Board of Governors of the Federal Reserve System

The Board has adopted final amendments to its Regulation A to reflect the Board’s approval of a decrease in the rate for primary credit at each Federal Reserve Bank. More... The secondary credit rate at each Reserve Bank automatically decreased by formula as a result of the Board’s primary credit rate action. The final rule is effective December 19, 2025 (Regulation A, Docket R-1882), the same day it was published in the Federal Register. The rate changes for primary and secondary credit were applicable on December 11, 2025.

The Board is amending Regulation D (Reserve Requirements of Depository Institutions) 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 3.65 percent, a 0.25 percentage point decrease 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 Federal Open Market Committee. The final rule is effective December 19, 2025 (Regulation D, Docket R-1883), the same day it was published in the Federal Register. The IORB rate change was applicable on December 11, 2025.

The Board amended Regulation D to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2026. More... The annual indexation of these amounts is required notwithstanding the Board’s action in March 2020 of setting all reserve requirement ratios to zero. The Board is amending Regulation D to set the reserve requirement exemption amount at $39.2 million (increased from $37.8 million in 2025) and the amount of the low reserve tranche at $674.1 million (increased from $645.8 million in 2025). The adjustments to both of these amounts are derived using statutory formulas specified in the Federal Reserve Act. The annual indexation of the reserve requirement exemption amount and low reserve tranche is required by statute but will not affect depository institutions’ reserve requirements, which will remain zero. The final rule is effective December 24, 2025 (Regulation D, Docket R-1881) and was published in the Federal Register on November 24, 2025. The new exemption amount and low reserve tranche will apply beginning January 1, 2026.

The Board issued a final rule that applies an inflation adjustment to the threshold for total consolidated assets in Regulation I. More... Federal Reserve Bank stockholders that have total consolidated assets above the threshold receive a different dividend rate on their Reserve Bank stock than stockholders with total consolidated assets at or below the threshold. The Federal Reserve Act requires that the Board annually adjust the total consolidated asset threshold to reflect the change in the Gross Domestic Product Price Index, published by the Bureau of Economic Analysis. Based on the change in the Gross Domestic Product Price Index as of September 25, 2025, the total consolidated asset threshold will be $13,182,000,000 through December 31, 2026. The final rule is effective December 22, 2025 (Regulation I, Docket R-1877) and was published in the Federal Register on November 20, 2025. The adjusted threshold for total consolidated assets will apply beginning January 1, 2026.

The Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) are rescinding the interagency Principles for Climate-Related Financial Risk Management for Large Financial Institutions. More... The interagency guidance is rescinded as of November 18, 2025 (Guidance, Risk Management at 3-1579.231).

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing a final rule to include certain investment advisers in the definition of “financial institution” under the Bank Secrecy Act (BSA), prescribe minimum standards for anti-money laundering/countering the financing of terrorism programs to be established by certain investment advisers, require certain investment advisers to report suspicious activity to FinCEN pursuant to the BSA, and make several other related changes to FinCEN regulations. More... These regulations will apply to certain investment advisers who may be at risk for misuse by money launderers, terrorist financers, or other actors who seek access to the U.S. financial system for illicit purposes and who threaten U.S. national security. The final rule is effective January 1, 2026 (Department of the Treasury, Financial Crimes Enforcement Network) and was published in the Federal Register on September 4, 2024.

The Board, the FDIC, and the OCC are inviting public comment on a notice of proposed rulemaking that would lower the community bank leverage ratio (CBLR) requirement for certain depository institutions and depository institution holding companies from 9 percent to 8 percent, consistent with the lower bound provided in section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. More... The proposal would also extend the length of time that certain depository institutions or depository institution holding companies can remain in the CBLR framework while not meeting all of the qualifying criteria for the CBLR framework from two quarters to four quarters, subject to a limit of eight quarters in any five-year period. Comments on this notice of proposed rulemaking must be received by January 30, 2026 (Docket R-1876).

The Board is inviting public comment on the models used to conduct the Board’s supervisory stress test, changes to those models to be implemented in the 2026 stress test, and proposed changes to enhance the transparency and public accountability of the Board’s stress testing framework. More... The proposal would amend the Policy Statement on the Scenario Design Framework for Stress Testing, including to implement guides for additional scenario variables, and the Stress Testing Policy Statement. The proposal would also codify an enhanced disclosure process under which the Board would annually publish comprehensive documentation on the stress test models, invite public comment on any material changes that the Board seeks to make to those models, and annually publish the stress test scenarios for comment. Lastly, the proposal would make changes to the FR Y–14A/Q/M to remove items that are no longer needed to conduct the supervisory stress test and to collect additional data to support the stress test models and improve risk capture. Comments on this notice of proposed rulemaking must be received by February 21, 2026 (Docket R-1873).