WASHINGTON, May 26 -- Federal Reserve System has issued a proposed rule called: Regulation D: Reserve Requirements of Depository Institutions.
The proposed rule was published in the Federal Register on May 26 by Benjamin W. McDonough, Secretary of the Board.
Summary: The Board of Governors of the Federal Reserve System (Board) proposes to amend its Regulation D (Reserve Requirements of Depository Institutions) to differentiate between master accounts and a proposed new category of special-purpose payment accounts (Payment Accounts). The proposed amendments would exclude Payment Accounts from Regulation D's provisions directing Federal Reserve Banks (Reserve Banks) to pay interest on balances maintained at a Reserve Bank. As a result, the ...