Board of Governors of the Federal Reserve System

As a result of the Federal Open Market Committee’s decision on September 16, 2026, to raise the target range for the federal funds rate, Regulation A was amended to reflect the Board’s approval of an increase in the rate for primary credit at each Federal Reserve Bank. More... The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board’s primary credit rate action. The final rule is effective September 30, 2026 (Regulation A, Docket R-1901), the same day it was published in the Federal Register. The rate changes for primary and secondary credit were applicable on September 17, 2026.

As a result of the Federal Open Market Committee’s decision on September 16, 2026, to raise the target range for the federal funds rate, Regulation D (Reserve Requirements of Depository Institutions) was amended to revise the rate of interest paid on balances (IORB) maintained at Federal Reserve Banks by or on behalf of eligible institutions. More... The final amendments specify that IORB is 3.90 percent, a 0.25 percentage point increase from its prior level. The amendment is intended to enhance the role of IORB in maintaining the federal funds rate in the target range established by the Committee. The final rule is effective September 30, 2026 (Regulation D, Docket R-1902), the same day it was published in the Federal Register. The IORB rate change was applicable on September 17, 2026.

The Board has adopted final amendments to Regulations Y, LL, and YY to enhance the transparency and public accountability of the Board’s stress testing framework. More... The Board is also finalizing amendments to the Policy Statement on the Scenario Design Framework for Stress Testing and the Stress Testing Policy Statement. The Board is also announcing that it is finalizing models for the 2027 stress test and proposing for public input additional changes to the stress test models for the 2027 stress test. Finally, the Board is finalizing changes to the stress test data collection (FR Y-14A/Q/M). The final rule and policy statements are effective November 2, 2026 (Regulation Y, Regulation LL, and Regulation YY, Docket R-1873) and was published in the Federal Register on October 2, 2026.

The Board proposes to issue regulations to implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) with respect to Board-supervised permitted payment stablecoin issuers (PPSIs) and certain other entities that are subject to the Board’s jurisdiction. More... In addition, the Board proposes to issue regulations to implement the prohibition on tying in section 4(a)(8) of the GENIUS Act, which is applicable generally to all PPSIs. Comments on this notice of proposed rulemaking must be received by November 30, 2026 (Docket R-1899). You may submit comments at https://www.federalreserve.gov/apps/proposals/.

The Board proposes to issue regulations that would establish procedures to be followed by an insured State member bank that seeks to obtain Board approval for a subsidiary to issue payment stablecoins pursuant to the GENIUS Act. More... Comments on this notice of proposed rulemaking must be received by November 30, 2026 (Docket R-1900). You may submit comments at https://www.federalreserve.gov/apps/proposals/.