What’s New

The Board has adopted final amendments to its Regulation A to reflect the Board’s approval of a decrease in the rate for primary credit at each Federal Reserve Bank. More... The secondary credit rate at each Reserve Bank automatically decreased by formula as a result of the Board’s primary credit rate action. The final rule is effective September 25, 2024 (Regulation A, Docket R–1839), the same day it was published in the Federal Register. The rate changes for primary and secondary credit were applicable on September 19, 2024.

The Board is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances (IORB) maintained at Federal Reserve Banks by or on behalf of eligible institutions. More... The final amendments specify that IORB is 4.9 percent, a 0.5 percentage point decrease from its prior level. The amendment is intended to enhance the role of IORB in maintaining the federal funds rate in the target range established by the Federal Open Market Committee. The final rule is effective September 25, 2024 (Regulation D, Docket R–1840), the same day it was published in the Federal Register. The IORB rate change was applicable on September 19, 2024.

The Board, the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) issued on July 18, 2024, Interagency Guidance on Reconsiderations of Value of Residential Real Estate Valuations. More... A reconsideration of value (ROV) is a request from a financial institution to the appraiser or other preparer of the valuation report to reassess the report based upon potential deficiencies or other information that may affect the value conclusion. The interagency guidance describes the risks of deficient collateral valuations and outlines applicable laws, regulations, and existing guidance relating to the appraisal review process and the correction of valuation deficiencies. It also explains how financial institutions may incorporate ROV processes into existing risk-management functions such as appraisal review and complaint management. Lastly, it provides examples that financial institutions may choose to adopt when developing risk-based ROV-related policies, procedures, control systems, and complaint processes to identify, address, and mitigate the risk of deficient valuations (Guidance, Real Estate Appraisal at 3-1577.22).

The Board, the Commodity Futures Trading Commission, the CFPB, the Department of the Treasury, the FDIC, the Federal Housing Finance Agency, the NCUA, the OCC, and the Securities and Exchange Commission invite public comment on a proposed rule to establish data standards to promote interoperability of financial regulatory data across these agencies. More... Final standards established pursuant to this rulemaking will later be adopted for certain collections of information in separate rulemakings by the agencies or through other actions taken by the agencies. The agencies are proposing this rule as required by the Financial Data Transparency Act of 2022. Comments on this notice of proposed rulemaking must be received by October 21, 2024 (Docket R–1837).