[Federal Register Volume 77, Number 214 (Monday, November 5, 2012)]
[Rules and Regulations]
[Page 66361]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-26731]
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Rules and Regulations
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Federal Register / Vol. 77, No. 214 / Monday, November 5, 2012 /
Rules and Regulations
[[Page 66361]]
FEDERAL RESERVE SYSTEM
12 CFR Part 204
[Regulation D; Docket No. R-1433]
RIN 7100 AD 83
Reserve Requirements of Depository Institutions: Reserves
Simplification
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Final rule; delay of effective date.
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SUMMARY: The Board is delaying the effective date for implementation of
certain provisions of its final rule amending the Board's Regulation D
(Reserve Requirements of Depository Institutions) published in the
Federal Register on April 12, 2012. The final rule's effective date is
being delayed to allow for further development and testing of the
automated systems necessary to support the implementation of certain
provisions.
DATES: The effective date of amendments to 12 CFR 204.2(z), (ff), (gg)
and (hh); Sec. Sec. 204.5(b)(2), (d)(4)(i), (e)(1) and (e)(2);
204.6(a) and (b); and 204.10(b)(1), (b)(3), and (c), published April
12, 2012, at 77 FR 21846, is delayed from January 24, 2013, until June
27, 2013.
FOR FURTHER INFORMATION CONTACT: Sophia Allison, Senior Counsel, (202)
452-3565, or Kara Handzlik, Senior Attorney, (202) 452-3852, Legal
Division; or Margaret Gillis DeBoer, Assistant Director, (202) 452-
3139, or Karen Brooks, Senior Business Analyst (202) 973-6189, Division
of Monetary Affairs; for users of Telecommunications Device for the
Deaf (TDD) only, contact (202) 263-4869; Board of Governors of the
Federal Reserve System, 20th and C Streets NW., Washington, DC 20551.
SUPPLEMENTARY INFORMATION: The Board published its final rule amending
Regulation D, 12 CFR part 204, on April 12, 2012, (77 FR 21846) to
implement the following four simplifications related to the
administration of reserve requirements:
1. Create a common two-week maintenance period for all depository
institutions;
2. Create a penalty-free band around reserve balance requirements
in place of using carryover and routine penalty waivers;
3. Discontinue as-of adjustments related to deposit report
revisions and replace all other as-of adjustments with direct
compensation; and
4. Eliminate the contractual clearing balance program.
The Board announced in the final rule that it would implement the
elimination of the contractual clearing balance program and the use of
as-of adjustments earlier than it would implement the common
maintenance period and the penalty-free band. The Board implemented the
elimination of the contractual clearing balance program and the
issuance of as-of adjustments effective July 12, 2012. The Board
announced January 24, 2013, as the implementation date for the common
two-week maintenance period, the penalty-free band, and the elimination
of carryover and routine penalty waivers, as reflected in the following
revised sections of Regulation D: Sec. Sec. 204.2(z), (ff), (gg) and
(hh); Sec. Sec. 204.5(b)(2), (d)(4)(i), (e)(1) and (e)(2); Sec. Sec.
204.6 (a) and (b); and Sec. Sec. 204.10 (b)(1), (b)(3), and (c). The
Board also announced that it would provide public notice no later than
November 1, 2012, if the January 24, 2013, date will be delayed.
The Board is delaying until June 27, 2013, the January 24, 2013,
date to allow the Federal Reserve to further develop and test the
automated systems necessary to support the common two-week maintenance
period, the penalty-free band, and the elimination of carry-over and
routine penalty waivers. Further development and testing are necessary
to ensure the effective operation of the automated systems. This delay
will also facilitate a smooth transition for affected institutions by
allowing them more time to develop their internal systems and prepare
for implementation of these revisions. Moreover, the delay will not
prejudice or create additional burden for affected institutions or
Federal Reserve Banks.
Administrative Law Matters
Administrative Procedure Act
Under the Administrative Procedure Act (APA), an agency may, for
good cause, find that notice and public comment are impracticable,
unnecessary, or contrary to the public interest. 5 U.S.C. 553(b)(B). As
noted above, the Board previously announced that it may delay the
January 24, 2013, effective date for certain provisions of the final
rule but would provide notice of such a delay by November 1, 2012.
Moreover, the revised effective date does not impose additional burden
on affected institutions and will provide those institutions with
additional time for implementation. For these reasons, along with the
reasons noted above, the Board has determined that there is good cause
to find that publishing a notice of proposed rulemaking and providing
opportunity for public comment are unnecessary.
Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA) does not apply to a rulemaking
where a general notice of proposed rulemaking is not required. 5 U.S.C.
603 and 604. As noted above, the Board has determined that it is
unnecessary to publish a general notice of proposed rulemaking for this
final rule. Accordingly, the RFA's requirements relating to an initial
and final regulatory flexibility analysis do not apply.
Paperwork Reduction Act
The Board has reviewed the final rule in accordance with the
Paperwork Reduction Act of 1995 (44 U.S.C. 3506; 5 CFR 1320). No
collections of information pursuant to the Paperwork Reduction Act are
contained in the final rule.
By order of the Board of Governors of the Federal Reserve
System, October 25, 2012.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2012-26731 Filed 11-2-12; 8:45 am]
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