Federal Register / Vol. 86, No. 106 / Friday, June 4, 2021 / Rules and Regulations 29937 

1 12 U.S.C. 461(b)(2). 

2Reserve requirement ratios for nonpersonal time 

deposits and Eurocurrency liabilities have been set 

at zero percent since 1990. See Regulation D 

(Reserve Requirements of Depository Institutions), 

Final Rule, 55 FR 50540 (Dec. 7, 1990). 

3Regulation D (Reserve Requirements of 

Depository Institutions), Final Rule, 86 FR 8853 

(February 10, 2021); see Regulation D (Reserve 

Requirements of Depository Institutions), Interim 

Final Rule, 85 FR 16525 (March 24, 2020). 

under the Unfunded Mandates Reform 

Act do not apply. 

I. Review Under the Treasury and 

General Government Appropriations 

Act of 1999 

Section 654 of the Treasury and 

General Government Appropriations 

Act of 1999 (Pub. L. 105–277) requires 

Federal agencies to issue a Family 

Policymaking Assessment for any rule 

that may affect family well-being. This 

rule does not have any impact on the 

autonomy or integrity of the family as 

an institution. Accordingly, DOE has 

concluded that it is not necessary to 

prepare a Family Policymaking 

Assessment. 

J. Review Under Executive Order 12630, 

‘‘Governmental Actions and 

Interference With Constitutionally 

Protected Property Rights’’ 

DOE has determined, under Executive 

Order 12630, ‘‘Governmental Actions 

and Interference with Constitutionally 

Protected Property Rights,’’ 53 FR 8859 

(March 18, 1988), that this rule does not 

result in any takings which might 

require compensation under the Fifth 

Amendment to the United States 

Constitution. 

K. Review Under the Treasury and 

General Government Appropriations 

Act, 2001 

Section 515 of the Treasury and 

General Government Appropriations 

Act, 2001 (44 U.S.C. 3516, note) 

provides for agencies to review most 

disseminations of information to the 

public under guidelines established by 

each agency pursuant to general 

guidelines issued by OMB. OMB’s 

guidelines were published at 67 FR 

8452 (February 22, 2002), and DOE’s 

guidelines were published at 67 FR 

62446 (October 7, 2002). DOE has 

reviewed this rule under the OMB and 

DOE guidelines and has concluded that 

it is consistent with applicable policies 

in those guidelines. 

L. Review Under Executive Order 13211, 

‘‘Actions Concerning Regulations That 

Significantly Affect Energy Supply, 

Distribution, or Use’’ 

Executive Order 13211, ‘‘Actions 

Concerning Regulations That 

Significantly Affect Energy Supply, 

Distribution, or Use,’’ 66 FR 28355 (May 

22, 2001), requires Federal agencies to 

prepare and submit to the Office of 

Information and Regulatory Affairs 

(OIRA), Office of Management and 

Budget, a Statement of Energy Effects for 

any proposed significant energy action. 

A ‘‘significant energy action’’ is defined 

as any action by an agency that 

promulgated or is expected to lead to 

promulgation of a final rule, and that: 

(1) Is a significant regulatory action 

under Executive Order 12866, or any 

successor order; and (2) is likely to have 

a significant adverse effect on the 

supply, distribution, or use of energy, or 

(3) is designated by the Administrator of 

OIRA as a significant energy action. The 

rule withdraws internal agency 

procedures and does not meet any of the 

three criteria listed above. Accordingly, 

the requirements of Executive Order 

13211 do not apply. 

Approval of the Office of the Secretary 

The Secretary of Energy has approved 

publication of this final rule. 

List of Subjects in 10 CFR Part 1061 

Administrative practice and 

procedure. 

Signing Authority 

This document of the Department of 

Energy was signed on May 27, 2021, by 

John T. Lucas, Acting General Counsel, 

Office of the General Counsel, pursuant 

to delegated authority from the 

Secretary of Energy. That document 

with the original signature and date is 

maintained by DOE. For administrative 

purposes only, and in compliance with 

requirements of the Office of the Federal 

Register, the undersigned DOE Federal 

Register Liaison Officer has been 

authorized to sign and submit the 

document in electronic format for 

publication, as an official document of 

the Department of Energy. This 

administrative process in no way alters 

the legal effect of this document upon 

publication in the Federal Register. 

