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69577

Rules and Regulations
Federal Register Vol. 86, No. 233
Wednesday, December 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
Regulation D; Docket No. R1762
RIN 7100AG 24

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

The Board is amending Regulation D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2022. The annual indexation of these amounts is required notwithstanding the Boards action in March 2020 setting all reserve requirement ratios to zero. The Regulation D amendments set the reserve requirement exemption amount for 2022 at $32.4 million increased from $21.1 million in 2021 and the amount of the low reserve tranche at $640.6 million increased from $182.9
million in 2021. The adjustments to both of these amounts are derived using statutory formulas specified in the Federal Reserve Act the Act. The increases in the exemption amount and low reserve tranche for 2022 are larger than in previous years, primarily reflecting the one-time effects of the Regulation D amendments that eliminated the six convenient transfer limit from the definition of a savings deposit and recognized savings deposits as a type of transaction account. The annual indexation of the reserve requirement exemption amount and low reserve tranche, though required by statute, will not affect depository institutions reserve requirements, which will remain zero.
DATES: Effective January 7, 2022.
Compliance dates: The new low reserve tranche and reserve requirement
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SUMMARY:

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exemption amount will apply beginning January 1, 2022.
FOR FURTHER INFORMATION CONTACT:
Sophia H. Allison, Senior Special Counsel 202/4523565, Kristen Payne, Lead Financial Institution and Policy Analyst 202/4522872, or Francis A.
Martinez, Lead Financial Institution and Policy Analyst 202/2454217, Division of Monetary Affairs; Board of Governors of the Federal Reserve System, 20th and C Streets NW, Washington, DC 20551.
SUPPLEMENTARY INFORMATION: Section 19b2 of the Act 12 U.S.C. 461b2
requires each depository institution to maintain reserves against its transaction accounts and nonpersonal time deposits, as prescribed by Board regulations, for the purpose of implementing monetary policy. The Boards actions with respect to this provision is discussed below.
I. Reserve Requirements Section 19b of the Act authorizes different ranges of reserve requirement ratios depending on the amount of transaction account balances at a depository institution. Section 19b11A of the Act 12 U.S.C.
461b11A provides that a zero percent reserve requirement ratio shall apply at each depository institution to total reservable liabilities that do not exceed a certain amount, known as the reserve requirement exemption amount.
Section 19b11B provides that, before December 31 of each year, the Board shall issue a regulation adjusting the reserve requirement exemption amount for the next calendar year if total reservable liabilities held at all depository institutions increase from one year to the next. No adjustment is made to the reserve requirement exemption amount if total reservable liabilities held at all depository institutions should decrease during the applicable time period. The Act requires the percentage increase in the reserve requirement exemption amount to be 80
percent of the increase in total reservable liabilities of all depository institutions over the one-year period that ends on the June 30 prior to the adjustment.
Total reservable liabilities of all depository institutions increased by 67.0 percent, from $10,901 billion to $18,204 billion, between June 30, 2020, and June 30, 2021. Accordingly, the Board is amending Regulation D to set
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the reserve requirement exemption amount for 2022 at $32.4 million, an increase of $11.3 million from its level in 2021.1
Pursuant to Section 19b2 of the Act 12 U.S.C. 461b2, transaction account balances maintained at each depository institution over the reserve requirement exemption amount and up to a certain amount, known as the low reserve tranche, may be subject to a reserve requirement ratio of not more than 3 percent and which may be zero.
Transaction account balances over the low reserve tranche may be subject to a reserve requirement ratio of not more than 14 percent and which may be zero. Section 19b2 also provides that, before December 31 of each year, the Board shall issue a regulation adjusting the low reserve tranche for the next calendar year. The Act requires the adjustment in the low reserve tranche to be 80 percent of the percentage increase or decrease in total transaction accounts of all depository institutions over the one-year period that ends on the June 30
prior to the adjustment.
Net transaction accounts of all depository institutions increased 312.8
percent, from $3,866 billion to $15,961
billion, between June 30, 2020, and June 30, 2021. Accordingly, the Board is amending Regulation D to set the low reserve tranche for net transaction accounts for 2022 at $640.6 million, an increase of $457.7 million from 2021.
The new reserve requirement exemption amount and low reserve tranche will be effective for all depository institutions beginning January 1, 2022.
Effective March 26, 2020, the Board reduced reserve requirement ratios on all net transaction accounts to zero percent, eliminating reserve requirements for all depository institutions. The annual indexation of the reserve requirement exemption amount and the low reserve tranche for 2022 is required by statute but will not affect depository institutions reserve requirements, which will remain zero.
II. Regulatory Analysis Administrative Procedure Act The provisions of 5 U.S.C. 553b relating to notice of proposed rulemaking have not been followed in 1 Consistent with Board practice, the low reserve tranche and reserve requirement exemption amounts have been rounded to the nearest $0.1
million.

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