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68349

Rules and Regulations

Federal Register
Vol. 79, No. 221
Monday, November 17, 2014

This section of the FEDERAL REGISTER
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by
the Superintendent of Documents. Prices of
new books are listed in the first FEDERAL
REGISTER issue of each week.

FEDERAL RESERVE SYSTEM
12 CFR Part 204
[Regulation D; Docket No. R–1501]
RIN 7100 AE–23

Reserve Requirements of Depository
Institutions
Board of Governors of the
Federal Reserve System.
ACTION: Final rule.
AGENCY:

The Board is amending
Regulation D, Reserve Requirements of
Depository Institutions, to reflect the
annual indexing of the reserve
requirement exemption amount and the
low reserve tranche for 2015. The
Regulation D amendments set the
amount of total reservable liabilities of
each depository institution that is
subject to a zero percent reserve
requirement in 2015 at $14.5 million
(from $13.3 million in 2014). This
amount is known as the reserve
requirement exemption amount. The
Regulation D amendments also set the
amount of net transaction accounts at
each depository institution (over the
reserve requirement exemption amount)
that is subject to a three percent reserve
requirement in 2015 at $103.6 million
(from $89.0 million in 2014). This
amount is known as the low reserve
tranche. The adjustments to both of
these amounts are derived using
statutory formulas specified in the
Federal Reserve Act.
The Board is also announcing changes
in two other amounts, the nonexempt
deposit cutoff level and the reduced
reporting limit, that are used to
determine the frequency at which
depository institutions must submit
deposit reports.
DATES: Effective date: December 17,
2014.
Compliance dates: The new low
reserve tranche and reserve requirement

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SUMMARY:

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exemption amount will apply to the
fourteen-day reserve maintenance
period that begins January 22, 2015. For
depository institutions that report
deposit data weekly, this maintenance
period corresponds to the fourteen-day
computation period that begins
December 23, 2014. For depository
institutions that report deposit data
quarterly, this maintenance period
corresponds to the seven-day
computation period that begins
December 16, 2014. The new values of
the nonexempt deposit cutoff level, the
reserve requirement exemption amount,
and the reduced reporting limit will be
used to determine the frequency at
which a depository institution submits
deposit reports effective in either June
or September 2015.
FOR FURTHER INFORMATION CONTACT:
Sophia H. Allison, Special Counsel
(202/452–3565), Legal Division, or Ezra
A. Kidane, Financial Analyst (202/973–
6161), Division of Monetary Affairs; for
users of Telecommunications Device for
the Deaf (TDD) only, contact (202/263–
4869); Board of Governors of the Federal
Reserve System, 20th and C Streets
NW., Washington, DC 20551.
SUPPLEMENTARY INFORMATION: Section
19(b)(2) of the Federal Reserve Act (12
U.S.C. 461(b)(2)) requires each
depository institution to maintain
reserves against its transaction accounts
and nonpersonal time deposits, as
prescribed by Board regulations, for the
purpose of implementing monetary
policy. Section 11(a)(2) of the Federal
Reserve Act (12 U.S.C. 248(a)(2))
authorizes the Board to require reports
of liabilities and assets from depository
institutions to enable the Board to
conduct monetary policy. The Board’s
actions with respect to each of these
provisions are discussed in turn below.
Reserve Requirements
Pursuant to section 19(b) of the
Federal Reserve Act (Act), transaction
account balances maintained at each
depository institution are subject to
reserve requirement ratios of zero, three,
or ten percent. Section 19(b)(11)(A) of
the Act (12 U.S.C. 461(b)(11)(A))
provides that a zero percent reserve
requirement shall apply at each
depository institution to total reservable
liabilities that do not exceed a certain
amount, known as the reserve
requirement exemption amount. Section
19(b)(11)(B) provides that, before

