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Rules and Regulations

Federal Register
Vol. 77, No. 214
Monday, November 5, 2012

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.

12 CFR Part 204
[Regulation D; Docket No. R–1433]
RIN 7100 AD 83

Reserve Requirements of Depository
Institutions: Reserves Simplification
Board of Governors of the
Federal Reserve System.
ACTION: Final rule; delay of effective

The Board is delaying the
effective date for implementation of
certain provisions of its final rule
amending the Board’s Regulation D
(Reserve Requirements of Depository
Institutions) published in the Federal
Register on April 12, 2012. The final
rule’s effective date is being delayed to
allow for further development and
testing of the automated systems
necessary to support the
implementation of certain provisions.
DATES: The effective date of
amendments to 12 CFR 204.2(z), (ff),
(gg) and (hh); §§ 204.5(b)(2), (d)(4)(i),
(e)(1) and (e)(2); 204.6(a) and (b); and
204.10(b)(1), (b)(3), and (c), published
April 12, 2012, at 77 FR 21846, is
delayed from January 24, 2013, until
June 27, 2013.
Sophia Allison, Senior Counsel, (202)
452–3565, or Kara Handzlik, Senior
Attorney, (202) 452–3852, Legal
Division; or Margaret Gillis DeBoer,
Assistant Director, (202) 452–3139, or
Karen Brooks, Senior Business Analyst
(202) 973–6189, 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.
published its final rule amending



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Regulation D, 12 CFR part 204, on April
12, 2012, (77 FR 21846) to implement
the following four simplifications
related to the administration of reserve
1. Create a common two-week
maintenance period for all depository
2. Create a penalty-free band around
reserve balance requirements in place of
using carryover and routine penalty
3. Discontinue as-of adjustments
related to deposit report revisions and
replace all other as-of adjustments with
direct compensation; and
4. Eliminate the contractual clearing
balance program.
The Board announced in the final rule
that it would implement the elimination
of the contractual clearing balance
program and the use of as-of
adjustments earlier than it would
implement the common maintenance
period and the penalty-free band. The
Board implemented the elimination of
the contractual clearing balance
program and the issuance of as-of
adjustments effective July 12, 2012. The
Board announced January 24, 2013, as
the implementation date for the
common two-week maintenance period,
the penalty-free band, and the
elimination of carryover and routine
penalty waivers, as reflected in the
following revised sections of Regulation
D: §§ 204.2(z), (ff), (gg) and (hh);
§§ 204.5(b)(2), (d)(4)(i), (e)(1) and (e)(2);
§§ 204.6 (a) and (b); and §§ 204.10 (b)(1),
(b)(3), and (c). The Board also
announced that it would provide public
notice no later than November 1, 2012,
if the January 24, 2013, date will be
The Board is delaying until June 27,
2013, the January 24, 2013, date to allow
the Federal Reserve to further develop
and test the automated systems
necessary to support the common twoweek maintenance period, the penaltyfree band, and the elimination of carryover and routine penalty waivers.
Further development and testing are
necessary to ensure the effective
operation of the automated systems.
This delay will also facilitate a smooth
transition for affected institutions by
allowing them more time to develop
their internal systems and prepare for
implementation of these revisions.
Moreover, the delay will not prejudice
or create additional burden for affected
institutions or Federal Reserve Banks.

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Administrative Law Matters
Administrative Procedure Act
Under the Administrative Procedure
Act (APA), an agency may, for good
cause, find that notice and public
comment are impracticable,
unnecessary, or contrary to the public
interest. 5 U.S.C. 553(b)(B). As noted
above, the Board previously announced
that it may delay the January 24, 2013,
effective date for certain provisions of
the final rule but would provide notice
of such a delay by November 1, 2012.
Moreover, the revised effective date
does not impose additional burden on
affected institutions and will provide
those institutions with additional time
for implementation. For these reasons,
along with the reasons noted above, the
Board has determined that there is good
cause to find that publishing a notice of
proposed rulemaking and providing
opportunity for public comment are
Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA)
does not apply to a rulemaking where a
general notice of proposed rulemaking
is not required. 5 U.S.C. 603 and 604.
As noted above, the Board has
determined that it is unnecessary to
publish a general notice of proposed
rulemaking for this final rule.
Accordingly, the RFA’s requirements
relating to an initial and final regulatory
flexibility analysis do not apply.
Paperwork Reduction Act
The Board has reviewed the final rule
in accordance with the Paperwork
Reduction Act of 1995 (44 U.S.C. 3506;
5 CFR 1320). No collections of
information pursuant to the Paperwork
Reduction Act are contained in the final
By order of the Board of Governors of the
Federal Reserve System, October 25, 2012.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2012–26731 Filed 11–2–12; 8:45 am]