Transmittal Archive

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 January 13, 2023 (Regulation A, Docket R-1797), the same day it was published in the Federal Register. The rate changes for primary and secondary credit were applicable on December 15, 2022.

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 4.40 percent, a 0.50 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 January 13, 2023 (Regulation D, Docket R-1798), the same day it was published in the Federal Register. The IORB rate change was applicable on December 15, 2022.

On December 22, 2022, the Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued an Extension of the Revised Statement Regarding Status of Certain Investment Funds and Their Portfolio Investments for Purposes of Regulation O and Reporting Requirements under Part 363 of FDIC Regulations. More... This statement extends the expiration of the no-action position provided in the revised statement that was issued on December 17, 2021, and that expired on January 1, 2023. The federal banking agencies will continue to exercise discretion to not take enforcement action against banks or asset managers that become principal shareholders of banks with respect to certain extensions of credit by banks that otherwise would violate Regulation O. The agencies are extending this temporary relief while the Board, in consultation with the other federal banking agencies, considers whether to amend Regulation O. The interagency statement also sets forth the eligibility criteria for this relief (Regulation O).

The Board periodically issues Supervision and Regulation (SR) letters announcing that certain previously issued guidance has become inactive or has been superseded.

The Board and the FDIC amended their Community Reinvestment Act (CRA) regulations to adjust the asset-size thresholds used to define “small bank” and “intermediate small bank.” More... As required by the CRA regulations, the adjustment to the threshold amount is based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The final rule is effective January 1, 2023 (Regulation BB, Docket R-1795) and was published in the Federal Register on December 23, 2022.

In April 2020, the Consumer Financial Protection Bureau (CFPB) issued a final rule (2020 HMDA Rule) to amend Regulation C to increase the threshold for reporting data about closed-end mortgage loans. More... The 2020 HMDA Rule increased the closed-end mortgage loan reporting threshold from 25 loans to 100 loans in each of the two preceding calendar years, effective July 1, 2020. On September 23, 2022, the United States District Court for the District of Columbia vacated the 2020 HMDA Rule as to the increased loan-volume reporting threshold for closed-end mortgage loans. As a result of the September 23, 2022, order, the threshold for reporting data about closed-end mortgage loans is 25, the threshold established by the 2015 HMDA Rule. Accordingly, this technical amendment updates the Code of Federal Regulations to reflect the closed-end mortgage loan reporting threshold of 25 mortgage loans in each of the two preceding calendar years. The technical amendment is effective December 21, 2022 (Consumer Financial Protection Bureau, Regulation C, Docket CFPB-2019-0021), the same day it was published in the Federal Register.

The CFPB amended the official commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure) to reflect the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the average of the CPI-W. More... Based on the 8.6 percent increase in the average of the CPI-W for the 12-month period ending in November 2022, the exemption threshold is adjusted to $54 million from $50 million. Therefore, banks, savings associations, and credit unions with assets of $54 million or less as of December 31, 2022, are exempt from collecting data in 2023. The final rule is effective January 1, 2023 (Consumer Financial Protection Bureau, Regulation C) and was published in the Federal Register on December 30, 2022.

The CFPB issued a final rule amending Regulation Z, which implements the Truth in Lending Act (TILA). More... The CFPB calculates the dollar amounts for several provisions in Regulation Z annually; this final rule revises, as applicable, the dollar amounts for provisions implementing TILA and amendments to TILA, including under the Home Ownership and Equity Protection Act of 1994 (HOEPA), and the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is adjusting these amounts, where appropriate, based on the annual percentage change reflected in the Consumer Price Index in effect on June 1, 2022. The final rule is effective January 1, 2023 (Consumer Financial Protection Bureau, Regulation Z) and was published in the Federal Register on December 23, 2022.

The CFPB amended the official commentary to its Regulation Z in order to make annual adjustments to the asset-size thresholds exempting certain creditors from the requirement to establish an escrow account for a higher-priced mortgage loan. More... These changes reflect updates to the exemption from the escrow requirement in TILA for creditors that, together with their affiliates that regularly extended covered transactions secured by first liens, had total assets of less than $2 billion (adjusted annually for inflation). They also reflect updates to the exemption the CFPB added, by implementing section 108 of the Economic Growth, Regulatory Relief, and Consumer Protection Act, for certain insured depository institutions and insured credit unions with assets of $10 billion or less (adjusted annually for inflation). These amendments are based on the annual percentage change in the average of the CPI-W. Based on the 8.6 percent increase in the average of the CPI-W for the 12-month period ending in November 2022, the exemption threshold for creditors and their affiliates that regularly extended covered transactions secured by first liens is adjusted to $2.537 billion from $2.336 billion and the exemption threshold for certain insured depository institutions and insured credit unions with assets of $10 billion or less is adjusted to $11.374 billion from $10.473 billion. The final rule is effective January 1, 2023 (Consumer Financial Protection Bureau, Regulation Z) and was published in the Federal Register on December 30, 2022.

The Board has adopted changes to part II of the Federal Reserve Policy on Payment System Risk (PSR policy). More... The changes expand the eligibility of depository institutions to request collateralized intraday credit from the Federal Reserve Banks while reducing administrative steps for requesting collateralized intraday credit. In addition, the Board is adopting changes to the PSR policy that clarify the eligibility standards for accessing uncollateralized intraday credit from Reserve Banks and modify the impact of a holding company’s or affiliate’s supervisory rating on an institution’s eligibility to request uncollateralized intraday credit capacity. The Board is also adopting changes to part II of the PSR policy to support the deployment of the FedNow^SM Service. Finally, the Board is simplifying the Federal Reserve Policy on Overnight Overdrafts and incorporating into the PSR policy as part III. The amendments to part II of the PSR policy are effective February 6, 2023 (Federal Reserve Policy Statement on Payment System Risk at 9-1000, Docket OP-1749) and were published in the Federal Register on December 8, 2022. The FedNow Service-related changes to the PSR policy and the changes related to the Overnight Overdrafts policy will become effective when Reserve Banks begin processing live transactions for FedNow Service participants (expected in 2023).

The Board is revising part II of the PSR policy to add a posting rule to facilitate the implementation of enhancements to the Automated Claim Adjustment Process. More... The revisions to part II of the PSR policy are applicable January 30, 2023 (Federal Reserve Policy Statement on Payment System Risk at 9-1000, Docket OP-1796) and were published in the Federal Register on December 27, 2022.