Remigio Ferrara

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Remigio Ferrara - NMLS ID #476380
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11325 Random Hills Road Suite 400 Fairfax, VA 22030
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Federal Reserve Board announces delay in the implementation of the second phase of its program to simplify the administration of reserve requirements

October 26, 2012 by Remigio Ferrara

Release Date: October 26, 2012

For immediate release

The Federal Reserve Board on Friday announced a five-month delay in the implementation of the second phase of its program to simplify the administration of reserve requirements.  The delay will allow for further development and testing of automated systems to ensure a smooth transition for affected institutions.

The Board issued a final rule on April 4, 2012, amending its Regulation D to simplify the reserve administration program in two phases.  The first phase, which took effect on July 12, 2012, discontinued as-of adjustments related to deposit report revisions and eliminated clearing balance requirements.

The second phase of the amendments will introduce a common two-week maintenance period and a penalty-free band around reserve balance requirements to eliminate carryover and routine penalty waivers.  The second phase of amendments was originally scheduled to take effect on January 24, 2013.  The new effective date is June 27, 2013.

The purpose of the simplification is to reduce administrative and operational costs for depository institutions, the Federal Reserve Board, and Federal Reserve Banks.  The project does not affect the stance of monetary policy.

The Board’s notice is attached and will be published shortly in the Federal Register.

For media inquiries, call 202-452-2955.

Federal Register notice: HTML | PDF

Board Votes

Filed Under: Banking & Consumer Reg Policy

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Remigio Ferrara

Senior Loan Officer, McLean Mortgage Corporation

11325 Random Hills Road, Suite 400
Fairfax, VA 22030

Website: www.mcleanlending.com/lo_rferrara.php
Office: 571-419-6632
Cell: 703-622-6999
NMLS ID #476380

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