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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.

Sept. 10, 2021

Proposed interagency guidance and request for comment, published September 10, 2021 in the Federal Register, extends the comment period for the proposed interagency guidance, published July 19, 2021, on managing risk associated with third-party with third-party relationships.  This extension is in response to requests by commentors for more time to analyze the proposal.  The deadline for public comment is October 18, 2021.

Aug. 6, 2021

An extension of comment period, published August 6, 2021 in the Federal Register, extends the comment period for the proposal to amend Regulation J by recreating new subpart C governing funds transfers through the new FedNow Service, originally published June 11, 2021 In the Federal Register. The new deadline for public comment is September 9, 2021.

July 19, 2021

Proposed interagency guidance, published July 19, 2021 in the Federal Register, requests public comment on proposed guidance on managing risk associated with third-party with third-party relationships, including relationships with financial technology-focused entities.  The proposed guidance would offer a framework based on sounds risk management principles for banking organizations to consider in developing risk management practices. The proposed guidance would replace the Federal Reserve Board’s, the FDIC’s, and the OCC’s existing guidance on this topic.  The deadline for public comment is September 17, 2021.

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.

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