The Board amended Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (IORR) and the rate of interest paid on excess balances (IOER) maintained at Federal Reserve Banks by or on behalf of eligible institutions. More... The final amendments specify that IORR is 0.15 percent and IOER is 0.15 percent, a 0.05 percentage point increase from their prior levels. The amendments are intended to enhance the role of IORR and IOER in maintaining the federal funds rate in the target range established by the Federal Open Market Committee. The final rule is effective July 23, 2021 (Regulation D, Docket R-1753), the same day it was published in the Federal Register.

The Consumer Financial Protection Bureau (CFPB) issued a final rule amending Regulation X to assist mortgage borrowers affected by the coronavirus disease 2019 (COVID-19) emergency. More... The final rule establishes temporary procedural safeguards to help ensure that borrowers have a meaningful opportunity to be reviewed for loss mitigation before the servicer can make the first notice or filing required for foreclosure on certain mortgages. In addition, the final rule would temporarily permit mortgage servicers to offer certain loan modifications made available to borrowers experiencing a COVID-19-related hardship based on the evaluation of an incomplete application. The CFPB is also finalizing certain temporary amendments to the early intervention and reasonable diligence obligations that Regulation X imposes on mortgage servicers. The final rule is effective August 31, 2021 (Consumer Financial Protection Bureau, Regulation X, Docket CFPB-2021-0006) and was published in the Federal Register on June 30, 2021.

Pursuant to the provisions of the Privacy Act of 1974, notice was given that the Board proposes to modify existing system of records BGFRS-17 “FRB—Municipal or Government Securities Principals and Representatives.” More... The system contains the regulatory filings (i.e., applications) for individuals seeking to become municipal securities principals or representatives associated with a municipal securities dealer or government securities principals or representatives associated with a government securities broker or dealer. The filings also include notifications of termination of activities for municipal securities principals or representatives. The modified system of records will become effective August 30, 2021, without further notice, unless comments dictate otherwise (Rules Regarding Access to Personal Information under the Privacy Act of 1974, Systems of Records of the Federal Reserve System). The modified system of records was published in the Federal Register on July 30, 2021.

On June 11, 2021, the Board published in the Federal Register a proposal to amend Regulation J to govern funds transfers through the Federal Reserve Banks’ new FedNow^SM Service by establishing a new subpart C. More... The Board also proposed changes and clarifications to subpart B, governing the Fedwire Funds Service, to reflect the fact that the Reserve Banks will be operating a second funds transfer service in addition to the Fedwire Funds Service, as well as technical corrections to subpart A, governing the check service. The proposal provided for a comment period ending on August 10, 2021. The Board is extending the comment period for 30 days. Comments on this notice of proposed rulemaking must be received by September 9, 2021 (Docket R-1750).