The Board of Governors of the Federal Reserve System has decided to extend, with some revisions, a key report, known as FR 2644, for another three years. This report collects data on the assets and liabilities of both U.S. commercial banks and foreign banks operating in the U.S. It helps analyze banking trends by gathering weekly data from a sample of 850 banks. The Board will allow smaller banks under $5 billion in assets to report once a month instead of weekly. These changes begin on April 2, 2025, and the Board received no public comments during the proposal's review period.
Simple Explanation
The Federal Reserve System is updating a report that helps watch banks' money activities. Now, smaller banks have an easier job because they only report numbers once a month instead of every week.