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Board Issues Rule Affecting Financial Market Utilities

The Federal Reserve Board on Thursday issued a final rule that amends Regulation HH to set out the conditions and requirements for a Federal Reserve Bank to open and maintain accounts for and provide financial services to financial market utilities designated as systemically important by the Financial Stability Oversight Council.

In addition, the final rule, which implements provisions of Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, would authorize a Reserve Bank to pay interest on the balances maintained by a designated financial market utility in accordance with the statute and other terms and conditions as the Board may prescribe.

The final rule will become effective 60 days after it is published in the Federal Register, which is expected shortly.

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