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December 31 of each year, the Board
shall issue a regulation adjusting the
reserve requirement exemption amount
for the next calendar year if total
reservable liabilities held at all
depository institutions increase from
one year to the next. No adjustment is
made to the reserve requirement
exemption amount if total reservable
liabilities held at all depository
institutions should decrease during the
applicable time period. The Act requires
the percentage increase in the reserve
requirement exemption amount to be 80
percent of the increase in total
reservable liabilities of all depository
institutions over the one-year period
that ends on the June 30 prior to the
adjustment.
Total reservable liabilities of all
depository institutions increased by
11.1 percent, from $6,317 billion to
$7,020 billion between June 30, 2013,
and June 30, 2014. Accordingly, the
Board is amending Regulation D to set
the reserve requirement exemption
amount for 2015 at $14.5 million, an
increase of $1.2 million from its level in
2014.1
Pursuant to Section 19(b)(2) of the Act
(12 U.S.C. 461(b)(2)), transaction
account balances maintained at each
depository institution over the reserve
requirement exemption amount and up
to a certain amount, known as the low
reserve tranche, are subject to a three
percent reserve requirement.
Transaction account balances over the
low reserve tranche are subject to a ten
percent reserve requirement. Section
19(b)(2) also provides that, before
December 31 of each year, the Board
shall issue a regulation adjusting the
low reserve tranche for the next
calendar year. The Act requires the
adjustment in the low reserve tranche to
be 80 percent of the percentage increase
or decrease in total transaction accounts
of all depository institutions over the
one-year period that ends on the June 30
prior to the adjustment.
Net transaction accounts of all
depository institutions increased 20.5
percent, from $1,576 billion to $1,900
billion between June 30, 2013 and June
30, 2014. Accordingly, the Board is
amending Regulation D to increase the
low reserve tranche for net transaction
1 Consistent with Board practice, the low reserve
tranche and reserve requirement exemption
amounts have been rounded to the nearest $0.1
million.

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68350

Federal Register / Vol. 79, No. 221 / Monday, November 17, 2014 / Rules and Regulations

2. Deposit Reports
Section 11(b)(2) of the Federal
Reserve Act authorizes the Board to
require depository institutions to file
reports of their liabilities and assets as
the Board may determine to be
necessary or desirable to enable it to
discharge its responsibility to monitor
and control the monetary and credit
aggregates. The Board screens
depository institutions each year and
assigns them to one of four deposit
reporting panels (weekly reporters,
quarterly reporters, annual reporters, or
nonreporters). The panel assignment for
annual reporters is effective in June of
the screening year; the panel assignment
for weekly and quarterly reporters is
effective in September of the screening
year.
In order to ease reporting burden, the
Board permits smaller depository
institutions to submit deposit reports
less frequently than larger depository
institutions. The Board permits
depository institutions with net
transaction accounts above the reserve
requirement exemption amount but total
transaction accounts, savings deposits,
and small time deposits below a
specified level (the ‘‘nonexempt deposit
cutoff’’) to report deposit data quarterly.
Depository institutions with net
transaction accounts above the reserve
requirement exemption amount and
with total transaction accounts, savings
deposits, and small time deposits
greater than or equal to the nonexempt
deposit cutoff are required to report
deposit data weekly. The Board requires
certain large depository institutions to
report weekly regardless of the level of
their net transaction accounts if the
depository institution’s total transaction

accounts, savings deposits, and small
time deposits exceeds or is equal to a
specified level (the ‘‘reduced reporting
limit’’). The nonexempt deposit cutoff
level and the reduced reporting limit are
adjusted annually, by an amount equal
to 80 percent of the increase, if any, in
total transaction accounts, savings
deposits, and small time deposits of all
depository institutions over the one-year
period that ends on the June 30 prior to
the adjustment.
From June 30, 2013 to June 30, 2014,
total transaction accounts, savings
deposits, and small time deposits at all
depository institutions increased 7.6
percent, from $9,509 billion to $10,234
billion. Accordingly, the Board is
increasing the nonexempt deposit cutoff
level by $18.7 million to $325.4 million
in 2015 (from $306.7 million for 2014).
The Board is also increasing the reduced
reporting limit by $105 million to
$1.824 billion for 2015 (from $1.719
billion in 2014).2
Beginning in 2015, the boundaries of
the four deposit reporting panels will be
defined as follows. Those depository
institutions with net transaction
accounts over $14.5 million (the reserve
requirement exemption amount) or with
total transaction accounts, savings
deposits, and small time deposits
greater than or equal to $1.824 billion
(the reduced reporting limit) are subject
to detailed reporting, and must file a
Report of Transaction Accounts, Other
Deposits and Vault Cash (FR 2900
report) either weekly or quarterly. Of
this group, those with total transaction
accounts, savings deposits, and small
time deposits greater than or equal to
$325.4 million (the nonexempt deposit
cutoff level) are required to file the FR
2900 report each week, while those with
total transaction accounts, savings
deposits, and small time deposits less
than $325.4 million are required to file
the FR 2900 report each quarter. Those
depository institutions with net
transaction accounts less than or equal
to $14.5 million (the reserve
requirement exemption amount) and
with total transaction accounts, savings
deposits, and small time deposits less
than $1.824 billion (the reduced
reporting limit) are eligible for reduced
reporting, and must either file a deposit
report annually or not at all. Of this
group, those with total deposits greater
than $14.5 million (but with total
transaction accounts, savings deposits,
and small time deposits less than $1.824
billion) are required to file the Annual

2 Consistent with Board practice, the nonexempt
deposit cutoff level has been rounded to the nearest

$0.1 million, and the reduced reporting limit has
been rounded to the nearest $1 million.

