Act RFA does not apply to a rulemaking where a general notice of proposed rulemaking is not required.10 As noted previously, the Board has determined that it is unnecessary and contrary to the public interest to publish a general notice of proposed rulemaking for this final rule. Accordingly, the RFAs requirements relating to an initial and final regulatory flexibility analysis do not apply.
V. Paperwork Reduction Act In accordance with the Paperwork Reduction Act PRA of 1995,11 the Board reviewed the final rule under the authority delegated to the Board by the Office of Management and Budget. The final rule contains no requirements subject to the PRA.
List of Subjects in 12 CFR Part 204
Banks, Banking, Reporting and recordkeeping requirements.
Authority and Issuance For the reasons set forth in the preamble, the Board amends 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. Section 204.10 is amended by revising paragraph b5 to read as follows:

204.10

75

10 5

85

11 44

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Payment of interest on balances.

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U.S.C. 603, 604.
U.S.C. 3506; see 5 CFR part 1320, appendix
A.1.

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