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Federal Register / Vol. 86, No. 233 / Wednesday, December 8, 2021 / Rules and Regulations
connection with the adoption of these amendments. The amendments involve expected, ministerial adjustments prescribed by statute and by the Boards policy concerning reporting practices.
The adjustments in the reserve requirement exemption amount and the low reserve tranche serve to reduce regulatory burdens on depository institutions. Accordingly, the Board finds good cause for determining, and so determines, that notice in accordance with 5 U.S.C. 553b is unnecessary.
Regulatory Flexibility Act The Regulatory Flexibility Act RFA
does not apply to a rulemaking where a general notice of proposed rulemaking is not required.2 As noted previously, the Board has determined that it is unnecessary 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.

PART 204RESERVE
REQUIREMENTS OF DEPOSITORY
INSTITUTIONS REGULATION D

Paperwork Reduction Act
1. The authority citation for part 204
continues to read as follows:

In accordance with the Paperwork Reduction Act of 1995,3 the Board reviewed this final rule. No collections of information pursuant to the Paperwork Reduction Act are contained in the final rule.

List of Subjects in 12 CFR Part 204

204.4

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

2. Section 204.4 is amended by revising paragraph f to read as follows:

Computation of required reserves.

f For all depository institutions, Edge and Agreement corporations, and United States branches and agencies of foreign banks, required reserves are computed by applying the reserve requirement ratios in table 1 to this paragraph f to net transaction accounts, nonpersonal time deposits, and Eurocurrency liabilities of the institution during the computation period.

Banks, banking, Reporting and recordkeeping requirements.
Authority and Issuance For the reasons set forth in the preamble, the Board is amends 12 CFR
part 204 as follows:

TABLE 1 TO PARAGRAPH f Reservable liability
Reserve requirement
Net Transaction Accounts:
$0 to reserve requirement exemption amount $32.4 million
Over reserve requirement exemption amount $32.4 million and up to low reserve tranche $640.6 million.
Over low reserve tranche $640.6 million
Nonpersonal time deposits
Eurocurrency liabilities

By order of the Board of Governors of the Federal Reserve System, acting through the Director of the Division of Monetary Affairs under delegated authority, December 3, 2021.
Ann E. Misback, Secretary of the Board.
FR Doc. 202126568 Filed 12721; 8:45 am BILLING CODE 621001P

FEDERAL RESERVE SYSTEM
12 CFR Part 209
Regulation I; Docket No. R1761
RIN 7100AG 23

DATES:

Board of Governors of the Federal Reserve System.
ACTION: Final rule.

FOR FURTHER INFORMATION CONTACT:

This final rule is effective January 7, 2022.

AGENCY:

The Board of Governors Board is publishing a final rule that applies an inflation adjustment to the threshold for total consolidated assets in Regulation I. Federal Reserve Bank Reserve Bank stockholders that have
jspears on DSK121TN23PROD with RULES1

25

U.S.C. 603 and 604.
U.S.C. 3506; 5 CFR 1320.

VerDate Sep<11>2014

16:00 Dec 07, 2021

Evan Winerman, Senior Counsel 202
8727578, Legal Division; or Rebecca Rider, Senior Financial Institutions Policy Analyst 2027361926, Reserve Bank Operations and Payments Systems Division.
SUPPLEMENTARY INFORMATION:
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$0 plus 0 percent of amount over $640.6 million.
0 percent.
0 percent.

total consolidated assets above the threshold receive a different dividend rate on their Reserve Bank stock than stockholders with total consolidated assets at or below the threshold. The Federal Reserve Act requires that the Board annually adjust the total consolidated asset threshold to reflect the change in the Gross Domestic Product Price Index, published by the Bureau of Economic Analysis BEA.
Based on the change in the Gross Domestic Product Price Index as of October 28, 2021, the total consolidated asset threshold will be $11,229,000,000
through December 31, 2022.

Federal Reserve Bank Capital Stock
SUMMARY:

0 percent of amount.
0 percent of amount.

PO 00000

U.S.C. 287.
CFR 209.4a.

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I. Background Regulation I governs the issuance and cancellation of capital stock by the Reserve Banks. Under section 5 of the Federal Reserve Act 1 and Regulation I,2
a member bank must subscribe to capital stock of the Reserve Bank of its district in an amount equal to six percent of the member banks capital and surplus. The member bank must pay for one-half of this subscription on the date that the Reserve Bank approves its application for capital stock, while the remaining half of the subscription shall be subject to call by the Board.3
Section 7a1 of the Federal Reserve Act 4 provides that Reserve Bank stockholders with $10 billion or less in total consolidated assets shall receive a six percent dividend on paid-in capital stock, while stockholders with more than $10 billion in total consolidated assets shall receive a dividend on paidin capital stock equal to the lesser of six percent and the rate equal to the high yield of the 10-year Treasury note auctioned at the last auction held prior 3 12
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U.S.C. 287 and 12 CFR 209.4c2.
U.S.C. 289a1.

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