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accounts by $14.6 million, from $89.0
million for 2014 to $103.6 million for
2015.
The new low reserve tranche and
reserve requirement exemption amount
will be effective for all depository
institutions for the fourteen-day reserve
maintenance period beginning
Thursday, January 22, 2015. For
depository institutions that report
deposit data weekly, this maintenance
period corresponds to the fourteen-day
computation period that begins
December 23, 2014. For depository
institutions that report deposit data
quarterly, this maintenance period
corresponds to the seven-day
computation period that begins
December 16, 2014.

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Report of Deposits and Reservable
Liabilities (FR 2910a) report annually,
while those with total deposits less than
or equal to $14.5 million are not
required to file a deposit report. A
depository institution that adjusts
reported values on its FR 2910a report
in order to qualify for reduced reporting
will be shifted to an FR 2900 reporting
panel.
Notice and Regulatory Flexibility Act.
The provisions of 5 U.S.C. 553(b)
relating to notice of proposed
rulemaking have not been followed in
connection with the adoption of these
amendments. The amendments involve
expected, ministerial adjustments
prescribed by statute and by the Board’s
policy concerning reporting practices.
The adjustments in the reserve
requirement exemption amount, the low
reserve tranche, the nonexempt deposit
cutoff level, and the reduced reporting
limit serve to reduce regulatory burdens
on depository institutions. Accordingly,
the Board finds good cause for
determining, and so determines, that
notice in accordance with 5 U.S.C.
553(b) is unnecessary. Consequently,
the provisions of the Regulatory
Flexibility Act, 5 U.S.C. 601, do not
apply to these amendments.
List of Subjects in 12 CFR Part 204
Banks, Banking, Reporting and
recordkeeping requirements.
For the reasons set forth in the
preamble, the Board is amending 12
CFR part 204 as follows:
PART 204—RESERVE
REQUIREMENTS OF DEPOSITORY
INSTITUTIONS (REGULATION D)
1. The authority citation for part 204
continues to read as follows:

■

Authority: 12 U.S.C. 248(a), 248(c), 371a,
461, 601, 611, and 3105.

2. Section 204.4(f) is revised to read as
follows:

■

§ 204.4

Computation of required reserves.

*

*
*
*
*
(f) For all depository institutions,
Edge and Agreement corporations, and
United States branches and agencies of
foreign banks, required reserves are
computed by applying the reserve
requirement ratios below to net
transaction accounts, nonpersonal time
deposits, and Eurocurrency liabilities of
the institution during the computation
period.

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Federal Register / Vol. 79, No. 221 / Monday, November 17, 2014 / Rules and Regulations
Reservable liability

Reserve requirement

Net Transaction Accounts:
$0 to reserve requirement exemption amount ($14.5 million) ..........
Over reserve requirement exemption amount ($14.5 million) and
up to low reserve tranche ($103.6 million).
Over low reserve tranche ($103.6 million) ........................................
Nonpersonal time deposits .......................................................................
Eurocurrency liabilities ..............................................................................

By order of the Board of Governors of the
Federal Reserve System, acting through the
Director of the Division of Monetary Affairs
under delegated authority, November 12,
2014.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2014–27161 Filed 11–14–14; 8:45 am]
BILLING CODE 6210–01–P

DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 97
[Docket No. 30981 Amdt. No. 3611]

Standard Instrument Approach
Procedures, and Takeoff Minimums
and Obstacle Departure Procedures;
Miscellaneous Amendments
Federal Aviation
Administration (FAA), DOT.
ACTION: Final rule.
AGENCY:

This rule establishes, amends,
suspends, or revokes Standard
Instrument Approach Procedures
(SIAPs) and associated Takeoff
Minimums and Obstacle Departure
Procedures for operations at certain
airports. These regulatory actions are
needed because of the adoption of new
or revised criteria, or because of changes
occurring in the National Airspace
System, such as the commissioning of
new navigational facilities, adding new
obstacles, or changing air traffic
requirements. These changes are
designed to provide safe and efficient
use of the navigable airspace and to
promote safe flight operations under
instrument flight rules at the affected
airports.