Signed in Washington, DC, on June 1, 

2021. 

Treena V. Garrett, 

Federal Register Liaison Officer, U.S. 

Department of Energy. 

■ Accordingly, the final rule adding 10 

CFR part 1061, published in the Federal 

Register on January 6, 2021 (86 FR 45), 

is withdrawn. 

[FR Doc. 2021–11753 Filed 6–3–21; 8:45 am] 

BILLING CODE 6450–01–P 

FEDERAL RESERVE SYSTEM 

12 CFR Part 204 

[Docket No. R–1737] 

RIN 7100–AG07 

Regulation D: Reserve Requirements 

of Depository Institutions 

AGENCY: Board of Governors of the 

Federal Reserve System. 

ACTION: Final rule. 

SUMMARY: The Board of Governors of the 

Federal Reserve System (‘‘Board’’) is 

adopting amendments to Regulation D 

(Reserve Requirements of Depository 

Institutions) to eliminate references to 

an ‘‘interest on required reserves’’ rate 

and to an ‘‘interest on excess reserves’’ 

rate and replace them with a reference 

to a single ‘‘interest on reserve 

balances’’ rate; and to simplify the 

formula used to calculate the amount of 

interest paid on balances maintained by 

or on behalf of eligible institutions in 

master accounts at Federal Reserve 

Banks, and to make other conforming 

amendments. The Board requested 

comment on the amendments and 

received one comment that addressed 

issues not raised by the proposed 

amendments. Accordingly, the Board is 

adopting the final rule as proposed 

without change. 

DATES: Effective July 29, 2021. 

FOR FURTHER INFORMATION CONTACT: 

Sophia H. Allison, Senior Special 

Counsel, (202–452–3565), Legal 

Division, or Matthew Malloy (202–452– 

2416), Division of Monetary Affairs, or 

Heather Wiggins (202–452–3674), 

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: 

I. Statutory and Regulatory Background 

Section 19(b)(2) of the Federal 

Reserve Act (‘‘Act’’) 1 requires each 

depository institution to maintain 

reserves against its transaction accounts, 

nonpersonal time deposits, and 

Eurocurrency liabilities within ratios 

prescribed by the Board for the purpose 

of implementing monetary policy.2 The 

Board’s Regulation D (Reserve 

Requirements of Depository Institutions, 

12 CFR part 204) implements the 

reserve requirements provisions of 

section 19. Effective March 24, 2020, the 

Board amended Regulation D to set all 

reserve requirement ratios for 

transaction accounts to zero percent.3

Section 19(b)(12) of the Act provides 

that balances maintained by or on behalf 

of ‘‘eligible institutions’’ in accounts at 

Federal Reserve Banks may receive 

29938 Federal Register / Vol. 86, No. 106 / Friday, June 4, 2021 / Rules and Regulations 

4 12 U.S.C. 461 (b)(12)(A). 

5See 12 U.S.C. 461(b)(1)(A) & (b)(12)(C); see also 

12 CFR 204.2(y). 

6See 12 U.S.C. 461(b)(12)(B). 

7Regulation D (Reserve Requirements of 

Depository Institutions), Notice of Proposed 

Rulemaking, 86 FR. 1303 (Jan. 8, 2021). 

8 5 U.S.C. 553(d). 

9 5 U.S.C. 601 et seq. 

10 44 U.S.C. 3506; see 5 CFR part 1320, appendix 

A.1. 

11Public Law 106–102, section 722, 113 Stat. 

