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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
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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
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Last Update: October 26, 2012

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