FR 2900 (Commercial Banks)
Report of Transaction Accounts, Other Deposits and Vault Cash
This report collects information on transaction accounts, time and savings deposits, vault cash, and other reservable obligations from depository institutions.
Purpose: These data are the primary source for calculation of required reserves and for construction of the monetary and reserves aggregates, used by the Board and the Federal Open Market Committee in the formulation of monetary policy.
The deposits reports were designed to meet the requirements of the Monetary Control Act of 1980 (MCA) and the Garn-St Germain Depository Institutions Act of 1982 (Garn-St Germain Act). The MCA imposed reserve requirements on all depository institutions that maintain transaction accounts or nonpersonal time deposits; formerly only member banks were required to report deposits and hold reserves. The Garn-St Germain Act imposed a zero percent reserve requirement on the first $2 million of reservable liabilities, in effect exempting from reserve requirements all depository institutions with total reservable liabilities less than or equal to the exemption amount. The exemption amount is indexed annually. Since 1980 there have been revisions to accommodate banking trends and changes to Regulation D. Lagged Reserve Requirements (LRR) were changed to Contemporaneous Reserve Requirements (CRR) in 1984, calling for required reserves against transaction liabilities to be maintained almost contemporaneously. In 1994 the single deposit cutoff applicable to both nonexempt and fully exempt institutions was replaced by two separate cutoffs. In 1998 the Federal Reserve required that each depository institution have only one "master" account with the Federal Reserve System, and it returned to a system of LRR. In March 2006, the Federal Reserve discontinued compiling the M3 monetary aggregate. As a result of the elimination of M3, the indexation of the nonexempt deposit cutoff and the reduced reporting limit is based on the sum of total transaction accounts, savings deposits, and small time deposits, rather than total deposits. In July 2009, the FR 2900 instructions were revised to incorporate amendments to Regulation D as well as to enhance clarity.
The panel consists of all depository institutions with total reservable liabilities exceeding the annual exemption level. Respondents with total deposits equal to or exceeding the nonexempt deposit cutoff level report weekly; other nonexempt respondents report quarterly.
Weekly respondents submit daily data for a Tuesday-through-Monday reporting week. Quarterly respondents submit daily data for the week beginning with the third Tuesday and continuing through the following Monday in March, June, September, and December.
Aggregate data are published in several statistical releases (www.federalreserve.gov/econresdata/releases/statisticsdata.htm) and in the Federal Reserve Bulletin. Microdata are confidential.
Last Update: March 20, 2017