1338, 1471 (1999). 

earnings to be paid by the Reserve Bank 

at least once each quarter, at a rate or 

rates not to exceed the general level of 

short-term interest rates.4 Eligible 

institutions include depository 

institutions and certain other 

institutions as specified in the Act.5

Section 19(b)(12) also provides that the 

Board may prescribe regulations 

concerning the payment of earnings on 

balances at a Reserve Bank.6

By notice published in the Federal 

Register on January 8, 2021, the Board 

requested comment on proposed 

amendments to Regulation D that would 

(1) eliminate references to an ‘‘IORR’’ 

(interest on required reserves) rate and 

to an ‘‘IOER’’ (interest on excess 

reserves) rate and replace them with 

references to a single ‘‘interest on 

reserve balances’’ (‘‘IORB’’) rate; and (2) 

simplify the formula used to calculate 

the amount of interest paid on balances 

maintained by or on behalf of eligible 

institutions in master accounts at 

Federal Reserve Banks and make other 

conforming changes.7 The public 

comment period closed on March 9, 

2021. 

II. Comments and Final Rule 

The Board received one comment that 

addressed issues not raised by the 

proposed amendments. Accordingly, the 

Board is adopting the proposed 

amendments as a final rule without 

change. 

III. Administrative Law Matters 

A. Effective Date 

The Administrative Procedure Act 

(APA) generally requires that a final rule 

be published in the Federal Register no 

less than 30 days before its effective 

date.8 The Board has determined that 

the final rule will become effective on 

July 29, 2021. The selected effective 

date aligns the final rule with the first 

day following conclusion of the 

preceding maintenance period in order 

to facilitate operational implementation 

of the final rule’s rate and rate 

calculation provisions. 

B. Regulatory Flexibility Act 

The Regulatory Flexibility Act 9

generally requires an agency, in 

connection with a proposed rule, to 

prepare and make available for public 

comment an initial regulatory flexibility 

analysis that describes the impact of a 

proposed rule on small entities. The 

Small Business Administration has 

defined ‘‘small entities’’ to include 

banking organizations with total assets 

of less than or equal to $600 million. 

The Board did not receive any 

comments on its initial regulatory 

flexibility analysis. As discussed in the 

SUPPLEMENTARY INFORMATION above, the 

final rule applies to all eligible 

institutions regardless of size, does not 

impose any new recordkeeping, 

reporting, or compliance requirements, 

and does not duplicate, overlap, or 

conflict with any other Federal rules. In 

light of the foregoing, the Board certifies 

that the final rule will not have a 

significant economic impact on a 

substantial number of small entities. 

C. Paperwork Reduction Act 

The Paperwork Reduction Act of 

1995 10 (PRA) prohibits an agency from 

conducting or sponsoring an 

information collection unless it displays 

a currently valid Office of Management 

and Budget (OMB) control number. The 

final rule contains no collections of 

information subject to the PRA. 

D. Plain Language 

Section 772 of the Gramm-LeachBliley Act 11 requires the Board to use 

‘‘plain language’’ in all proposed and 

final rules published after January 1, 

2000. The Board did not receive any 

comments with respect to making the 

proposed rule easier to understand and 

is adopting the final rule without 

change. 

List of Subjects in 12 CFR Part 204 

Banks, Banking, Reporting and 

recordkeeping requirements. 

Authority and Issuance 

For the reasons set forth in the 

SUPPLEMENTARY INFORMATION, 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. In § 204.2, paragraph (aa) is revised 

to read as follows: 

§ 204.2 Definitions. 

* * * * * 

(aa) Excess balance account means an 

account at a Reserve Bank pursuant to 

§ 204.10(d) of this chapter that is 

established by one or more eligible 

institutions through an agent and in 

which only balances of the participating 

eligible institutions may at any time be 

maintained. An excess balance account 

is not a ‘‘pass-through account’’ for 

purposes of this part. 

* * * * * 

■ 3. In § 204.10, paragraphs (b) 

introductory text, (b)(1) through (3), and 

(d)(1) through (4) are revised to read as 

follows: 

§ 204.10 Payment of interest on balances. 

* * * * * 

(b) Payment of interest. Interest on 

balances maintained at Federal Reserve 

Banks by or on behalf of an eligible 

institution is established as set forth in 

paragraphs (b)(1) and (2) of this section. 

(1) For balances maintained in an 

eligible institution’s master account, 

interest is the amount equal to the 

interest on reserve balances rate (‘‘IORB 

rate’’) on a day multiplied by the total 

balances maintained on that day. The 

IORB rate is 0.10 percent. 

