FRB simplifies interest rate formula for depository institutions – finance and banks

FRB simplifies interest rate formula for depository institutions - finance and banks

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances. The amendments go into effect on July 29, 2021. POPULAR ARTICLES ON: Finance and Banking from United States

The Federal Reserve Board (“FRB”) adopted amendments to Regulation D (“Reserve Requirements of
Depository Institutions”) to (i) create a new single
“interest on reserve balances” rate and (ii) simplify the
formula for payment of interest on balances. The FRB adopted the
amendments as proposed without any modifications.
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The amendments replace the current “interest on required
reserves” (or “IORR”) rate of 0.10 percent and
“interest on excess reserves” (or “IOER”) rate
of 0.10 percent, with a single “interest on reserve
balances” (“IORB”) rate of 0.10 percent.
Additionally, the amendments simplify the current definition of
“excess balances” (i.e., balances maintained in
“excess balance accounts”) to “balances” and
apply the proposed IORB rate to this balance.
Cadwalader, Wickersham & Taft LLP

Source www.mondaq.com Ready or not, borrowers are involuntarily seeing changes in the interest rates they are being charged. Why, you ask?

Allen Matkins Leck Gamble Mallory & Natsis LLP LIBOR’s Long Good-Bye

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