SUMMARY:

This rule is effective November
17, 2014. The compliance date for each
SIAP, associated Takeoff Minimums,
and ODP is specified in the amendatory
provisions.
The incorporation by reference of
certain publications listed in the
regulations is approved by the Director
of the Federal Register as of November
17, 2014.

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DATES:

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68351

0 percent of amount.
3 percent of amount.
$2,673,000 plus 10 percent of amount over $103.6 million.
0 percent.
0 percent.

Availability of matters
incorporated by reference in the
amendment is as follows:
For Examination—
1. FAA Rules Docket, FAA
Headquarters Building, 800
Independence Avenue SW.,
Washington, DC 20591;
2. The FAA Regional Office of the
region in which the affected airport is
located;
3. The National Flight Procedures
Office, 6500 South MacArthur Blvd.,
Oklahoma City, OK 73169 or,
4. The National Archives and Records
Administration (NARA). For
information on the availability of this
material at NARA, call 202–741–6030,
or go to: http://www.archives.gov/
federal_register/code_of_federal_
regulations/ibr_locations.html.
Availability—All SIAPs and Takeoff
Minimums and ODPs are available
online free of charge. Visit http://
www.nfdc.faa.gov to register.
Additionally, individual SIAP and
Takeoff Minimums and ODP copies may
be obtained from:
1. FAA Public Inquiry Center (APA–
200), FAA Headquarters Building, 800
Independence Avenue SW.,
Washington, DC 20591; or
2. The FAA Regional Office of the
region in which the affected airport is
located.

ADDRESSES:

FOR FURTHER INFORMATION CONTACT:

Richard A. Dunham III, Flight Procedure
Standards Branch (AFS–420), Flight
Technologies and Programs Divisions,
Flight Standards Service, Federal
Aviation Administration, Mike
Monroney Aeronautical Center, 6500
South MacArthur Blvd., Oklahoma City,
OK 73169 (Mail Address: P.O. Box
25082, Oklahoma City, OK 73125),
Telephone: (405) 954–4164.
SUPPLEMENTARY INFORMATION: This rule
amends Title 14 of the Code of Federal
Regulations, Part 97 (14 CFR part 97), by
establishing, amending, suspending, or
revoking SIAPS, Takeoff Minimums
and/or ODPS. The complete regulators
description of each SIAP and its
associated Takeoff Minimums or ODP
for an identified airport is listed on FAA
form documents which are incorporated
by reference in this amendment under 5

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U.S.C. 552(a), 1 CFR part 51, and 14
CFR part 97.20. The applicable FAA
Forms are FAA Forms 8260–3, 8260–4,
8260–5, 8260–15A, and 8260–15B when
required by an entry on 8260–15A.
The large number of SIAPs, Takeoff
Minimums and ODPs, in addition to
their complex nature and the need for
a special format make publication in the
Federal Register expensive and
impractical. Furthermore, airmen do not
use the regulatory text of the SIAPs,
Takeoff Minimums or ODPs, but instead
refer to their depiction on charts printed
by publishers of aeronautical materials.
The advantages of incorporation by
reference are realized and publication of
the complete description of each SIAP,
Takeoff Minimums and ODP listed on
FAA forms is unnecessary. This
amendment provides the affected CFR
sections and specifies the types of SIAPs
and the effective dates of the, associated
Takeoff Minimums and ODPs. This
amendment also identifies the airport
and its location, the procedure, and the
amendment number.
The Rule
This amendment to 14 CFR part 97 is
effective upon publication of each
separate SIAP, Takeoff Minimums and
ODP as contained in the transmittal.
Some SIAP and Takeoff Minimums and
textual ODP amendments may have
been issued previously by the FAA in a
Flight Data Center (FDC) Notice to
Airmen (NOTAM) as an emergency
action of immediate flight safety relating
directly to published aeronautical
charts. The circumstances which
created the need for some SIAP and
Takeoff Minimums and ODP
amendments may require making them
effective in less than 30 days. For the
remaining SIAPS and Takeoff
Minimums and ODPS, an effective date
at least 30 days after publication is
provided.
Further, the SIAPs and Takeoff
Minimums and ODPS contained in this
amendment are based on the criteria
contained in the U.S. Standard for
Terminal Instrument Procedures
(TERPS). In developing these SIAPS and
Takeoff Minimums and ODPs, the
TERPS criteria were applied to the
conditions existing or anticipated at the

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