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.

Rules and Regulations Federal Register

68349 

Vol. 79, No. 221 

Monday, November 17, 2014 

1Consistent with Board practice, the low reserve 

tranche and reserve requirement exemption 

amounts have been rounded to the nearest $0.1 

million. 

FEDERAL RESERVE SYSTEM 

12 CFR Part 204 

[Regulation D; Docket No. R–1501] 

RIN 7100 AE–23 

Reserve Requirements of Depository 

Institutions 

AGENCY: Board of Governors of the 

Federal Reserve System. 

ACTION: Final rule. 

SUMMARY: The Board is amending 

Regulation D, Reserve Requirements of 

Depository Institutions, to reflect the 

annual indexing of the reserve 

requirement exemption amount and the 

low reserve tranche for 2015. The 

Regulation D amendments set the 

amount of total reservable liabilities of 

each depository institution that is 

subject to a zero percent reserve 

requirement in 2015 at $14.5 million 

(from $13.3 million in 2014). This 

amount is known as the reserve 

requirement exemption amount. The 

Regulation D amendments also set the 

amount of net transaction accounts at 

each depository institution (over the 

reserve requirement exemption amount) 

that is subject to a three percent reserve 

requirement in 2015 at $103.6 million 

(from $89.0 million in 2014). This 

amount is known as the low reserve 

tranche. The adjustments to both of 

these amounts are derived using 

statutory formulas specified in the 

Federal Reserve Act. 

The Board is also announcing changes 

in two other amounts, the nonexempt 

deposit cutoff level and the reduced 

reporting limit, that are used to 

determine the frequency at which 

depository institutions must submit 

deposit reports. 

DATES: Effective date: December 17, 

2014. 

Compliance dates: The new low 

reserve tranche and reserve requirement 

exemption amount will apply to the 

fourteen-day reserve maintenance 

period that begins January 22, 2015. For 

depository institutions that report 

deposit data weekly, this maintenance 

period corresponds to the fourteen-day 

computation period that begins 

December 23, 2014. For depository 

institutions that report deposit data 

quarterly, this maintenance period 

corresponds to the seven-day 

computation period that begins 

December 16, 2014. The new values of 

the nonexempt deposit cutoff level, the 

reserve requirement exemption amount, 

and the reduced reporting limit will be 

used to determine the frequency at 

which a depository institution submits 

deposit reports effective in either June 

or September 2015. 

FOR FURTHER INFORMATION CONTACT: 

Sophia H. Allison, Special Counsel 

(202/452–3565), Legal Division, or Ezra 

A. Kidane, Financial Analyst (202/973– 

6161), 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: Section 

19(b)(2) of the Federal Reserve Act (12 

U.S.C. 461(b)(2)) requires each 

depository institution to maintain 

reserves against its transaction accounts 

and nonpersonal time deposits, as 

prescribed by Board regulations, for the 

purpose of implementing monetary 

policy. Section 11(a)(2) of the Federal 

Reserve Act (12 U.S.C. 248(a)(2)) 

authorizes the Board to require reports 

of liabilities and assets from depository 

institutions to enable the Board to 

conduct monetary policy. The Board’s 

actions with respect to each of these 

provisions are discussed in turn below. 

Reserve Requirements 

Pursuant to section 19(b) of the 

Federal Reserve Act (Act), transaction 

account balances maintained at each 

depository institution are subject to 

reserve requirement ratios of zero, three, 

or ten percent. Section 19(b)(11)(A) of 

the Act (12 U.S.C. 461(b)(11)(A)) 

provides that a zero percent reserve 

requirement shall apply at each 

depository institution to total reservable 

liabilities that do not exceed a certain 

amount, known as the reserve 

requirement exemption amount. Section 

19(b)(11)(B) provides that, before 

December 31 of each year, the Board 

shall issue a regulation adjusting the 

reserve requirement exemption amount 

for the next calendar year if total 

reservable liabilities held at all 

depository institutions increase from 

one year to the next. No adjustment is 

made to the reserve requirement 

exemption amount if total reservable 

liabilities held at all depository 

institutions should decrease during the 

applicable time period. The Act requires 

the percentage increase in the reserve 

requirement exemption amount to be 80 

percent of the increase in total 

reservable liabilities of all depository 

institutions over the one-year period 

that ends on the June 30 prior to the 

adjustment. 

