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Washington
CUNA analyzes reserve reporting requirements
WASHINGTON (10/21/09)--The Credit Union National Association (CUNA) has posted a final rule analysis on the Federal reserve Board’s recent amendments to the reserve and reporting requirements for depository institutions under Regulation D. Regulation D addresses reserve and reporting requirements for credit unions, banks and thrifts by requiring reserve balances and frequency of reporting commensurate with funds held by these depository institutions in certain Federal Reserve accounts. The Fed has increased the amount of funds that are exempt from reserve requirements during 2010 to $10.7 million, up from the $10.3 million exemption ceiling that was provided in 2009. Any funds in excess of the exemption ceiling but less than $55.2 million, the so-called “low reserve tranche,” will be subject to a 3% reserve requirement. Any funds in excess of the low reserve tranche will be subject to a $1.3 million reserve requirement as well as a 10% surcharge, CUNA reported. The Fed has also established new compliance dates. Depository institutions that report weekly will apply the reserve requirements to their 14-day reserve computation periods beginning on December 1, 2009, and the corresponding reserve maintenance period beginning on December 31, 2009. Depository institutions that report quarterly will apply the reserve requirements to their 7-day reserve computation periods beginning on December 15, 2009, and the corresponding reserve maintenance period beginning on January 14, 2010. The deposit cutoff level of $243.1 million, the reserve requirement exemption amount, and the reduced reporting limit will be used for all depository institutions. To see CUNA’s final analysis of the Fed amendments, use the resource link.


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