FR 2900 (Credit Unions)

Report of Deposits and Vault Cash

Description: This report collects information on select deposits and vault cash from depository institutions.

OMB: 7100-0087

Purpose: These data are the primary source for constructing the U.S. monetary aggregates and indexing the reserve requirement exemption amount and low reserve tranche amount annually as required by Section 19(b) of the Federal Reserve Act.

Background: The Reports of Deposits are designed to implement the requirements of the Federal Reserve Act, as amended by both the Monetary Control Act of 1980 (MCA) and the Garn- St Germain Depository Institutions Act of 1982 (Garn-St Germain Act). The MCA requires depository institutions that have transaction accounts or nonpersonal time deposits to maintain reserves in ratios of between zero percent and fourteen percent, as established by the Board. The Garn-St Germain Act imposes a reserve requirement ratio of zero percent on a specific amount (the reserve requirement exemption amount) of a depository institution's total reservable liabilities (transaction accounts, nonpersonal time deposits, and Eurocurrency liabilities) that are less than or equal to that amount. The Garn- St Germain Act also requires that, consistent with the Board's responsibility to monitor and control the monetary and credit aggregates, depository institutions which have a reserve requirement of zero percent be subject to less overall reporting requirements than depository institutions which have a reserve requirement of greater than zero percent. In 1990, the Board reduced the reserve requirement ratios applicable to nonpersonal time deposits and Eurocurrency liabilities to zero percent. 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. Effective March 26, 2020, the Board reduced the reserve requirement ratios applicable to all transaction accounts to zero percent, eliminating all reserve requirements. Annual indexation of the exemption and low reserve tranche amounts will continue even though reserve ratios on net transaction accounts have been set to zero percent. In April 2020, the Board deleted the numeric limits (formerly set at six) on certain kinds of transfers and withdrawals that may be made each month from "savings deposits" in Regulation D, a definitional change that affected the calculation and analysis of the monetary aggregates. In response to these two Board actions, the FR 2900 report collection was revised significantly. Revisions included ending the quarterly collection of the FR 2900, effective January 1, 2021 (the last report as-of-date was for December 21, 2020), and reducing the number of items collected weekly from 12 to five, effective for the report as-of-date April 12, 2021.

Respondent Panel: The panel consists of depository institutions (other than banking Edge and agreement corporations, U.S. branches and agencies of foreign banks, bankers' banks, and corporate credit unions) with gross liquid deposits and small time deposits greater than or equal to the deposit reporting limit set by the Board once a year.

Frequency: Respondents submit data once a week reflecting daily data for a Tuesday-through-Monday reporting week.

Public Release: Aggregate data are published in the Board's Statistical Release H.6 "Money Stock Measures" (www.federalreserve.gov/econresdata/releases/statisticsdata.htm). Microdata are confidential.

Last Update: March 19, 2021