Total reservable liabilities of all 

depository institutions increased by 

11.1 percent, from $6,317 billion to 

$7,020 billion between June 30, 2013, 

and June 30, 2014. Accordingly, the 

Board is amending Regulation D to set 

the reserve requirement exemption 

amount for 2015 at $14.5 million, an 

increase of $1.2 million from its level in 

2014.1

Pursuant to Section 19(b)(2) of the Act 

(12 U.S.C. 461(b)(2)), transaction 

account balances maintained at each 

depository institution over the reserve 

requirement exemption amount and up 

to a certain amount, known as the low 

reserve tranche, are subject to a three 

percent reserve requirement. 

Transaction account balances over the 

low reserve tranche are subject to a ten 

percent reserve requirement. Section 

19(b)(2) also provides that, before 

December 31 of each year, the Board 

shall issue a regulation adjusting the 

low reserve tranche for the next 

calendar year. The Act requires the 

adjustment in the low reserve tranche to 

be 80 percent of the percentage increase 

or decrease in total transaction accounts 

of all depository institutions over the 

one-year period that ends on the June 30 

prior to the adjustment. 

Net transaction accounts of all 

depository institutions increased 20.5 

percent, from $1,576 billion to $1,900 

billion between June 30, 2013 and June 

30, 2014. Accordingly, the Board is 

amending Regulation D to increase the 

low reserve tranche for net transaction 


rmajette on DSK2TPTVN1PROD with RULES
68350 Federal Register / Vol. 79, No. 221 / Monday, November 17, 2014 / Rules and Regulations 

2Consistent with Board practice, the nonexempt 

deposit cutoff level has been rounded to the nearest 

$0.1 million, and the reduced reporting limit has 

been rounded to the nearest $1 million. 

accounts by $14.6 million, from $89.0 

million for 2014 to $103.6 million for 

2015. 

The new low reserve tranche and 

reserve requirement exemption amount 

will be effective for all depository 

institutions for the fourteen-day reserve 

maintenance period beginning 

Thursday, January 22, 2015. For 

depository institutions that report 

deposit data weekly, this maintenance 

period corresponds to the fourteen-day 

computation period that begins 

December 23, 2014. For depository 

institutions that report deposit data 

quarterly, this maintenance period 

corresponds to the seven-day 

computation period that begins 

December 16, 2014. 

2. Deposit Reports 

Section 11(b)(2) of the Federal 

Reserve Act authorizes the Board to 

require depository institutions to file 

reports of their liabilities and assets as 

the Board may determine to be 

necessary or desirable to enable it to 

discharge its responsibility to monitor 

and control the monetary and credit 

aggregates. The Board screens 

depository institutions each year and 

assigns them to one of four deposit 

reporting panels (weekly reporters, 

quarterly reporters, annual reporters, or 

nonreporters). The panel assignment for 

annual reporters is effective in June of 

the screening year; the panel assignment 

for weekly and quarterly reporters is 

effective in September of the screening 

year. 

In order to ease reporting burden, the 

Board permits smaller depository 

institutions to submit deposit reports 

less frequently than larger depository 

institutions. The Board permits 

depository institutions with net 

transaction accounts above the reserve 

requirement exemption amount but total 

transaction accounts, savings deposits, 

and small time deposits below a 

specified level (the ‘‘nonexempt deposit 

cutoff’’) to report deposit data quarterly. 

Depository institutions with net 

transaction accounts above the reserve 

requirement exemption amount and 

with total transaction accounts, savings 

deposits, and small time deposits 

greater than or equal to the nonexempt 

deposit cutoff are required to report 

deposit data weekly. The Board requires 

certain large depository institutions to 

report weekly regardless of the level of 

their net transaction accounts if the 

depository institution’s total transaction 

accounts, savings deposits, and small 

time deposits exceeds or is equal to a 

specified level (the ‘‘reduced reporting 

limit’’). The nonexempt deposit cutoff 

level and the reduced reporting limit are 

adjusted annually, by an amount equal 

to 80 percent of the increase, if any, in 

total transaction accounts, savings 

deposits, and small time deposits of all 

depository institutions over the one-year 

period that ends on the June 30 prior to 

the adjustment. 

From June 30, 2013 to June 30, 2014, 

total transaction accounts, savings 

deposits, and small time deposits at all 

depository institutions increased 7.6 

percent, from $9,509 billion to $10,234 

billion. Accordingly, the Board is 

increasing the nonexempt deposit cutoff 

level by $18.7 million to $325.4 million 

in 2015 (from $306.7 million for 2014). 

