Federal Reserve Regulatory Service
Transmittal Archive
October 2021
Transmittal 488
The Board, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the state regulators recognize the serious impact of Hurricane Ida on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. More... The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities. For more information, see the press release and related information on the Board’s website: https://www.federalreserve.gov/newsevents/pressreleases/bcreg20210830a.htm.
The Board, the FDIC, and the OCC released Conducting Due Diligence on Financial Technology Companies: A Guide for Community Banks to help community banks assess risks when considering relationships with financial technology (fintech) companies. More... The guide covers six key areas of due diligence that community banks can consider when exploring arrangements with fintech companies: business experience and qualifications, financial condition, legal and regulatory compliance, risk management and control processes, information security, and operational resilience. The guide, which highlights practical sources of information that may be useful when evaluating fintech companies, is available on the Board’s website: https://www.federalreserve.gov/publications/files/conducting-due-diligence-on-financial-technology-firms-202108.pdf.
Monetary Policy and Reserve Requirements
Regulation D
The Board amended Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained at Federal Reserve Banks by or on behalf of eligible institutions (IORB rate). More... The final amendments specify that the IORB rate is 0.15 percent, an 0.05 percentage point increase from its prior level. The amendment was intended to establish the IORB rate at a level consistent with maintaining the federal funds rate in the target range established by the Federal Open Market Committee. This amendment does not reflect a change in the stance of monetary policy. The Board also made certain conforming deletions for clarity to the provisions of Regulation D governing interest payable on balances at Reserve Banks. The final rule is effective September 8, 2021 (Regulation D, Docket R-1754), the same day it was published in the Federal Register.
Bank Secrecy Act
Statutory and technical amendments have been made to the Bank Secrecy Act by the following:
- National Defense Authorization Act for Fiscal Year 2021, Pub. L. No. 116-283, January 1, 2021 (134 Stat. 4549, 4550, 4553, 4561, 4566, 4571, 4573, 4576, 4579, 4584, 4590, 4594, 4595, 4596, 4597, 4603, 4623)
Fair Credit Reporting Act
Statutory and technical amendments have been made to the Fair Credit Reporting Act by the following:
- National Defense Authorization Act for Fiscal Year 2021, Pub. L. No. 116-283, January 1, 2021 (134 Stat. 4594)
Real Estate Settlement Procedures Act
Statutory and technical amendments have been made to the Real Estate Settlement Procedures Act by the following:
- Building Up Independent Lives and Dreams Act, Pub. L. No. 116-342, January 13, 2021 (134 Stat. 5134)
Right to Financial Privacy Act
Statutory and technical amendments have been made to the Right to Financial Privacy Act by the following:
- National Defense Authorization Act for Fiscal Year 2021, Pub. L. No. 116-283, January 1, 2021 (134 Stat. 4594)
Securities Exchange Act
Statutory and technical amendments have been made to the Securities Exchange Act by the following:
- National Defense Authorization Act for Fiscal Year 2021, Pub. L. No. 116-283, January 1, 2021 (134 Stat. 4625)
Truth in Lending Act
Statutory and technical amendments have been made to the Truth in Lending Act by the following:
- Building Up Independent Lives and Dreams Act, Pub. L. No. 116-342, January 13, 2021 (134 Stat. 5134)