Board Actions

Actions taken during the week ending December 17, 2016

Banking Supervision & Regulation

Resolution Plans -- issuance of joint letters with the Federal Deposit Insurance Corporation regarding the adequacy of actions taken by five systemically important U.S. banking organizations to remedy deficiencies in their 2015 resolution plans.
-Approved, December 13, 2016

Currency

Federal Reserve Notes -- new currency budget for 2017.
-Approved, December 12, 2016

Monetary Policy Implementation

Federal Open Market Committee -- increase in the target range for the federal funds rate to 1/2 percent to 3/4 percent, effective December 15, 2016.
-Announced, December 14, 2016

Interest on Reserves; Discount and Advance Rates -- increase in the (1) interest rate paid on required and excess reserve balances from 1/2 percent to 3/4 percent and (2) primary credit rate from 1 percent to 1-1/4 percent, both effective December 15, 2016.
-Approved, December 14, 2016

Regulations and Policies

Joint Account Requests -- publication for comment of proposed guidelines to evaluate requests for joint accounts at Federal Reserve Banks to facilitate settlement between depository institutions participating in U.S. payment systems.
-Approved, December 16, 2016

Supervision and Regulation -- final rule to establish total loss-absorbing capacity and related buffer requirements, long-term debt requirements, and clean holding company requirements for U.S. global systemically important bank holding companies and U.S. intermediate holding companies of global systemically important foreign banking organizations.
-Approved, December 15, 2016