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Advanced Search About the Fed News & Events Monetary Policy Supervision & Regulation Payment Systems Economic Research Data Consumers & Communities Board of Governors of the Federal Reserve System The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Home > News & Events > Press Releases Press Release October 26, 2012 Federal Reserve Board announces delay in the implementation of the second phase of its program to simplify the administration of reserve requirements For immediate release Share The Federal Reserve Board on Friday announced a five-month delay in the implementation of the second phase of its program to simplify the administration of reserve requirements. The delay will allow for further development and testing of automated systems to ensure a smooth transition for affected institutions. The Board issued a final rule on April 4, 2012, amending its Regulation D to simplify the reserve administration program in two phases. The first phase, which took effect on July 12, 2012, discontinued as-of adjustments related to deposit report revisions and eliminated clearing balance requirements. The second phase of the amendments will introduce a common twoweek maintenance period and a penalty-free band around reserve balance requirements to eliminate carryover and routine penalty waivers. The second phase of amendments was originally scheduled to take effect on January 24, 2013. The new effective date is June 27, 2013. The purpose of the simplification is to reduce administrative and operational costs for depository institutions, the Federal Reserve Board, and Federal Reserve Banks. The project does not affect the stance of monetary policy. The Board's notice is attached and will be published shortly in the Federal Register. For media inquiries, call 202-452-2955. Federal Register notice: HTML | PDF Board Votes Last Update: October 26, 2012 BOARD OF GOVERNORS of the FEDERAL RESERVE SYSTEM About the Fed News & Events Monetary Policy Supervision & Regulation Payment Systems Economic Research Data Consumers & Communities Financial Stability TOOLS AND INFORMATION STAY CONNECTED Contact Publications Freedom of Information (FOIA) Office of Inspector General Budget & Performance | Audit No FEAR Act Español Website Policies | Privacy Program Accessibility BOARD OF GOVERNORS of the FEDERAL RESERVE SYSTEM 20th Street and Constitution Avenue N.W., Washington, DC 20551