The Board is also increasing the reduced 

reporting limit by $105 million to 

$1.824 billion for 2015 (from $1.719 

billion in 2014).2

Beginning in 2015, the boundaries of 

the four deposit reporting panels will be 

defined as follows. Those depository 

institutions with net transaction 

accounts over $14.5 million (the reserve 

requirement exemption amount) or with 

total transaction accounts, savings 

deposits, and small time deposits 

greater than or equal to $1.824 billion 

(the reduced reporting limit) are subject 

to detailed reporting, and must file a 

Report of Transaction Accounts, Other 

Deposits and Vault Cash (FR 2900 

report) either weekly or quarterly. Of 

this group, those with total transaction 

accounts, savings deposits, and small 

time deposits greater than or equal to 

$325.4 million (the nonexempt deposit 

cutoff level) are required to file the FR 

2900 report each week, while those with 

total transaction accounts, savings 

deposits, and small time deposits less 

than $325.4 million are required to file 

the FR 2900 report each quarter. Those 

depository institutions with net 

transaction accounts less than or equal 

to $14.5 million (the reserve 

requirement exemption amount) and 

with total transaction accounts, savings 

deposits, and small time deposits less 

than $1.824 billion (the reduced 

reporting limit) are eligible for reduced 

reporting, and must either file a deposit 

report annually or not at all. Of this 

group, those with total deposits greater 

than $14.5 million (but with total 

transaction accounts, savings deposits, 

and small time deposits less than $1.824 

billion) are required to file the Annual 

Report of Deposits and Reservable 

Liabilities (FR 2910a) report annually, 

while those with total deposits less than 

or equal to $14.5 million are not 

required to file a deposit report. A 

depository institution that adjusts 

reported values on its FR 2910a report 

in order to qualify for reduced reporting 

will be shifted to an FR 2900 reporting 

panel. 

Notice and Regulatory Flexibility Act. 

The provisions of 5 U.S.C. 553(b) 

relating to notice of proposed 

rulemaking have not been followed in 

connection with the adoption of these 

amendments. The amendments involve 

expected, ministerial adjustments 

prescribed by statute and by the Board’s 

policy concerning reporting practices. 

The adjustments in the reserve 

requirement exemption amount, the low 

reserve tranche, the nonexempt deposit 

cutoff level, and the reduced reporting 

limit serve to reduce regulatory burdens 

on depository institutions. Accordingly, 

the Board finds good cause for 

determining, and so determines, that 

notice in accordance with 5 U.S.C. 

553(b) is unnecessary. Consequently, 

the provisions of the Regulatory 

Flexibility Act, 5 U.S.C. 601, do not 

apply to these amendments. 

List of Subjects in 12 CFR Part 204 

Banks, Banking, Reporting and 

recordkeeping requirements. 

For the reasons set forth in the 

preamble, 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. Section 204.4(f) is revised to read as 

follows: 

§ 204.4 Computation of required reserves. 

* * * * * 

(f) For all depository institutions, 

Edge and Agreement corporations, and 

United States branches and agencies of 

foreign banks, required reserves are 

computed by applying the reserve 

requirement ratios below to net 

transaction accounts, nonpersonal time 

deposits, and Eurocurrency liabilities of 

the institution during the computation 

period. 


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Federal Register / Vol. 79, No. 221 / Monday, November 17, 2014 / Rules and Regulations 68351 

Reservable liability Reserve requirement 

Net Transaction Accounts: 

$0 to reserve requirement exemption amount ($14.5 million) .......... 0 percent of amount. 

Over reserve requirement exemption amount ($14.5 million) and 

up to low reserve tranche ($103.6 million).

3 percent of amount. 

Over low reserve tranche ($103.6 million) ........................................ $2,673,000 plus 10 percent of amount over $103.6 million. 

Nonpersonal time deposits ....................................................................... 0 percent. 

Eurocurrency liabilities .............................................................................. 0 percent. 

By order of the Board of Governors of the 

Federal Reserve System, acting through the 

Director of the Division of Monetary Affairs 

under delegated authority, November 12, 

2014. 

Robert deV. Frierson, 

Secretary of the Board. 

[FR Doc. 2014–27161 Filed 11–14–14; 8:45 am] 

BILLING CODE 6210–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 97 

[Docket No. 30981 Amdt. No. 3611] 

Standard Instrument Approach 

Procedures, and Takeoff Minimums 

and Obstacle Departure Procedures; 

Miscellaneous Amendments 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Final rule. 

SUMMARY: This rule establishes, amends, 

suspends, or revokes Standard 

Instrument Approach Procedures 

(SIAPs) and associated Takeoff 

Minimums and Obstacle Departure 

Procedures for operations at certain 

airports. These regulatory actions are 

needed because of the adoption of new 

or revised criteria, or because of changes 

occurring in the National Airspace 

System, such as the commissioning of 

new navigational facilities, adding new 

obstacles, or changing air traffic 

requirements. These changes are 

designed to provide safe and efficient 

use of the navigable airspace and to 

promote safe flight operations under 

instrument flight rules at the affected 

airports. 

