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 May 16, 2022 (Regulation A, Docket R-1770), the same day it was published in the Federal Register. The rate changes for primary and secondary credit were applicable on May 5, 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 0.90 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 May 16, 2022 (Regulation D, Docket R-1771), the same day it was published in the Federal Register. The IORB rate change was applicable on May 5, 2022.

Statutory and technical amendments have been made to the Fair Credit Reporting Act (at 6-1550 et seq.) by the following:

The Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency propose to amend their regulations implementing the Community Reinvestment Act of 1977 (CRA) to update how CRA activities qualify for consideration, where CRA activities are considered, and how CRA activities are evaluated. More... The agencies invite public comment on their joint proposal, which has the following key elements: expand access to credit, investment, and basic banking services in low- and moderate-income communities; adapt to changes in the banking industry, including internet and mobile banking; provide greater clarity, consistency, and transparency; tailor CRA evaluations and data collection to bank size and type; and maintain a unified approach. Comments on this notice of proposed rulemaking must be received by August 5, 2022 (Docket R-1769).