Search Results for keywords:"Board of Governors"

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Search Results: keywords:"Board of Governors"

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  • 2021-02201 — Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
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    Type:Notice
    Citation:86 FR 8012
    Reading Time:about 3 minutes

    The Board of Governors of the Federal Reserve System has agreed to continue, for three more years, the existing disclosure requirements related to the Consumer Financial Protection Bureau's Regulation DD, without making any changes. These requirements involve financial institutions providing specific account information, including fees and terms, to help consumers make informed decisions when comparing deposit accounts. Though the Board requested public comment on this extension, only one comment was received, which did not pertain to the matter at hand. The Board officially adopted this extension as initially proposed.

    Simple Explanation

    The Federal Reserve decided to keep some rules for three more years to make sure banks tell people important details about their accounts, like fees, so they can pick the best one. They asked for comments about this plan, but only got one comment that didn’t help, so they went ahead with their plan anyway.

  • 2025-00419 — Rules of Practice for Hearings
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    Type:Rule
    Citation:90 FR 2607
    Reading Time:about 5 minutes

    The Federal Reserve Board is updating its rules to adjust the fines known as civil money penalties for inflation, as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. This adjustment ensures that penalties retain their deterrent effect by accounting for changes in the economy. The new penalty amounts will apply starting January 13, 2025, for violations occurring after November 2, 2015. The rule is implemented without the usual notice and comment process because of specific provisions in the law.

    Simple Explanation

    The Federal Reserve is updating the rules so that the fines they give to people and companies are still fair and strong over time, even as money changes value. These new rules will start being used in January 2025 to make sure people think twice before breaking the rules.

  • 2021-00235 — Rules of Practice for Hearings
    💰
    Type:Rule
    Citation:86 FR 2527
    Reading Time:about 4 minutes

    The Board of Governors of the Federal Reserve System has issued a final rule to adjust the amounts of civil money penalties to account for inflation as mandated by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. These adjustments are based on the change in the Consumer Price Index and are applied to penalties assessed on or after January 13, 2021, for violations occurring on or after November 2, 2015. The rule bypasses the usual requirements for public notice and commentary due to provisions in the 2015 Act, and it does not involve any collection of information that would necessitate paperwork under the Paperwork Reduction Act.

    Simple Explanation

    The people in charge of the United States' money rules decided to change some fines to keep up with changing prices, kind of like when candy costs more over time. They based the new amounts on how prices have changed since 2015, but they didn't tell everyone exactly how much the fines are in this document.

  • 2025-02359 — Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
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    Type:Notice
    Citation:90 FR 9159
    Reading Time:about 3 minutes

    The Board of Governors of the Federal Reserve System has decided to extend the use of the Complex Institution Liquidity Monitoring Report (FR 2052a) for another three years without making any changes. This report collects important data from large banking organizations to help the Board monitor their liquidity risks and compliance with financial regulations. The information collected is used to assess potential liquidity problems and ensure safe banking operations. Public comments were invited on this decision, but none were received.

    Simple Explanation

    The Federal Reserve wants to keep using a special report for another three years to check if big banks have enough money and are playing by the rules, but they didn't make any changes to how they do this and nobody commented on it.