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Rules and Regulations
Federal Register Vol. 86, No. 171
Wednesday, September 8, 2021

This section of the FEDERAL REGISTER
contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.

FEDERAL RESERVE SYSTEM
12 CFR Part 204
Docket No. R1754
RIN 7100AG 18

Regulation D: Reserve Requirements of Depository Institutions Board of Governors of the Federal Reserve System.
ACTION: Final rule.
AGENCY:

The Board of Governors of the Federal Reserve System Board is amending Regulation D, Reserve Requirements of Depository Institutions, to revise the rate of interest paid on balances maintained at Federal Reserve Banks by or on behalf of eligible institutions IORB rate. The final amendments specify that the IORB rate is 0.15 percent, an 0.05 percentage point increase from its prior level. The amendment is intended to establish the IORB rate at a level consistent with maintaining the Federal funds rate in the target range established by the Federal Open Market Committee FOMC or Committee. This amendment does not reflect a change in the stance of monetary policy. The Board is also making certain conforming deletions for clarity to the provisions of Regulation D governing interest payable on balances at Reserve Banks.
DATES:
Effective date: The amendments to part 204 Regulation D are effective September 8, 2021.
Applicability date: The IORB rate change was applicable on July 29, 2021.
FOR FURTHER INFORMATION CONTACT:
Sophia H. Allison, Senior Special Counsel 2024523565, Legal Division, or Laura Lipscomb, Deputy Associate Director 2028342979, Division of Monetary Affairs; for users of Telecommunications Device for the Deaf TDD only, contact 2022634869;
Board of Governors of the Federal
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SUPPLEMENTARY INFORMATION:
I. Statutory and Regulatory Background Section 19 of the Federal Reserve Act Act provides that balances maintained by or on behalf of certain institutions in an account at a Federal Reserve Bank 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.1 Institutions that are eligible to receive earnings on their balances held at Reserve Banks eligible institutions include depository institutions and certain other institutions.2 Section 19 also provides that the Board may prescribe regulations concerning the payment of earnings on balances at a Reserve Bank.3
On June 4, 2021, the Board published a final rule in the Federal Register amending Regulation D, effective July 29, to eliminate references to IORR
and IOER and replace those references with references to a single IORB interest on reserve balances rate and to establish the IORB rate at 0.10 percent.4
II. Amendments to IORB
The Board is amending 204.10b1
of Regulation D to establish the IORB
rate at 0.15 percent. The amendment represents a 0.05 percentage point increase in the IORB rate. This decision was announced on July 28, 2021, with an effective date of July 29, 2021, in the Federal Reserve Implementation Note Implementation Note that accompanied the FOMCs statement on July 28, 2021 FOMC Statement. The FOMC Statement stated that the Committee decided to maintain the target range for the Federal funds rate at 0 to 14 percent.
The Federal Reserve Implementation Note stated:
The Board of Governors of the Federal Reserve System voted unanimously to establish the interest rate paid on reserve balances at 0.15 percent, effective July 29, 2021.
1 12

U.S.C. 461b1A & b12A.
12 U.S.C. 461b1A & b12C; see also 12 CFR 204.2y.
3 See 12 U.S.C. 461b12B.
4 Final Rule, 86 FR 29937 June 4, 2021.

The Implementation Note further stated:
As announced on June 2, 2021, the Federal Reserve Board approved a final rule, effective July 29, amending Regulation D to eliminate references to an interest on required reserves IORR rate and to an interest on excess reserves IOER rate and replace them with a single interest on reserve balances IORB
rate. Therefore, the Board voted on one rate, the IORB rate, at this meeting and will continue to do so going forward.

As a result, the Board is amending 204.10b1 of Regulation D to establish the IORB rate at 0.15 percent.
The amendment is intended to establish the IORB rate at a level consistent with maintaining the Federal funds rate in the target range established by the Committee. This amendment does not reflect a change in the stance of monetary policy.
Finally, the Board is also making certain conforming deletions for clarity to the provisions of Regulation D
governing interest payable on balances at Reserve Banks.
III. Administrative Procedure Act In general, the Administrative Procedure Act APA 5 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. 6 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.7
The Board has determined that good cause exists for finding that the notice, public comment, and delayed effective
2 See
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U.S.C. 551 et seq.
U.S.C. 553b3A.
7 5 U.S.C. 553d.
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