(2) For term deposits, interest is: 

(i) The amount equal to the principal 

amount of the term deposit multiplied 

by a rate specified in advance by the 

Board, in light of existing short-term 

market rates, to maintain the federal 

funds rate at a level consistent with 

monetary policy objectives; or 

(ii) The amount equal to the principal 

amount of the term deposit multiplied 

by a rate determined by the auction 

through which such term deposits are 

offered. 

(3) For purposes of § 204.10(b), a 

‘‘master account’’ is the record 

maintained by a Federal Reserve Bank 

of the debtor-creditor relationship 

between the Federal Reserve Bank and 

a single eligible institution with respect 

to deposit balances of the eligible 

institution that are maintained with the 

Federal Reserve Bank. A ‘‘master 

account’’ is not a ‘‘term deposit,’’ an 

‘‘excess balance account,’’ a ‘‘joint 

account,’’ or any deposit account 

maintained with a Federal Reserve Bank 

governed by an agreement that states the 

account is not a master account. 

* * * * * 

(d) * * * 

(1) A Reserve Bank may establish an 

excess balance account for eligible 

institutions under the provisions of this 

paragraph (d). Notwithstanding any 

other provisions of this part, the 

balances maintained by eligible 

institutions in an excess balance 

account represent a liability of the 

Federal Register / Vol. 86, No. 106 / Friday, June 4, 2021 / Rules and Regulations 29939 

Reserve Bank solely to those 

participating eligible institutions. 

(2) The participating eligible 

institutions in an excess balance 

account shall authorize another 

institution to act as agent of the 

participating institutions for purposes of 

general account management, including 

but not limited to transferring the 

balances of participating institutions in 

and out of the excess balance account. 

An excess balance account must be 

established at the Reserve Bank where 

the agent maintains its master account, 

unless otherwise determined by the 

Board. The agent may not commingle its 

own funds in the excess balance 

account. 

(3) Balances maintained in an excess 

balance account may not be used for 

general payments or other activities. 

(4) Interest on balances of eligible 

institutions maintained in an excess 

balance account is the amount equal to 

the IORB rate in effect on a day 

multiplied by the total balances 

maintained on that day. 

* * * * * 

By order of the Board of Governors of the 

Federal Reserve System. 

Ann Misback, 

Secretary of the Board. 

[FR Doc. 2021–11758 Filed 6–3–21; 8:45 am] 

BILLING CODE 6210–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 39 

[Docket No. FAA–2020–0975; Project 

Identifier 2020–NM–061–AD; Amendment 

39–21566; AD 2021–11–04] 

RIN 2120–AA64 

Airworthiness Directives; De Havilland 

Aircraft of Canada Limited (Type 

Certificate Previously Held by 

Bombardier, Inc.) Airplanes 

AGENCY: Federal Aviation 

Administration (FAA), Department of 

Transportation (DOT). 

ACTION: Final rule. 

SUMMARY: The FAA is adopting a new 

airworthiness directive (AD) for certain 

De Havilland Aircraft of Canada Limited 

Model DHC–8–400, –401, and –402 

airplanes. This AD was prompted by a 

report of main landing gear (MLG) 

retractions after striking an obstacle or 

severe wheel imbalance after a tire 

failure. This AD requires inspections for 

correct height of the lock link overcenter stop pin and for correct gaps of 

the left-hand and right-hand MLG 

downlock proximity sensors, 

replacement of the shim if necessary, 

corrective actions, and installation of a 

new, improved proximity sensor 

electronic unit (PSEU) with software 

changes. The FAA is issuing this AD to 

address the unsafe condition on these 

products. 

DATES: This AD is effective July 9, 2021. 

The Director of the Federal Register 

approved the incorporation by reference 

of certain publications listed in this AD 

as of July 9, 2021. 

ADDRESSES: For service information 

identified in this final rule, contact De 

Havilland Aircraft of Canada Limited, 

Q-Series Technical Help Desk, 123 

Garratt Boulevard, Toronto, Ontario 

M3K 1Y5, Canada; telephone 416–375– 

4000; fax 416–375–4539; email thd@

dehavilland.com; internet https://

dehavilland.com. You may view this 

service information at the FAA, 

Airworthiness Products Section, 

Operational Safety Branch, 2200 South 

216th St., Des Moines, WA. For 

information on the availability of this 

material at the FAA, call 206–231–3195. 

