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 February 8, 2023 (Regulation A, Docket R-1801), the same day it was published in the Federal Register. The rate changes for primary and secondary credit were applicable on February 2, 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 4.65 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 February 8, 2023 (Regulation D, Docket R-1802), the same day it was published in the Federal Register. The IORB rate change was applicable on February 2, 2023.

The Board issued a policy statement (12 CFR 208.112; at 3-416.15) interpreting section 9(13) of the Federal Reserve Act and setting out a rebuttable presumption that it will exercise its discretion under that provision to limit state member banks to engaging as principal in only those activities that are permissible for national banks—in each case, subject to the terms, conditions, and limitations placed on national banks with respect to the activity—unless those activities are permissible for state banks by federal statute or under part 362 of the Federal Deposit Insurance Corporation’s regulations. More... The policy statement also reiterates to state member banks that legal permissibility is a necessary, but not sufficient, condition to establish that a state member bank may engage in a particular activity. A state member bank must at all times conduct its business and exercise its powers with due regard to safety and soundness. For instance, it should have in place internal controls and information systems that are appropriate and adequate in light of the nature, scope, and risks of its activities. The final rule is effective February 7, 2023 (Regulation H, Docket R-1800), the same day it was published in the Federal Register.

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule to reflect inflation adjustments to its civil monetary penalties as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended. More... This rule adjusts certain maximum civil monetary penalties within the jurisdiction of FinCEN to the amounts required by the act. The final rule is effective January 19, 2023 (Department of the Treasury, Financial Crimes Enforcement Network), the same day it was published in the Federal Register.

The Board is adopting Regulation ZZ to implement the Adjustable Interest Rate (LIBOR) Act. The final rule establishes benchmark replacements for contracts governed by U.S. law that reference certain tenors of U.S. dollar LIBOR (the overnight and one-, three-, six-, and 12-month tenors) and that do not have terms that provide for the use of a clearly defined and practicable replacement benchmark rate following the first London banking day after June 30, 2023. More... The final rule also provides additional definitions and clarifications consistent with the Adjustable Interest Rate (LIBOR) Act. The final rule is effective February 27, 2023 (Regulation ZZ, Docket R-1775) and was published in the Federal Register on January 26, 2023.

The Board issued a final rule amending its rules of practice and procedure to adjust the amount of each civil money penalty provided by law within its jurisdiction to account for inflation as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. More... The final rule is effective January 11, 2023 (Procedural and Organizational Rules, Rules of Practice for Hearings, Docket R-1799), the same day it was published in the Federal Register.

Pursuant to the provisions of the Privacy Act of 1974, notice is given that the Board proposes to rescind an existing system of records, entitled BGFRS-8, “FRB—Travel Records.” More... BGFRS-8 included travel authorization forms and supporting documentation, travel expense statements and supporting documentation, applications for government travel cards, records regarding Board reimbursement of travel expenses, and records regarding reservations for transportation and lodging sent to the Board’s Travel Office. The Board is discontinuing BGFRS-8, “FRB—Travel Records” because the Board shifted its travel processes to the General Services Administration (GSA) E2 travel system in 2009. Therefore, the Board’s current travel records are covered by the GSA government-wide system of records GSA/GOVT-4 “Contracted Travel Services Program,” which was published in the Federal Register at 74 Fed. Reg. 26,700 (June 3, 2009). The rescindment of BGFRS-8 is effective January 30, 2023 (Rules Regarding Access to Personal Information under the Privacy Act of 1974, Systems of Records of the Federal Reserve System), the same day it was published in the Federal Register.