On April 17, 2020, the Board issued an interim final rule to except certain loans made through June 30, 2020, that are guaranteed under the Small Business Administration’s Paycheck Protection Program from the requirements of the Federal Reserve Act and the associated provisions of the Board’s Regulation O. More... The Board issued two additional interim final rules to extend the exception when Congress approved extensions to the Paycheck Protection Program. To reflect a further extension approved by Congress and to automatically capture any further extensions, the Board is issuing this interim final rule to extend this exception to such loans made through March 31, 2022. The interim final rule is effective May 21, 2021 (Regulation O, Docket R-1740), the same day it was published in the Federal Register.

The Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency are adopting a final rule that implements a stable funding requirement, known as the net stable funding ratio (NSFR), for certain large banking organizations. More... The final rule establishes a quantitative metric, the NSFR, to measure the stability of the funding profile of certain large banking organizations and requires these banking organizations to maintain minimum amounts of stable funding to support their assets, commitments, and derivatives exposures over a one-year time horizon. The NSFR is designed to reduce the likelihood that disruptions to a banking organization’s regular sources of funding will compromise its liquidity position, promote effective liquidity risk management, and support the ability of banking organizations to provide financial intermediation to businesses and households across a range of market conditions. The NSFR supports financial stability by requiring banking organizations to fund their activities with stable sources of funding on an ongoing basis, reducing the possibility that funding shocks would substantially increase distress at individual banking organizations. The final rule applies to certain large U.S. depository institution holding companies, depository institutions, and U.S. intermediate holding companies of foreign banking organizations, each with total consolidated assets of $100 billion or more, together with certain depository institution subsidiaries (together, covered companies). Under the final rule, the NSFR requirement increases in stringency based on risk-based measures of the top-tier covered company. U.S. depository institution holding companies and U.S. intermediate holding companies subject to the final rule are required to publicly disclose their NSFR and certain components of their NSFR every second and fourth calendar quarter for each of the two immediately preceding calendar quarters. The final rule also amends certain definitions in the agencies’ liquidity coverage ratio rule that are also applicable to the NSFR. The final rule is effective July 1, 2021 (Regulation WW, Docket R-1537) and was published in the Federal Register on February 11, 2021.

The Consumer Financial Protection Bureau (CFPB) issued a final rule to delay until October 1, 2022, the mandatory compliance date for the final rule titled “Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): General QM Loan Definition (General QM Final Rule).” More... The CFPB is taking this action to help ensure access to responsible, affordable mortgage credit and to preserve flexibility for consumers affected by the coronavirus (COVID-19) pandemic and its economic effects. The final rule is effective June 30, 2021 (Consumer Financial Protection Bureau, Regulation Z, Docket CFPB-2021-0003) and was published in the Federal Register on April 30, 2021.

The Board is requesting comment on proposed changes to part II of the Federal Reserve Policy on Payment System Risk (PSR policy) that would expand access to collateralized intraday credit from the Federal Reserve Banks and clarify the eligibility standards for accessing uncollateralized intraday credit from Reserve Banks. More... These proposed changes build upon the revisions to the PSR policy adopted in 2008 and implemented in 2011, which the Board designed to improve intraday liquidity management and payment flows for the banking system while helping to mitigate the credit exposures of the Reserve Banks from daylight overdrafts. In addition, the Board is requesting comment on changes to part II of the PSR policy to support the deployment of the FedNow^SM Service. Relatedly, the Board is proposing to incorporate the Federal Reserve Policy on Overnight Overdrafts into the PSR policy. Comments on this notice of proposed changes must be received by August 2, 2021 (Docket OP-1749).

The Board is proposing amendments to Regulation J to govern funds transfers through the Federal Reserve Banks’ new FedNow Service by establishing a new subpart C. More... The Board is also proposing 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 proposing technical corrections to subpart A, governing the check service. Comments on this notice of proposed rulemaking must be received by August 10, 2021 (Docket R-1750).