DATES: This rule is effective November 

17, 2014. The compliance date for each 

SIAP, associated Takeoff Minimums, 

and ODP is specified in the amendatory 

provisions. 

The incorporation by reference of 

certain publications listed in the 

regulations is approved by the Director 

of the Federal Register as of November 

17, 2014. 

ADDRESSES: Availability of matters 

incorporated by reference in the 

amendment is as follows: 

For Examination— 

1. FAA Rules Docket, FAA 

Headquarters Building, 800 

Independence Avenue SW., 

Washington, DC 20591; 

2. The FAA Regional Office of the 

region in which the affected airport is 

located; 

3. The National Flight Procedures 

Office, 6500 South MacArthur Blvd., 

Oklahoma City, OK 73169 or, 

4. The National Archives and Records 

Administration (NARA). For 

information on the availability of this 

material at NARA, call 202–741–6030, 

or go to: http://www.archives.gov/

federal_register/code_of_federal_

regulations/ibr_locations.html. 

Availability—All SIAPs and Takeoff 

Minimums and ODPs are available 

online free of charge. Visit http://

www.nfdc.faa.gov to register. 

Additionally, individual SIAP and 

Takeoff Minimums and ODP copies may 

be obtained from: 

1. FAA Public Inquiry Center (APA– 

200), FAA Headquarters Building, 800 

Independence Avenue SW., 

Washington, DC 20591; or 

2. The FAA Regional Office of the 

region in which the affected airport is 

located. 

FOR FURTHER INFORMATION CONTACT: 

Richard A. Dunham III, Flight Procedure 

Standards Branch (AFS–420), Flight 

Technologies and Programs Divisions, 

Flight Standards Service, Federal 

Aviation Administration, Mike 

Monroney Aeronautical Center, 6500 

South MacArthur Blvd., Oklahoma City, 

OK 73169 (Mail Address: P.O. Box 

25082, Oklahoma City, OK 73125), 

Telephone: (405) 954–4164. 

SUPPLEMENTARY INFORMATION: This rule 

amends Title 14 of the Code of Federal 

Regulations, Part 97 (14 CFR part 97), by 

establishing, amending, suspending, or 

revoking SIAPS, Takeoff Minimums 

and/or ODPS. The complete regulators 

description of each SIAP and its 

associated Takeoff Minimums or ODP 

for an identified airport is listed on FAA 

form documents which are incorporated 

by reference in this amendment under 5 

U.S.C. 552(a), 1 CFR part 51, and 14 

CFR part 97.20. The applicable FAA 

Forms are FAA Forms 8260–3, 8260–4, 

8260–5, 8260–15A, and 8260–15B when 

required by an entry on 8260–15A. 

The large number of SIAPs, Takeoff 

Minimums and ODPs, in addition to 

their complex nature and the need for 

a special format make publication in the 

Federal Register expensive and 

impractical. Furthermore, airmen do not 

use the regulatory text of the SIAPs, 

Takeoff Minimums or ODPs, but instead 

refer to their depiction on charts printed 

by publishers of aeronautical materials. 

The advantages of incorporation by 

reference are realized and publication of 

the complete description of each SIAP, 

Takeoff Minimums and ODP listed on 

FAA forms is unnecessary. This 

amendment provides the affected CFR 

sections and specifies the types of SIAPs 

and the effective dates of the, associated 

Takeoff Minimums and ODPs. This 

amendment also identifies the airport 

and its location, the procedure, and the 

amendment number. 

The Rule 

This amendment to 14 CFR part 97 is 

effective upon publication of each 

separate SIAP, Takeoff Minimums and 

ODP as contained in the transmittal. 

Some SIAP and Takeoff Minimums and 

textual ODP amendments may have 

been issued previously by the FAA in a 

Flight Data Center (FDC) Notice to 

Airmen (NOTAM) as an emergency 

action of immediate flight safety relating 

directly to published aeronautical 

charts. The circumstances which 

created the need for some SIAP and 

Takeoff Minimums and ODP 

amendments may require making them 

effective in less than 30 days. For the 

remaining SIAPS and Takeoff 

Minimums and ODPS, an effective date 

at least 30 days after publication is 

provided. 

Further, the SIAPs and Takeoff 

Minimums and ODPS contained in this 

amendment are based on the criteria 

contained in the U.S. Standard for 

Terminal Instrument Procedures 

(TERPS). In developing these SIAPS and 

Takeoff Minimums and ODPs, the 

TERPS criteria were applied to the 

conditions existing or anticipated at the 


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