The Federal Reserve Board on Tuesday requested comment on a proposed rule to amend 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 proposed 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 title and other terms and conditions as the Board may prescribe. The Board is requesting public comment on all aspects of the proposed amendments to Regulation HH contained in the attached Federal Register notice. Comments on the proposal will be due 60 days after the rule is published in the Federal Register, which is expected shortly.
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