Transmittal Archive

Statutory and technical amendments have been made to the Federal Reserve Act by the following:

• National Defense Authorization Act of 2023, Pub. L. No. 117–263, Dec. 23, 2022 (136 Stat. 3419)

The Board has adopted final amendments to its Regulation A to reflect the Board’s approval of an increase in the rate for primary credit at each Federal Reserve Bank. More... The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board’s primary credit rate action. The final rule is effective May 11, 2023 (Regulation A, Docket R–1805), the same day it was published in the Federal Register. The rate changes for primary and secondary credit were applicable on May 4, 2023.

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 5.15 percent, a 0.25 percentage point increase 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 May 11, 2023 (Regulation D, Docket R–1806), the same day it was published in the Federal Register. The IORB rate change was applicable on May 4, 2023.

The Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency issued on April 27, 2023, a revised Interagency Policy Statement on Allowances for Credit Losses. More... The agencies issued the revised statement in response to changes to U.S. generally accepted accounting principles (GAAP) as promulgated by the Financial Accounting Standards Board (FASB) in Accounting Standards Update (ASU) 2022–02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures issued in March 2022 (Guidance, Allowance for Loan and Lease Losses at 3-1490).