It is also available on the internet at 

https://www.regulations.gov by 

searching for and locating Docket No. 

FAA–2020–0975. 

Examining the AD Docket 

You may examine the AD docket on 

the internet at https://

www.regulations.gov by searching for 

and locating Docket No. FAA–2020– 

0975; or in person at Docket Operations 

between 9 a.m. and 5 p.m., Monday 

through Friday, except Federal holidays. 

The AD docket contains this final rule, 

any comments received, and other 

information. The address for Docket 

Operations is U.S. Department of 

Transportation, Docket Operations, 

M–30, West Building Ground Floor, 

Room W12–140, 1200 New Jersey 

Avenue SE, Washington, DC 20590. 

FOR FURTHER INFORMATION CONTACT: 

Darren Gassetto, Aerospace Engineer, 

Mechanical Systems and Administrative 

Services Section, FAA, New York ACO 

Branch, 1600 Stewart Avenue, Suite 

410, Westbury, NY 11590; telephone 

516–228–7323; fax 516–794–5531; email 

9-avs-nyacocos@faa.gov. 

SUPPLEMENTARY INFORMATION: 

Background 

Transport Canada Civil Aviation 

(TCCA), which is the aviation authority 

for Canada, has issued TCCA AD CF– 

2016–31R1, dated March 24, 2017 

(TCCA AD CF–2016–31R1) (also 

referred to as the Mandatory Continuing 

Airworthiness Information, or the 

MCAI), to correct an unsafe condition 

for certain De Havilland Aircraft of 

Canada Limited Model DHC–8–400, 

–401, and –402 airplanes. You may 

examine the MCAI in the AD docket on 

the internet at https://

www.regulations.gov by searching for 

and locating Docket No. FAA–2020– 

0975. 

The FAA issued a notice of proposed 

rulemaking (NPRM) to amend 14 CFR 

part 39 by adding an AD that would 

apply to certain De Havilland Aircraft of 

Canada Limited Model DHC–8–400, 

–401, and –402 airplanes. The NPRM 

published in the Federal Register on 

November 2, 2020 (85 FR 69276). The 

NPRM was prompted by a report of 

MLG retractions after striking an 

obstacle or severe wheel imbalance after 

a tire failure. The NPRM proposed to 

require inspections for correct height of 

the lock link over-center stop pin and 

for correct gaps of the left-hand and 

right-hand MLG downlock proximity 

sensors, replacement of the shim if 

necessary, corrective actions, and 

installation of a new improved PSEU 

with software changes. The FAA is 

issuing this AD to address loss of MLG 

downlock signal caused by the 

vibrations from those events, which 

leads to de-energizing the MLG solenoid 

sequence valve (SSV) and subsequent 

removal of hydraulic pressure from the 

MLG downlock actuator. Loss of the 

hydraulic pressure in the downlock 

actuator, combined with the vibrations, 

can cause the stabilizer brace to unlock 

and the MLG to subsequently retract. 

See the MCAI for additional background 

information. 

Comments 

The FAA gave the public the 

opportunity to participate in developing 

this final rule. The following presents 

the comments received on the NPRM 

and the FAA’s response to each 

comment. 

Request To Exclude Certain Steps of the 

Accomplishment Instructions of Service 

Information 

Horizon Air requested that paragraphs 

(g), (h), and (i) of the proposed AD be 

revised to require only paragraph 3.B. of 

the Accomplishment Instructions of the 

service bulletins referenced in those 

paragraphs. Horizon Air stated that the 

Job Set-up section (paragraph 3.A.) of 

the Accomplishment Instructions do not 

directly address the unsafe condition. 

Horizon Air also asserted that retaining 

the Job Set-up sections restricts an 

operator’s ability to do other 

maintenance in conjunction with the 

required service bulletins. 

The FAA disagrees with the request to 

exclude paragraph 3.A., Job Set-up, of