Skip to Main Content

Regulatory News

We implement congressional laws on a wide range of banking and financial activities, in part through regulations. When modifications to these regulations are proposed to meet the current needs of the financial community, the public is invited to provide input via the comment letter process.

June 11, 2021

A proposed rule and request for comment, published June 11, 2021 in the Federal Register, establishes new subpart C of Regulation J to govern transfers over the Federal Reserve Banks' FedNow℠ Service, a new 24x7x365 service to support instant payments in the United States, expected to be available in 2023. The proposed rule also makes changes to subpart B, governing the Fedwire Funds Service, to reflect to the addition of the FedNow℠ Service, and makes technical corrections to subpart A, governing the check service.  The deadline for public comment is August 10, 2021.

June 4, 2021

A final rule, published June 4, 2021 in the Federal Register, amends Regulation D to eliminate references to an “interest on required reserves” rate and to an “interest on excess reserves” rate and replace them with a single “interest on reserve balances” rate. The final rule also simplifies the formula used to calculate the amount of interest to be paid on such balances and makes other minor conforming amendments. The final rule adopts the proposed rule without change. The final rule is effective July 29, 2021.

June 3, 2021

A notice and request for comment, published June 3, 2021 in the Federal Register, proposes changes to the Federal Reserve Board of Governors’s Policy on Payment System Risk (PSR policy) that governs the provision of intraday credit, or daylight overdrafts, to healthy depository institutions with accounts at the Federal Reserve Banks. The proposal would modify the PSR policy to expand access to collateralized capacity and clarify the terms for accessing and retaining uncollateralized capacity. Additionally, the Board proposes to modify the PSR policy and the Policy on Overnight Overdrafts to align them with the deployment of the FedNow℠ Service.  The deadline for public comment is August 2, 2021.

May 24, 2021

A request for information, published May 24, 2021 in the Federal Register, extends the comment period for the request for information issued March 31, 2021, seeking information on the growing use of artificial intelligence by financial institutions.  This extension is in response to concerns raised  by commenters that the original comment period was insufficient considering the complexity of the topic.  The deadline for public comment is July 1, 2021.

May 21, 2021

An interim final rule and request for comment, published May 21, 2021 in the Federal Register, is the third extension the April 17, 2020 interim final rule to bolster the effectiveness of the Small Business Administration's (SBA) Paycheck Protection Program (PPP) by exempting certain loans from the Federal Reserve Act and associated provisions of Regulation O. Like the earlier extensions, this extension temporarily modifies the Federal Reserve Board of Governors' rules so that certain bank directors and shareholders can apply to their banks for PPP loans for their small businesses.   The deadline for public comment is July 6, 2021.

May 13, 2021

A notice of proposed rulemaking and request for comment, published May 13, 2021 in the Federal Register, proposes amendments to Regulation II to clarify that debit card issuers should enable, and allow merchants to choose from, at least two unaffiliated networks for card-not-present debit card transactions, such as online purchases.  The proposed rule also standardizes and clarifies certain terminology.  The deadline for public comment is July 12, 2021.

May 11, 2021

A notice and request for comment, published May 11, 2021 in the Federal Register, requests comments on proposed guidelines to evaluate requests for accounts and services at Federal Reserve Banks (Account Access Guidelines).  The proposed Account Access Guidelines are intended to ensure requests from institutions with novel banking charters for master accounts and/or access to the Federal Reserve payments system are evaluated in a consistent and transparent manner consistent with the Federal Reserve Board of Governors’s policy goals.  The deadline for public comment is July 12, 2021.

May 10, 2021

A notice of proposed rulemaking and request for comment, published May 10, 2021 in the Federal Register, would establish requirements for tax allocation agreements between institutions and their holding companies in a consolidated tax filing group.  The proposal would promote safety and soundness by requiring certain provisions in these tax allocation agreement, including provisions addressing ownership of tax refunds received.  The proposed rules would replace the interagency policy statement on tax allocation agreements issued in 1998 and supplemented in 2014.  The deadline for public comment is July 9, 2021.

April 30, 2021

A final rule, published April 30, 2021 in the Federal Register, corrects an error in Regulation YY (Enhanced Prudential Standards) related to the company-run stress test requirements for certain large banking organizations.  The final rule restores language regarding the timing of certain aspects of the trading and counterparty component of the company-run stress test which was inadvertently deleted by a March 2020 rulemaking.  The final rule is effective April 30, 2021.

April 13, 2021

A notice of proposed rulemaking and request for comment, published April 13, 2021 in the Federal Register, proposes to automate non-merger related adjustments to member banks’ subscriptions to Federal Reserve Bank capital stock.  The proposed process would base adjustments on the member bank’s most recent Call Report and would eliminate the need for member banks to file applications to adjust their stock subscriptions (except in the context of mergers).  The proposal also includes technical amendments to Regulation I and revisions to the FR 2056 reporting form.  The deadline for public comment is June 14, 2021.

Additional Resources

phone Contact Us

Legal Department (804) 697-8426