Board Actions

Actions taken during the week ending June 17, 2017

Monetary Policy Implementation

Federal Open Market Committee -- increase in the target range for the federal funds rate to 1 percent to 1-1/4 percent, effective June 15, 2017.
-Announced, June 14, 2017

Interest on Reserves; Discount and Advance Rates -- increase in the (1) interest rate paid on required and excess reserve balances from 1 percent to 1-1/4 percent and (2) primary credit rate from 1-1/2 percent to 1-3/4 percent, both effective June 15, 2017.
-Approved, June 14, 2017

Personnel

Division of International Finance -- appointment of Stephanie Curcuru, Matteo Iacoviello, and Carol Bertaut as assistant directors, and Sally Davies as deputy associate director.
-Announced, June 12, 2017

Enforcement

Bank of America Corporation, Charlotte, North Carolina -- written agreement dated December 6, 2010, terminated June 8, 2017.
-Announced, June 15, 2017

Bank of the Orient, San Francisco, California -- cease-and-desist order dated June 17, 2015, terminated June 7, 2017.
-Announced, June 13, 2017